Fully Entitled definition

Fully Entitled means that all necessary governmental licenses and approvals, including an approved site plan, have been achieved, and all applicable appeal periods have lapsed without successful or ongoing challenge, to permit the development and construction by the Trust, in accordance with the Trust’s approved site plan and construction plans and specifications, of a specified number of Approved Apartment Units comprising all or a portion of the Toluca Hills Project and such governmental approvals are in full force and effect without default by the developer thereunder, such that the issuance of a building permit for the construction of said number of Approved Apartment Units in the Toluca Hills Project is an administrative act that may be accomplished solely by the payment of applicable fees without the right of a discretionary approval by governmental authorities for the issuance thereof.

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Fully Entitled means a hotel that has received and/or been issued all discretionary permits and entitlements from the City required for the construction of a new hotel.

Fully Entitled. “Fully Entitle”, or “Fully Entitling”, means, with respect to a specific portion of the Property, Borrower has obtained all of the Remaining Entitlements with respect thereto, such Entitlements are final, all applicable statutes of limitations and appeal periods thereunder have expired, including statutes of limitations for voter referendum, and all other conditions precedent to the effectiveness of each Entitlement have been fully satisfied, such that construction of the Future Residential Improvements for that portion of the Property requires no further approvals from the Approving Authority.

Examples of Fully Entitled in a sentence

If any Substitute Lot is Fully Entitled at the time of the approval thereof by Buyer, then the Entitlement Payment for such Lot shall be payable with the next monthly payment following the earlier of execution of appropriate transaction documents conveying such Substitute Lot to Buyer or granting to Buyer the right to acquire such Substitute Lot.
Similarly, the delivery by Sellers to Buyer of certified copies of all of the permits and approvals listed on the Closing Date Certificate shall also constitute conclusive proof that such Lot(s) is Fully Entitled.
Sellers shall submit an invoice to Buyer no more frequently than once every calendar month for Lots that were not Fully Entitled at Closing, but have become Fully Entitled since Closing.
The delivery by such engineer, or any replacement engineer which Buyer may retain to replace the engineer which delivered the certificate as of the Closing Date, of a second certificate (the “Entitlement Certificate”) certifying that all of the permits and approvals listed on the Closing Date Certificate or a Lot or group of Lots have been obtained shall constitute conclusive proof that such Lot(s) is now Fully Entitled.
The amount of the additional Entitlement Payment for each Lot in such Substitute Project shall be calculated by dividing the total amount of Entitlement Payments for the Substitute Project by the number of Fully Entitled Lots in the Substitute Project.
The Company also possesses (or there have been granted by the applicable Governmental Authorities) with respect to the Fee Property partial Land Use Entitlements as set forth in Section 4.24B of the Stockholders’ Disclosure Schedule for those projects that are identified as not being Fully Entitled in said Section 4.24B, and where no Land Use Entitlements have been received, the Unentitled Properties are listed on Section 4.24C.

More Definitions of Fully Entitled

Fully Entitled has the meaning set forth on Exhibit P attached hereto with respect to the projects listed on such exhibit.

Fully Entitled will mean, with respect to any project included within the Real Property, that the project has unconditionally received all of the following which entitle the project to be developed with the number of residential units provided on Section 4.10 of the Stockholders’ Disclosure Schedule, and that any applicable appeals period has expired without challenge: all requisite land use, zoning, and planned unit development approvals, and governmental and quasi-governmental approvals and permits; site plan and/or PSP approval; unconditionally vested concurrency certification; issuance of all required environmental resource, habitat and species permits, including but not limited to permits from the applicable water management district, the Army Corp of Engineers, the Fish and Wildlife Service, and the Florida Department of Environmental Protection.