Non-conversion definition
Non-conversion means any Class II, Class III, or Class IV-Special Forest Practice as defined by WAC 222-16-050 where land is being retained for uses consistent with timber growing. Examples include but are not limited to the cutting and removal of trees and the replanting for commercial forest production.
Non-conversion. The site shall not be converted to any use or purposes other than for project activities as defined in Article I (grant amount; project activities) without prior written approval of the LCC. If the project activities under this GRANT AGREEMENT include the development of a plan for the site, the site shall not be converted to any uses or purposes that are inconsistent with the authorizing legislation under which the DCNR awarded this grant LCC.
Non-conversion. FEE: Borrower understands and acknowledges the economic benefit Lender anticipates and expects to receive from Borrower's agreement to convert its construction loans with Lender to permanent loans with Lender upon completion of the construction projects. Borrower also understands, acknowledges and agrees that Lender would not extend the construction financing to Borrower BUT FOR the Borrower's agreement to convert the construction financing to a permanent financing status with the Lender. Borrower shall pay Lender a three percent (3.0%) non-conversion fee if the construction loan is not converted to a permanent loan within six (6) months. Moreover, if the construction loan does not timely convert to a permanent loan within six (6) months, Borrower understands, acknowledges and agrees that Lender shall have no duty or obligation to release the lien of its construction mortgage unless and until the three percent (3.0%) non-conversion fee has been paid in full to Lender.