Common use of Land Note Clause in Contracts

Land Note. “Land Note” shall mean the Horizontal Land Note, in the original principal amount of $1,080,000, payable to WSI and given as consideration for the purchase of the Project Land. 1.65 Liquidating Member. “Liquidating Member ” shall have the meaning set forth in Section 9.3 of this Agreement. 1.66 Major Decision. “Major Decision” shall have the meaning set forth in Section 4.4 of this Agreement. 1.67

Land Note. “Land Note” shall mean the Horizontal Land Note, in the original principal amount of $1,080,0002,520,000.00, which is payable to WSI and given as consideration for the purchase of the Project Land. 1.65 Liquidating Member. “Liquidating Member Member” shall have the meaning set forth in Section 9.3 of this Agreement. 1.66 Major Decision. “Major Decision” shall have the meaning set forth in Section 4.4 of this Agreement. 1.67

Land Note. “Land Note” shall mean mean, as to the initial land to be developed by the Company, the Horizontal Land Note, in the original principal amount of $1,080,0002,520,000.00, which is payable to WSI and given as consideration for the purchase of the initial Project Land. If the Company elects to develop additional land, the term “Land Note” shall in turn refer to such subsequent Horizontal Land Note(s) given as consideration for the purchase of the additional land to be developed. 7 1.65 Liquidating Member. “Liquidating Member Member” shall have the meaning set forth in Section 9.3 of this Agreement. 1.66 Major Decision. “Major Decision” shall have the meaning set forth in Section 4.4 of this Agreement. 1.671.66