Land development loan definition

Land development loan means an extension of credit for the purpose of improving unimproved real property prior to the erection of structures. The improvement of unimproved real property may include laying placement of sewers, water pipes, utility cables, streets, and other infrastructure necessary for future development.
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Land development loan means loans wherein more than 30% of the proceeds of which are used for (i) surveying, grading, cutting and filling the land, (ii) the demolition of developments on the land, (iii) the reconfiguration, importation and/or deportation of soil or other earthen materials, (iv) land use planning, (v) procuring regulatory approvals, permits, zoning, subdivision approvals, mapping and land use changes, (vi) the construction of streets, (vii) the acquisition of unfinished land with the intention of conducting any of the foregoing activities or merely holding the land for resale, or (vii) anything in the nature of the foregoing.
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Land development loan shall have the meaning ascribed to such term in the Recitals to this Agreement.
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Related to Land development loan

  • Land development means the erection of buildings or structures on land, or the change of use of land, including township establishment, the subdivision or consolidation of land or any deviation from the land use or uses permitted in terms of an applicable land use scheme;

  • land development area means an erf or the land which is delineated in an application submitted in terms of this By-law or any other legislation governing the change in land use and “land area” has a similar meaning;

  • land development application means the application for a land development permit on a form provided by [local jurisdiction] along with the supporting documentation required in Section [Y]-10(a).

  • Research and development facility means an establishment engaged in laboratory, scientific, or experimental testing and development related to new products, new uses for existing products, or improving existing products. The term does not include an establishment engaged in efficiency surveys, management studies, consumer surveys, economic surveys, advertising, promotion, banking, or research in connection with literary, historical, or similar projects.

  • Research and development means (1) theoretical analysis, exploration, or experimentation; or (2) the extension of investigative findings and theories of a scientific or technical nature into practical application for experimental and demonstration purposes, including the experimental production and testing of models, devices, equipment, materials, and processes. Research and development does not include the internal or external administration of radiation or radioactive material to human beings.