UNIMPROVED REAL PROPERTY definition

UNIMPROVED REAL PROPERTY means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.
UNIMPROVED REAL PROPERTY means property which has the following three characteristics: (1) the property was not acquired for the purpose of producing rental or other operating income, (2) there is no development or construction in process on such land, and (3) no development or construction on such land is planned in good faith to commence on such land within one year.
UNIMPROVED REAL PROPERTY means Property (i) in which the Corporation has an equity interest that was not acquired for the purpose of producing rental or other operating income, (ii) that has no development or construction in process and (iii) for which no development or construction is planned, in good faith, to commence within one year. “2%/25% Guidelines” shall have the meaning as provided in Section 8.8 herein.

Examples of UNIMPROVED REAL PROPERTY in a sentence

  • Not more than 10% of the Corporation’s total assets shall be invested in Unimproved Real Property or indebtedness secured by a deed of trust or Mortgages on Unimproved Real Property.


More Definitions of UNIMPROVED REAL PROPERTY

UNIMPROVED REAL PROPERTY means the real property of the Corporation which has the following 3 characteristics:
UNIMPROVED REAL PROPERTY means property of the Company which has the following characteristics:
UNIMPROVED REAL PROPERTY means real property which is not improved by one or more buildings leased, or held out for lease, to third parties.
UNIMPROVED REAL PROPERTY shall have the meaning set forth in Section 2.1(a)(1)(B).
UNIMPROVED REAL PROPERTY means the property of a REIT which has the following three (3) characteristics: (a) an equity interest in property which was not acquired for the purpose of producing rental or other operating income, (b) no development or construction is in progress on such land, and (c) no development or construction on such land is planned in good faith to commence within one (1) year of the property's acquisition by the Corporation or within one (1) year of the Corporation's receipt of all necessary permits, licenses and approvals to proceed with development or construction, provided that the Corporation in good faith, following the acquisition of the land, proceeds to apply for and pursue the issuance of all permits, licenses and approvals as may be necessary, prudent or advisable for the development and or construction planned for the land.
UNIMPROVED REAL PROPERTY shall include (A) those properties which do not contain building structures with electrical, water and/or sewage hook-ups or which are not usable (without material modification) for Dealerships and/or related facilities, and (B) (except as otherwise set forth in clause (b) of the definition of “Improved Real Property”) those properties which consist of parking facilities (even if such parking facilities contain curbs, asphalt and lighting improvements) and (ii) for purposes of determining the calculation set forth in Section 4.02(d)(v) and the requirements of Loans associated with Post-Construction, until the applicable construction is completed on a Financed Property so that such property meets the definition of “Improved Real Property”, such Financed Property shall be considered “Unimproved Real Property”.
UNIMPROVED REAL PROPERTY means real property upon which no structures or permanent buildings are situated; or upon which temporary structures or buildings are situated but are not suitable for residence.