A&D Land definition
Examples of A&D Land in a sentence
A&D Land (for current and future phases) Lesser of (i) sixty-five percent (65%) of the appraised value of the A&D Land in a Project or (ii) sixty-five percent (65%) of the actual costs incurred by Borrower or the applicable Project Guarantor to date for acquisition of the A&D Land in a Project, not to exceed the A&D Land Allocation.
For A&D Land, it shall be sufficient to indicate Lender’s approval by its execution of an A&D and Addendum.
Upon the approval by Lender of an A&D Project, the associated A&D Land shall be converted to and considered as part of the A&D Project.
A&D Land: thirty six (36) months A&D Project: thirty six (36) months Notwithstanding the foregoing, at such time as A&D Land is converted to an A&D Project, the Required Repayment Term shall commence for such A&D Project (including the A&D Land) from the date of conversion to an A&D Project; and at such time as a Unit on a Developed Lot is included in a Collateral Verification Certificate, the Required Repayment Term for such Developed Lot shall no longer apply.
Borrower and Guarantors shall have fulfilled each and every other condition to any initial Draw (i.e. to finance or refinance A & D Land) or any subsequent Draw set forth in SCHEDULE 1 attached hereto or the applicable A&D Land Addendum or A&D Project Addendum.
The additional Property shall either have been approved as A&D Land by Lender, in its sole discretion, or shall be located in an Approved Project, and for A&D Projects, Lender shall have approved Borrower’s plans for the current stage of development of such A&D Project proposed as additional Property hereunder.
Borrower shall have provided Lender with such other reports, certificates, documents, and instruments regarding Borrower, the applicable Project Guarantor and the applicable Property and Approved Project as may be listed in the A&D Land Addendum or A&D Project Addendum or as Lender may otherwise reasonably require.
Lender will maintain records reflecting the disbursed and un-disbursed portions of the Maximum Facility Amount and Maximum Available Amount, A&D Land Allocations, A&D Project Allocations, Net A&D Allocations, and payments received and applied to the outstanding Facility, interest accrued, and other matters related to the Facility and the Note, which shall be conclusive evidence of amounts owing thereunder absent manifest error.
For A&D Land, Lender shall have obtained an Appraisal setting forth the as-is market value of the undeveloped A&D Land.
The purpose of the Facility is to fund the Borrower’s working capital needs and the acquisition or the refinance of A&D Land, the development of A&D Land, and the construction of Units located in one or more Approved Projects, and neither Borrower nor any Project Guarantor shall use Draws for any other purpose.