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.
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.
Land development loan shall have the meaning ascribed to such term in the Recitals to this Agreement.