Developed Lots. Subdivision lots owned by the Borrower or its Restricted Subsidiaries, subject to a recorded plat, which the Borrower has designated and the Administrative Agent has accepted to be included and are included as "Developed Lots" in the calculation of the Loan Funding Availability (exclusive of any Dwelling Lot). An individual Developed Lot is sometimes referred to herein as a "Developed Lot."
Developed Lots. Developed Lots shall mean (a) all residential lots with respect to which (i) development has been completed to such an extent that permits that allow use and construction, including building, sanitary sewer and water, could be obtained for a detached or attached single family house (including a townhouse condominium building or condominium building) on each such lot, and (ii) Start of Construction has not occurred; and (b) all lots zoned for commercial use that have sewer and water available for use at such lots. The value of Developed Lots shall be calculated in accordance with GAAP and shall include all associated costs required to be capitalized under GAAP; provided, however, that the total value (calculated in accordance with GAAP) of commercial lots constituting Developed Lots shall not exceed $1,000,000 at any one time.
Developed Lots. Each of the plotted subdivided lots and the horizontal improvements thereon which, under applicable laws and regulations and taking into account other factors affecting the possible use of such property, may be utilized as the site for a Unit, including specifically those lots that are ready for construction of a Unit and for which a building permit would then be issued to the Borrower if applied for but excluding (a) lots with construction of Units underway thereon or (b) lots with fully constructed Units situated thereon, and (c) lots under development that are not yet ready for construction of Units thereon. DEVELOPED LOT INVENTORY. At any time of determination, an amount equal to the aggregate number of Developed Lots then existing and not yet under contract for sale.
Developed Lots. If the subject is a Developed Lot(s), costs shall include the purchase price plus the amount paid for any impact fees paid by the Borrower and its Restricted Subsidiaries with respect to such Developed Lot(s). If the Developed Lot(s) was developed by the Borrower or its Restricted Subsidiaries, costs shall also include land costs, site development and soft costs (engineering, interest, etc.) paid by Borrower and its Restricted Subsidiaries, associated with the development of such lots.
Developed Lots. Seventy percent (70%) of Lot Book Value. There shall be excluded from this subparagraph 2 Developed Lots that are included within the Borrowing Base under any other category set forth below; plus
Developed Lots. The owner of each lot developed with any permanent structure shall pay the sum of $ per year/ quarter/ month (check one) to cover the pro-rata share of normal street maintenance expenses.
Developed Lots. Each Developed Lot shall be included in Eligible Property for the period commencing on the A&D Lot Eligibility Date and ending on the applicable A&D Lot Maturity Date for each said Lot. After the expiration of the final A&D Lot Maturity Date, such Lot shall continue to be included as Collateral for the Master Line, unless released as provided for herein, but shall be excluded from Eligible Property.
Developed Lots. The lesser of seventy-five percent (75%) of the aggregate of the cost of the acquisition or seventy-five percent (75%) of the Appraised Value of the Developed Lots; provided, however, that for any Developed Lots that remain in the Master Line for more than eighteen (18) months, the Maximum Allowed Lot Allocation for each such Developed Lot shall be reduced to the lesser of sixty percent (60%) of the aggregate of the cost of the acquisition or sixty percent (60%) of the Appraised Value of such Developed Lot. Developed Lots shall be removed from the Borrowing Base after twenty-four (24) months.
Developed Lots. A subdivided lot and the improvements thereon at any of the Strategic Projects and Non-Strategic Projects (and which is not otherwise subject to an Acceptable Contract), and with respect to which all infrastructure improvements necessary for the sale of such lot thereon have been completed, and with respect to which all permits and approvals, and evidence of access to utilities necessary for the sale of such lot have been obtained all as evidenced by such approvals, certificates, or permits executed by the appropriate duly authorized federal, state and/or local official for the applicable Strategic Project or Non-Strategic Project, provided, however, (a) until satisfaction of the Mirada Preconditions, none of the property located at the Strategic Project known as Rancho Mirage Mirada, California shall qualify as a Developed Lot and shall not be included as Developed Lots under Subsection (ii)(C) of the defined term Borrower Availability set forth in 1, herein, and (b) the Developed Lots listed on Schedule 10.10, annexed hereto shall not be deemed to be Developed Lots.
Developed Lots. 65% of the aggregate GAAP Value of Developed Lots; plus
