Common use of Undeveloped Land Clause in Contracts

Undeveloped Land. The Company will not, and will not permit any of its Subsidiaries or any Permitted Partnership to, purchase undeveloped land, whether it is excess land adjacent to a Parcel or otherwise, that (a) is not Entitled Land, or (b) is encumbered by any Lien (other than a Lien for the benefit of (i) the Banks to secure the Obligations if such undeveloped land is tied to an Approved Parcel that is encumbered with a Mortgage, or (ii) the seller of such undeveloped land to secure a nonrecourse obligation in an amount not to exceed the purchase price of such undeveloped land), or (c) causes the aggregate value of undeveloped land owned by the Company, its Subsidiaries and the Permitted Partnerships, determined on a GAAP basis, to exceed fifteen percent (15%) of the amount of the consolidated assets of the Company and any Permitted Partnerships. 7.17

Undeveloped Land. The Company will not, and will not permit any of its Subsidiaries or any Permitted Partnership to, purchase undeveloped land, whether it is excess land adjacent to a Parcel or otherwise, that (a) is not Entitled Land, or (b) is encumbered by any Lien (other than a Lien for the benefit of (i) the Banks to secure the Obligations if such undeveloped land is tied to an Approved Parcel that is encumbered with a MortgageBanks, or (ii) the seller of such undeveloped land to secure a nonrecourse obligation in an amount not to exceed the purchase price of such undeveloped land), or (c) causes the aggregate value of undeveloped land owned by the Company, its Subsidiaries and the Permitted Partnerships, determined on a GAAP basis, Partnerships to exceed fifteen percent (15%) of the amount aggregate value of the consolidated assets net worth of the Company Company, its Subsidiaries and any the Permitted Partnerships, determined on a GAAP basis. 7.17

Undeveloped Land. The Company will not, and will not permit any of its Subsidiaries or any Permitted Partnership to, purchase undeveloped land, whether it is excess land adjacent to a Parcel or otherwise, that (a) is not Entitled Land, or (b) is encumbered by any Lien (other than a Lien for the benefit of (i) the Banks to secure the Obligations if such undeveloped land is tied to an Approved Parcel that is encumbered with a MortgageBanks, or (ii) the seller of such undeveloped land to secure a nonrecourse obligation in an amount not to exceed the purchase price of such undeveloped land), or (c) causes the aggregate value of undeveloped land owned by the Company, its Subsidiaries and the Permitted Partnerships, determined on a GAAP basis, to exceed fifteen percent (15%) of the amount of the consolidated assets of the Company and any Permitted Partnerships. 7.17

Undeveloped Land. The Company will not, and will not permit any of its Subsidiaries or any Permitted Partnership to, purchase undeveloped land, whether it is excess land adjacent to a Parcel or otherwise, that (a) is not Entitled Land, or (b) is encumbered by any Lien (other than a Lien for the benefit of (i) the Banks to secure the Obligations if such undeveloped land is tied to an Approved Parcel that is encumbered with a Mortgage, or (ii) the seller of such undeveloped land to secure a nonrecourse obligation in an amount not to exceed the purchase price of such undeveloped land), or (c) causes the aggregate value of undeveloped land owned by the Company, its Subsidiaries and the Permitted Partnerships, determined on a GAAP basis, Partnerships to exceed fifteen percent (15%) of the amount aggregate value of the consolidated assets net worth of the Company Company, its Subsidiaries and any the Permitted Partnerships, determined on a GAAP basis. 7.17