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").
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.
Actual Cost means (a) the Home Cost for Sold Homes, Models and Spec Homes, and (b) the Lot Cost for Finished Lots, Lots Under Development and Entitled Land.
The Land comprising the Subdivision shall be Entitled Land and Borrower shall have provided to Lender evidence that the Subdivision is subject to approved zoning consistent with its proposed uses.
Holdings and Borrower shall not permit the net book value of the Unentitled Land, Entitled Land, Land Under Development and Finished Lots in aggregate to exceed 150% of Tangible Net Worth of Holdings on a consolidated basis.
The Land comprising the Subdivision shall be Entitled Land and Borrower shall have provided to Bank evidence that the Subdivision is subject to vested zoning consistent with its proposed uses.