Land Held for Future Development definition
Land Held for Future Development means, as of any date of determination, Land Parcels where development activity has been suspended or has not yet begun, but is expected to occur in the future.
Land Held for Future Development means (1) parcels of land wholly owned by any Loan Party which are, as of the date of determination, held for future development or disposition, and with respect to which requisite zoning requirements and land use requirements have been satisfied, and requisite approvals have been obtained from all applicable Governmental Authorities (other than approvals which are simply ministerial and non-discretionary in nature), in order to develop the parcel as a residential housing project and construct single family dwellings, whether attached or detached, thereon and (2) Excess Land Under Development.
Land Held for Future Development means a Property which is neither -------------------------------- an Income Property, nor a Development in Progress, nor a Property subject to a Direct Financing Lease.
More Definitions of Land Held for Future Development
Land Held for Future Development means, as of any date of determination, Land Parcels (unencumbered by a Lien or Liens, other than Liens permitted under Section 6.7; provided that the principal amount of Indebtedness for borrowed money secured by such Liens is included in Borrowing Base Indebtedness for the purpose of calculating the Borrowing Base Availability) where development activity has been suspended or has not yet begun, but is expected by the Borrower in good faith to occur in the future.
Land Held for Future Development means a Property which is -------------------------------- neither an Income Property, nor a Development in Progress, nor a Property subject to a Direct Financing Lease.