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 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 sum of (i) the Development Project Value and (ii) the Land Held for Development Value shall not exceed 10% of Total Value.
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 (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.
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 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. “Lender” means each financial institution from time to time party hereto as a “Lender”, together with its respective successors and permitted assigns, including the Swingline Lender; provided, however, that the term “Lender”, except as otherwise expressly provided herein, shall exclude any Lender (or its Affiliates) in its capacity as a Specified Derivatives Provider. “Lender Parties” means, collectively, the Administrative Agent, the Lenders, the Issuing Banks, the Specified Derivatives Providers, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section 12.7, any other holder from time to time of any of any Obligations and, in each case, their respective successors and permitted assigns. “Lending Office” means, for each Lender and for each Type of Loan, the office of such Lender specified in such Lender’s Administrative Questionnaire or in the applicable Assignment and Assumption, or such other office of such Lender as such Lender may notify the Administrative Agent in writing from time to time. “Letter of Credit” has the meaning given that term in Section 2.4(a). “Letter of Credit Collateral Account” means a special deposit account maintained by the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Banks and the Lenders, and under the sole dominion and control of the Administrative Agent. “Letter of Credit Disbursements” has the meaning given to that term in Section 3.9(b). “Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor, any certificate or other document presented in connection with a drawing under such Letter of Credit and any other agreement, instrument or other document, other than this Agreement and the other Loan Documents, governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations. “Letter of Credit Liabilities” means, without duplication, at any time and in respect of any Letter of Credit (a) the Stated Amount of such Letter of Credit, plus (b) the aggregate unpaid principal amount of all Reimbursement Obligations of the Borrower at such time due and payable...