Unimproved Real Estate definition

Unimproved Real Estate means property which has each of the following three characteristics: (i) it was not acquired for the purpose of producing rental or other operating income; (ii) there is no development or construction in process on such land, and (iii) there is no development or construction planned in good faith to commence on such land within one year.
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Unimproved Real Estate means any subdivided real estate interest, such as a lot, unit or parcel, which is not Improved Real Estate.
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Examples of Unimproved Real Estate in a sentence

  • The Trust will not, and will not permit any Subsidiary to (i) make any Restricted Investment if, after giving effect thereto, the aggregate amount of Restricted Investments held by the Trust and its Subsidiaries would exceed 10% of Consolidated Total Assets or (ii) make any Unimproved Real Estate Investments if, after giving effect t h e reto, the aggregate amount of Unimproved Real Estate Investments held by the Trust and its Subsidiaries would exceed 10% of Consolidated Total Assets.

  • The Company will not, and will not permit any Subsidiary to (i) make any Restricted Investment if, after giving effect thereto, the aggregate amount of Restricted Investments held by the Company and its Subsidiaries would exceed 10% of Consolidated Total Assets or (ii) make any Unimproved Real Estate Investments, if after giving effect thereto, the aggregate amount of Unimproved Real Estate Investments would exceed 10% of Consolidated Total Assets.