General Purpose of the Development Land Fund Sample Clauses

General Purpose of the Development Land Fund. (a) In accordance with clause 6.2, the Trustee must establish a Sub Fund of the Trust Fund to be called the Development Land Fund to be administered in accordance with this clause 11 and otherwise in accordance with this Deed. (b) The Development Land Fund includes any interest in land accepted by the Trustee as Development Land, including: (i) any interest in land identified in the ILUAs or by the Agreement Groups in accordance with the ILUAs, as being land that is appropriate for Property Development Activities or passive property investment activities such as leasing; and (ii) any interest in Cultural Land that is reclassified as Development Land under clause 10.4. (c) The Net Proceeds of Property Development Activities are returned to, and remain part of, the Development Land Fund to be Applied by the Trustee for the Trust Purpose, having regard to clause 11.5. (d) For the purpose of this clause 11, Property Development Activities means property development or redevelopment activities, commercial exploitation or sale in relation to Development Land (either sole purpose or multi purpose), but does not include passive property investment activities such as leasing.
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Related to General Purpose of the Development Land Fund

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  • Condominiums/Planned Unit Developments If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project such Mortgage Loan was originated in accordance with, and the Mortgaged Property meets the guidelines set forth in the Originator's Underwriting Guidelines;

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