Land Deposits definition
Land Deposits means the sum of down payments, deposits, or other funds paid pursuant to noncancellable, bona fide, arm's length contracts for the purchase of real property by the Company. "Noncancellable Land Commitments" shall mean the amount of the Company's obligations with respect to the unpaid purchase price of noncancellable contracts for the purchase of real property by the Company.
Land Deposits is defined in Section 8.16.
Examples of Land Deposits in a sentence
Where the purchaser is deemed by Section 27(7) of the Sale of Land (Deposits) Act 1962 to have given the deposit release authorisation referred to in Section 27(1), the purchaser is also deemed to have accepted the vendor's Title in the absence of any prior express and specific objection to the vendor's Title.