Land Under Development definition

Land Under Development means parcels of land owned by the Borrower or any Guarantor which are zoned for the construction of single-family dwelling units, whether attached or detached (excluding mobile homes) and upon which the construction of site improvements has commenced and is proceeding; provided, however, that the term “Land Under Development” shall not include (i) Finished Lots, (ii) Entitled Land, (iii) any real property upon which the construction of a Housing Unit has commenced, or (iv) vacant land held by the Borrower or any Guarantor for future development or sale and designated as inactive land in the footnotes to the Borrower’s or such Guarantor’s financial statements.

Land Under Development means Entitled Land upon which construction of Improvements has commenced but not been completed and for which: (a) to the extent required, a performance bond, surety or other security has been issued to and in favor of and unconditionally accepted by each local agency and all relevant Governmental Authorities, including any municipal utility district in which the Real Estate is situated with regard to all work to be performed pursuant to each and all of said subdivision improvement agreements or other agreements; (b) all necessary plans have been approved by all relevant Governmental Authorities for the installation of any and all Improvements required to be installed upon such Real Estate; (c) all necessary permits have been issued for the installation of said Improvements; and (d) utility services necessary for construction of Improvements and residential dwelling units and the operation thereon for the purpose intended will be available to such Real Estate upon completion of the Improvements and there exists a binding obligation on the part of each and every utility company to deliver necessary utility services to such Real Estate.

Land Under Development means Entitled Land upon which a final subdivision map has been recorded and upon which construction of Improvements has commenced and is being diligently pursued but has not been completed.

Examples of Land Under Development in a sentence

• Samuels did not perform a present value discount on any of the TOUSA real estate assets except for his Land Under Development category, see Samuels Tr. 3482:6-3483:24; Ex. 617 (Hewlett Rebuttal Report) at 5, while Cannon performed a present value discount only on a small portion of the properties in his Finished Lot and Land Under Development categories.

• Samuels himself also concluded that several hundred properties in five communities (from his Land Under Development and Finished Lots categories) had zero value.

• An individual residential lot located or to be located on Entitled Land Under Development or Non-Appraised Entitled Land and designated on the final subdivision plat, map or filing (or in the case of Entitled Land Under Development or Non-Appraised Entitled Land, an individual lot designated on an approved tentative tract map, preliminary plat map, preliminary subdivision plat or similar plat or map) and including any related community or commercial lot(s) relating to the amenities for that Development.

• All Development Expenditures incurred by the Loan Parties with respect to the development of the Entitled Land Under Development subsequent to the most recent Appraisal shall be added to the Entitled Land Under Development Value, and such amount shall also be reduced by the value of any parcels or Lots sold since the prior Appraisal date, in each case without duplicating any post-closing adjustments resulting from any updated Appraisals.

• As of any date of determination, the aggregate value of all Entitled Land Under Development valued on the basis of an “as is”, MAI Appraisal covering at least seventy-five percent (75%) of the remaining Lot portfolio and at least seventy-five percent (75%) of the remaining commercial acreage (both as selected by Agent), with all other Entitled Land Under Development to be valued and included in the Borrowing Base at its book value.

More Definitions of Land Under Development

Land Under Development means, as of any date of determination, Lots Under Development and Developed Lots excluding lots included in the Homes Under Construction and Land Held for Future Development categories.

Land Under Development means Land Held for Future Development/Disposition upon which construction of Improvements has commenced but not been completed and for which: (a) to the extent required, a performance bond, surety or other security has been issued to and in favor of and unconditionally accepted by each local agency and all relevant Governmental Authorities, including any municipal utility district in which the Real Estate is situated with regard to all work to be performed pursuant to each and all of said subdivision improvement agreements or other agreements; (b) all necessary plans have been approved by all relevant Governmental Authorities for the installation of any and all Improvements then being installed upon such Real Estate; (c) all necessary permits have been issued for the installation of said Improvements; and (d) utility services necessary for construction of Improvements and residential dwelling units and the operation thereon for the purpose intended will be available to such Real Estate upon completion of the Improvements and the applicable Credit Party has obtained a “will serve” letter from each and every utility company to deliver necessary utility services to such Real Estate.

Land Under Development means all land in the Authorized States owned by the Borrower or its Subsidiaries as part of their respective real estate development business, on which grading or construction of on-site infrastructure improvements has begun, and for which all necessary zoning and large-lot subdivision approvals have been obtained and are in full force and effect, but for which construction of the residential improvements thereon has not begun.

Land Under Development or “LUD” means a parcel of Entitled Land that is in the process of being developed into finished Lots.

Land Under Development means any Real Property Asset on which Development Activity has begun (as evidenced by obtaining a permit to commence construction of the applicable office, parking or industrial improvement by the applicable Governmental Authority) but has not yet been substantially completed; provided that any such Real Property Asset will no longer be considered Land under Development upon the earlier of (A) one year after the date a certificate of occupancy has been issued for such Real Property Asset or the primary building or other structure located on such Real Property Asset may otherwise be lawfully occupied for its intended use, or (B) the first date such Real Property Asset is more than 85% leased and occupied (based on square footage).

Land Under Development. Entitled Land where physical site improvement has commenced but which is not a Finished Lot, Unit Under Construction, Completed Unit or Unit Under Contract.

Land Under Development means parcels of land owned by the Borrower or any Guarantor which are zoned for the construction of single-family dwelling units, whether detached or attached (including condominiums but excluding mobile homes) and upon which construction of site improvements has commenced and is proceeding; provided, however, that the term "Land under Development" shall not include Finished Lots or any real property upon which the construction of any such dwelling or dwellings has commenced.