Undeveloped Land. The Borrower and its Subsidiaries will not own Undeveloped Land acquired at any time after the Closing Date to the extent that the value of all such Undeveloped Land (which value shall be determined based upon the respective purchase price for each Property so acquired) exceeds $15,000,000 in the aggregate; provided, however, for purposes of this Section 8.19, any Undeveloped Land acquired at any time after the Closing Date with the proceeds received from a Disposition of Undeveloped Land permitted in accordance with this Agreement shall not be included in the valuation for purposes of compliance with this Section 8.19. The Borrower and its Subsidiaries will not acquire any Undeveloped Land to the extent the aggregate fair market value (which value shall be determined based upon the respective purchase price for each Property so acquired) of such Undeveloped Land exceeds $5,000,000 at any time after the Closing Date unless such Undeveloped Land is, at the time of such acquisition, zoned for the use for which such land is intended to be used by the Borrower.
Undeveloped Land. The Company will not, and will not permit any of its Subsidiaries or any Permitted Partnership to, purchase undeveloped land, whether it is excess land adjacent to a Parcel or otherwise, that (a) is not Entitled Land, or (b) is encumbered by any Lien (other than a Lien for the benefit of (i) the Banks to secure the Obligations if such undeveloped land is tied to an Approved Parcel that is encumbered with a Mortgage, or (ii) the seller of such undeveloped land to secure a nonrecourse obligation in an amount not to exceed the purchase price of such undeveloped land), or (c) causes the aggregate value of undeveloped land owned by the Company, its Subsidiaries and the Permitted Partnerships, determined on a GAAP basis, to exceed fifteen percent (15%) of the amount of the consolidated assets of the Company and any Permitted Partnerships. 7.17
Undeveloped Land. The Borrower will not, and will not permit any of its Subsidiaries, to own Undeveloped Land acquired by the Borrower or any of its Subsidiaries at any time after the Original Closing Date to the extent that the value of all such Undeveloped Land (which value shall be determined based upon the respective purchase price for each property so acquired) exceeds $7,500,000 in the aggregate; provided, however, for purposes of this (S)10.14, any Undeveloped -------- ------- Land acquired by the Borrower or any of its Subsidiaries at any time after the Original Closing Date with the proceeds received by the Borrower or such Subsidiary from a disposition of Undeveloped Land owned prior to the Original Closing Date shall not be included in the valuation for purposes of compliance with this (S)10.14.
Undeveloped Land. 85 8.20 Operating Leases...................................................85
Undeveloped Land. The Borrower and its Subsidiaries will not own Undeveloped Land acquired at any time after the Closing Date to the extent that the value of all such Undeveloped Land (which value shall be determined based upon the respective purchase price for each Property so acquired) exceeds $5,000,000 in the aggregate; provided, however, for purposes of this Section 8.19, any Undeveloped Land acquired at any time after the Closing Date with the proceeds received from a Disposition of Undeveloped Land owned prior to the Closing Date shall not be included in the valuation for purposes of compliance with this Section 8.19.
Undeveloped Land. Any Real Estate consisting of raw land which is unimproved by buildings and does not generate any income.
Undeveloped Land. As of any date of determination, any real property owned ---------------- by the Borrower or any of its Subsidiaries which has not been, or is not in the process of being, developed into a Stopping Center or Petro:Lube within one year from the date of such acquisition.
Undeveloped Land. The Company will not, and will not permit any of its Subsidiaries to, purchase undeveloped land, whether it is excess land adjacent to a Parcel or otherwise, that (a) is not Entitled Land, or (b) causes the aggregate value of undeveloped land owned by the Company and its Subsidiaries, determined on a GAAP basis, to exceed ten percent (10%) of the Gross Asset Value of the Company; provided, however, that at any time the aggregate amount of (i) advances, loans, extensions of credit or capital contributions that the Company and its consolidated Subsidiaries have made to partnerships, limited liability companies or joint ventures, (ii) the acquisition, development and construction costs, determined on a GAAP basis before depreciation, of development projects with which the Company or its consolidated Subsidiaries are then involved, and (iii) the value of undeveloped land then owned by the Company or its consolidated Subsidiaries, shall not exceed twenty percent (20%) of the Gross Asset Value of the Company at such time.
Undeveloped Land. The aggregate cost of acquiring the direct and indirect interests of the Borrower, REA, the Guarantors and their respective Subsidiaries in undeveloped land will not at any time exceed ten percent (10%) of the Consolidated Total Assets of REA. For the purposes of this Section 8.14, land will not be considered "undeveloped" if grading and site improvement permits have been obtained and such site improvement work has commenced.
Undeveloped Land. 67 7.18 Tangible Net Worth . . . . . . . . . . . . . . . . . 67 8. Events of Default and Remedies.. . . . . . . . . . . .68 8.1
