Land Under Development Clause Samples

Land Under Development. 65% of the aggregate GAAP Value of Land Under Development; plus
View SourceView Similar (7)
Land Under Development. With respect to each Project which is Land Under Development, the lesser of (i) the sum of (A) seventy-five percent (75%) of the Obligor’s actual cost incurred to purchase the Land component of the Project, plus (B) (1) seventy-five percent (75%) of the Budgeted Lot Cost for the Project (less the Obligor’s actual cost incurred to purchase the subject Land), multiplied by (2) the Completion Percentage for the Project, and (ii) the sum of (A) sixty-five percent (65%) of the Appraised Value of the Land component of the Project, plus (B) (1) sixty-five percent (65%) of the Appraised Value of the Project (less the Appraised Value of the subject Land), multiplied by (2) the Completion Percentage for the Project; provided, however, that during any period in which the aggregate Appraised Value of Raw Land and Land Under Development exceeds 125% of Tangible Net Worth, 75% shall be reduced to 70% and 65% shall be reduced to 60% in the foregoing formulas with respect to the portion of Land Under Development in the Borrowing Base in excess of the amount of Land Under Development that would cause the aggregate Appraised Value of Raw Land and Land Under Development to equal 125% of Tangible Net Worth;
View SourceView Similar (3)
Land Under Development. Net Tangible Assets Ratio. The cost basis (as calculated in accordance with GAAP) of Land Under Development shall not exceed 30% of Consolidated Net Tangible Assets.
View Source
Land Under Development. Intentionally omitted.
View Source
Land Under Development. Land Under Development in each Approved Subdivision may be included in the Borrowing Base as Eligible Collateral for a period of not more than: (A) with respect to any Attached Lots or High Density Lots within an Approved Subdivision (Subject to Lender’s right to adjust such High Density Lot eligibility term, either by increasing or decreasing same, in connection with Lender’s approval of the applicable Subdivision as an Approved Subdivision), twenty-four (24) Calendar Months after the first applicable Lot Eligibility Date for such Attached Lots or High Density Lots, or (B) with respect to Detached Lots, thirty (30) Calendar Months after the first applicable Lot Eligibility Date for such Land Under Development, subject to the Maximum Allowed Advance limitations for the aggregate amount of the Commitment Amount applicable to the Land Under Development for such Approved Subdivision. The foregoing eligibility periods for Land Under Development may be extended for an additional six (6) Calendar Months upon written notice to the Lender no earlier than 90 days and no later than thirty (30) days prior to the expiration of such original time period and provided no Material Adverse Change, no Unmatured Event of Default nor any Event of Default has occurred and is continuing.
View Source
Land Under Development. A Project (or a phase of a Project) consisting of Entitled Land on which a Borrower has initiated development in the form of grading, road or utility installation and is actively continuing such development in the ordinary course thereof, or is actively pursuing a final map or equivalent approval, but as to which not more than fifty percent (50%) of the Total Applicable Development Costs have been expended, whether such Total Applicable Development Costs have been expended by such Borrower or a prior owner of the Land; provided, however, that such a Project (or phase of a Project) shall cease to be considered Land Under Development if such Borrower has failed to initiate such development within twelve (12) months of the acquisition date of same or after the expiration of thirty (30) months from the acquisition date of same (provided, further, that ineligibility of a Project as Land Under Development shall not prevent such Project from later qualifying as Land Under Development, Unsold Lots, Sold Homes Under Construction or Unsold Work in Progress). LEASES. Leases, licenses and agreements whether written or oral, relating to the use of occupation of space in or on the Real Estate.
View Source
Land Under Development. Lots constituting Land Under Development in each Approved Subdivision may be included in the Borrowing Base as Eligible Collateral for a period of not more than twenty-four (24) Calendar Months after the first applicable Lot Eligibility Date for such Lots, subject to the Maximum Allowed Advance limitations for the aggregate amount of the Commitment Amount applicable to the Land Under Development for such Approved Subdivision.
View Source
Land Under Development. Section 3.2(b)(A) of the Loan Agreement is hereby amended to replace the reference to “twenty-four (24) Calendar Months” with “eighteen (18) Calendar Months”. Section 3.2(b)(B) of the Loan Agreement is hereby amended to replace the reference to “thirty (30) Calendar Months” with “twenty-four (24) Calendar Months”.
View Source

Related to Land Under Development

  • Career Development The City and the Union agree that employee career growth can be beneficial to both the City and the affected employee. As such, consistent with training needs identified by the City and the financial resources appropriated therefore by the City, the City shall provide educational and training opportunities for employee career growth. Each employee shall be responsible for utilizing those training and educational opportunities made available by the City or other institutions for the self- development effort needed to achieve personal career goals.

  • Supplier Development lf the Buyer identifies problems in supplier performance based on supplier monitoring, he shall initiate improvement measures at the Supplier. The Buyer shall pursue the possibilities of continuous improvement of the Supplier. The supplier audit is a form of supplier development; the exchange of information and experience between the Buyer and the Supplier also serves this purpose.

  • Project or Building Name and Signage Landlord shall have the right at any time to change the name of the Project or Building and to install, affix and maintain any and all signs on the exterior and on the interior of the Project or Building as Landlord may, in Landlord’s sole discretion, desire. Tenant shall not use the name of the Project or Building or use pictures or illustrations of the Project or Building in advertising or other publicity or for any purpose other than as the address of the business to be conducted by Tenant in the Premises, without the prior written consent of Landlord.

  • Location of Improvements; No Encroachments All improvements which were considered in determining the Appraised Value of the Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. No improvement located on or being part of the Mortgaged Property is in violation of any applicable zoning law or regulation;

  • Phase II A small portion of the work for the Phase II modifications to the Plattsburgh Substation will be performed by Transmission Owner, and the remainder will be performed by Clinton and ▇▇▇▇▇▇▇▇▇. A detailed definition of the specific scope for Transmission Owner and Clinton and ▇▇▇▇▇▇▇▇▇ including interface points shall be defined during the design phase and, as such documents become available, copies will be delivered to the NYISO, Transmission Owner, Noble Altona Windpark, LLC and Marble River, LLC. The full scope includes the installation of wave traps, CCVT’s and modifications and/or additions to relaying on the MWP-1 and MWP- 2 lines. These lines will be reconfigured at the completion of Phase II to connect to ▇▇▇▇▇ and ▇▇▇▇▇▇▇ Substations on MWP-1 and the ▇▇▇▇ Substation on MWP-2. Clinton and ▇▇▇▇▇▇▇▇▇ will design the upgrades and purchase the materials based on the outline specification that was prepared and issued by Transmission Owner. The work to be performed by Clinton and ▇▇▇▇▇▇▇▇▇ will include both the materials for the exterior and interior installations and items for Transmission Owner installation inside the control building in existing relay panels and communication racks. In addition, Clinton and ▇▇▇▇▇▇▇▇▇ will be responsible for the exterior and interior construction work and will provide construction management services in coordination with Transmission Owner. The civil design for the foundations and the electrical design for the cable runs to the control room will be designed by, as approved by Transmission Owner, and installed under the supervision and control of Clinton and ▇▇▇▇▇▇▇▇▇. The equipment will be selected and procured in accordance with the specifications developed during the detailed engineering phase, copies of which shall be furnished to the NYISO, Transmission Owner, Noble Altona Windpark, LLC and Marble River, LLC. The construction of the foundations, structures, wave traps, CCTV and cable runs into the control building to the termination cabinets will be completed by Clinton and ▇▇▇▇▇▇▇▇▇. The work at the Plattsburgh Substation will be installed under Transmission Owner’s CPP-1. Transmission Owner will provide Protection and Controls Engineering, install and terminate wiring from the termination cabinets to the control panels and relays, install relays and equipment in the existing panels, and will commission such work inside the 230kV control building. Transmission Owner will develop the communications protocols and data flow over the circuits.