Lots Under Development definition

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.

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

Lots Under Development means, as of any date of determination, parcels of land which are, as of the date of determination, being developed into Developed Lots or which are scheduled for the commencement of development into Developed Lots within six calendar months after the date of determination, and which Borrower has designated as “Lots Under Development” in the most recently delivered Inventory Summary Report.

Examples of Lots Under Development in a sentence

• A = seventy-five percent (75%) of the sum of all Acquisition Costs for all Lots Under Development which are included in the Loan Inventory.

• All real and personal property, improvements and fixtures owned by the Borrower or the Restricted Subsidiaries, including but not limited to all Land Parcels, Lots Under Development, Development Lots and Dwelling Lots.

• No Event of Default or Unmatured Event of Default shall have occurred and be continuing on and as of the date that each portion of the Land is included as Lots Under Development.

• Upon the satisfaction of such conditions precedent, as determined by Lender, such Land shall be included in the Borrowing Base as Lots Under Development.

• Borrower may, from time to time, request Lender to include a portion of the Land as Lots Under Development (including without limitation, any custom lots) for purposes of the Borrowing Base.

More Definitions of Lots Under Development

Lots Under Development means Lots with respect to which construction of streets or other subdivision improvements has commenced but which are not Finished Lots.

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

Lots Under Development means (a) Entitled Land where physical site improvement has commenced and is continuing, and (b) Finished Lots.

Lots Under Development means, as of any date of determination, Land Parcels that are being developed into Developed Lots.

Lots Under Development means all Lots owned by Borrower or a Guarantor with respect to which construction of streets or other subdivision improvements has commenced but which are not Finished Lots or Lots under Contract. The value of Lots under Development shall be calculated in accordance with GAAP and shall include all associated costs required to be capitalized in accordance with GAAP.

Lots Under Development means any Entitled Land with respect to which the Borrower has obtained all necessary approvals for its subdivision for residential housing units, and which the Borrower 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.

Lots Under Development. The sum of all Advances and Reserved Allocations committed but not disbursed for said Lots shall not exceed the lesser of (i) seventy percent (70%) of Total Project Costs, (ii) seventy percent (70%) of the Bulk Finished Lot Value for said Lots, or (iii) seventy percent (70%) of the sales price (net of concessions) set forth in the Purchase Contract, subject to Lender’s approval.