Definition of Entitled Land
Entitled Land means Qualified Real Property Inventory comprised of land where all requisite zoning requirements and land use requirements have been satisfied, and all requisite approvals have been obtained from all applicable Governmental Authorities (other than approvals which are simply ministerial and non-discretionary in nature or otherwise not material) in order to develop the land as a residential housing project.
Examples of Entitled Land in a sentence
- Within fifty (50) days after the end of each of the first three quarters, and within ninety-five (95) days after the end of each fourth quarter, of each fiscal year of the Borrower, a certificate of the President or Chief Operating Officer of the Borrower certifying the Land as at such date, which lists by state of location all Land, delineating Finished Lots, Lots under Development, Entitled Land and estimated undeveloped Lots.
- In the event the Borrower elects to finance the construction of A&D Improvements on any parcel of Entitled Land from a source other than the Credit Facility, so long as no Default or Event of Default has occurred and is continuing, then Administrative Agent will promptly release its liens against said parcel upon payment of the Partial Release Price for said parcel.
- Fifty percent (50%) of the GAAP Value of all Entitled Land (subject to the twenty percent (20%) limitation specified in Section 3.5(b)(iii)); plus
Definition of Entitled Land in Agreement
Entitled Land means parcels of land owned by the Borrower or any Guarantor which are zoned for the construction of single-family dwellings, whether detached or attached (excluding mobile homes); provided, however, that the term "Entitled Land" shall not include Land under Development, Finished Lots or any real property upon which the construction of Housing Units has commenced (as described in the definition of "Housing Unit").
Entitled Land means land zoned for single-family residential development and which has received all requisite approvals from the city, county, and district for use of the land for single family residential development.
Entitled Land means Residential Land owned 100% by Borrower or by any Subsidiary Guarantor in fee simple with respect to which (i) all requisite zoning requirements and land use requirements for such Land's then current use and state of development have been satisfied and (ii) Borrower has sole control and management rights. "Entitled Land" shall include all Land Held for Development, Lots Under Development and Finished Lots.