Land Inventory. The Borrower shall not permit the ratio of (i) Adjusted Land Value to (ii) the sum of (a) Consolidated Tangible Net Worth plus (b) fifty percent (50%) of Consolidated Subordinated Debt to exceed 1.0 to 1.0.
Land Inventory. Permit the ratio, determined as at the end of any fiscal quarter, of (i) the sum of the number of Finished Lots and the reasonably estimated number of Finished Lots that will be developed on other Land, all determined as at the end of such fiscal quarter, to (ii) the number of Housing Unit Closings for the period of four (4) full fiscal quarters ending with such fiscal quarter, to exceed 2.5 to 1.0.
Land Inventory. Permit at any time Adjusted Land Value to exceed the sum of (a) Consolidated Tangible Net Worth plus (b) fifty percent (50%) of Subordinated Indebtedness.
Land Inventory. Section 6.29 of the Credit Agreement is hereby amended to delete the ratio “1.15 to 1.00” and to insert in lieu thereof the ratio “1.20 to 1.00.”
Land Inventory. Permit at any time Adjusted Land Value to exceed 110% of Consolidated Tangible Net Worth.
Land Inventory. Section 6.29 is hereby amended by deleting the reference “1.0 to 1.0” and replacing it with “1.15 to 1.0.”
Land Inventory. The Borrower shall not permit the book value of Land to exceed Consolidated Tangible Net Worth.
Land Inventory. Strategy development includes an informal inventory of site types in Hillyard to better understand the neighborhood. Although there are relatively few vacant lots, there are opportunities for ADUs and additions to existing houses. (See Section 5.8, below for details on the portions of the neighborhood that can be filled by the different development types.) Based on permitting levels from other cities, this discussion estimates the number of ADUs that would be appropriate for Xxxxxxxx. For example, in Seattle, about 0.2% of owners of single-family lots have requested an ADU in the past 4 years.70 This suggests that in Hillyard about 5 ADUs per year would be practical, for a total of 50 units over 10 years.
Land Inventory is hereby amended and restated in its entirety as follows:
Land Inventory. Section 7.06 is hereby amended and restated in its entirety as follows:
