Land Held for Development definition
Land Held for Development means Entitled Land being held for development which is zoned to permit single-family residential development (attached or detached) as a use by right (or comparable classification under local law) but which is not developed.
Land Held for Development means Entitled Land which is not being presently developed.
Land Held for Development means any unimproved Real Estate Asset which is not Land under Development.
Examples of Land Held for Development in a sentence
The sum of (i) the Development Project Value and (ii) the Land Held for Development Value shall not exceed 10% of Total Value.
The Borrower shall not engage in any development activities other than (i) Development Projects, (ii) development of pre-leased "build-to-suit" improvements, (iii) development in connection with the repositioning, or restoration following a casualty or condemnation of existing improvements on Real Property Assets or (iv) development of Land Held for Development to the extent permitted under Section 5.9(j) hereof.
The Land Held for Development Value shall not exceed 5% of Capitalization Value.
More Definitions of Land Held for Development
Land Held for Development means land acquired and held for future development but which does not constitute Construction in Process.
Land Held for Development means (i) Real Property Assets upon which no material construction of material improvements has been commenced; all such Real Property Assets that constitute Land Held for Development will continue to be deemed Land Held for Development until such time as the chief financial officer or chief accounting officer of Borrower and/or the Company shall certify to the Administrative Agent that material construction of material improvements has commenced thereon; and (ii) Real Property Assets upon which development of improvements has commenced but which are 50% or less pre-leased; all such Real Property Assets that constitute Land Held for Development will continue to be deemed Land Held for Development until such time as the chief financial officer or chief accounting officer of Borrower and/or the Company shall certify to the Administrative Agent that the improvements thereon are greater than 50% pre-leased.