Approved Subdivision definition

Approved Subdivision means a residential subdivision located in Texas in which Borrower is actively engaged in the construction of single-family residences and which is otherwise acceptable to Lender in all respects, as determined by Lender in its sole discretion.

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Approved Subdivision means any Subdivision (and each of the Lots and Units contained therein) approved by Lender as of the Closing Date, and such other Subdivisions which may be approved by Lender from time to time after the Closing Date pursuant to Article 4.

Approved Subdivision means a Subdivision that has been approved as provided in SECTION 4.2.

Examples of Approved Subdivision in a sentence

• Notwithstanding whether Loan proceeds are used to acquire or construct a Spec Home, the number of Spec Homes that are not Model Homes (whether or not the construction thereof is financed by Lender) owned by Borrower in a particular section, division, phase or other portion of an Approved Subdivision (as determined by Lender) shall not exceed five (5).

• Pursuant to the provisions of Section 12.009 of the Texas Property Code, the Lender has duly recorded (or will record) the Master Deed of Trust in each county where an Approved Subdivision is located.

• Nothing herein shall be construed as an obligation or commitment on the part of Lender to finance the construction of Residences on any Inventory Lots, except as may be otherwise expressly approved in writing by Lender, other than as part of an Approved Subdivision.

• In addition, notwithstanding whether Loan proceeds are used to acquire or construct a Model Home, the number of Model Homes (whether or not the construction thereof is financed by Lender) owned by Borrower in a particular section, division, phase or other portion of an Approved Subdivision (as determined by Lender) shall not exceed two (2).

• The amount of the Loan with respect to any Approved Subdivision exceeds one hundred percent (100%) of the discounted bulk value thereof at completion.

More Definitions of Approved Subdivision

Approved Subdivision means a Subdivision that has been approved by Bank as provided in Section 4.2.

Approved Subdivision means each Subdivision with respect to which Borrower has satisfied the conditions precedent in Section 4.2 and Administrative Agent has issued a Subdivision Approval Letter that has been countersigned by Borrower and the other Loan

Approved Subdivision means a Subdivision that has been approved as provided in Section 5.2.

Approved Subdivision means each and every residential subdivision financed hereunder.

Approved Subdivision means a Subdivision that has been approved as provided in Section 11. Subject to the satisfaction of the conditions set forth

Approved Subdivision means a Developed Subdivision in which the Bank shall have approved in writing the acquisition of Lots and the construction of Homes thereon.

Approved Subdivision means each Subdivision owned by a Project Owner and with respect to which Borrower has satisfied the conditions precedent in Section 4.2, as determined by Administrative Agent.