Land Not Under Development definition

Land Not Under Development. Qualified Real Property Inventory that is not Land Under Development, Finished Lots, Units Under Construction, Completed Units or Units Under Contract.
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Land Not Under Development means any parcel of land owned by Borrower or any Guarantor that is zoned for use as a site for Housing Units but that is not (i) a Finished Lot, or (ii) Land Under Development.
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Examples of Land Not Under Development in a sentence

  • As of any Test Date, commencing with September 30, 2015, the ratio of (a) the book value of Land Not Under Development to (b) Consolidated Tangible Net Worth shall not be more than 1.00 to 1.00.

  • As of any Test Date, commencing with September 30, 2012, the ratio of (a) the book value of Land Not Under Development to (b) Consolidated Tangible Net Worth shall not be more than 1.00 to 1.00.

  • The book values, determined on a consolidated basis in conformity with GAAP of all (a) Spec Lots, plus (b) Land Under Development, plus (c) Land Not Under Development, less the book value, determined in accordance with GAAP, of all unsold land owned by Engle Homes/Pembroke, Inc.

  • As of any Test Date, commencing with March 31, 2011, the ratio of (a) the book value of Land Not Under Development to (b) Consolidated Tangible Net Worth shall not be more than 1.00 to 1.00.

Related to Land Not Under Development

  • Lots Under Development means all Land Held for Development with respect to which the Borrower or any Subsidiary Guarantor has obtained all necessary approvals for its subdivision for residential housing units (including condominium units), and which the Borrower or any Subsidiary Guarantor is actively developing into Finished Lots; provided, however, that the term “Lots Under Development” shall not include any land upon which the construction of a residential housing unit has commenced.

  • Cluster development means a subdivision with lots clustered in a group of five or more lots that is

  • Assets Under Development means any real property under construction (excluding any completed Property under minor renovation) until such property has received a certificate of occupancy.

  • agricultural area means any area taken up by arable land, permanent grassland and permanent pasture or permanent crops;

  • Redevelopment means areas where development is replacing older development.