Common use of Undeveloped Land Clause in Contracts

Undeveloped Land. The Borrower will not, and will not permit any of its Subsidiaries, to own Undeveloped Land acquired by the Borrower or any of its Subsidiaries at any time after the Original Closing Date to the extent that the value of all such Undeveloped Land (which value shall be determined based upon the respective purchase price for each property so acquired) exceeds $7,500,000 in the aggregate; provided, however, for purposes of this (S)10.14, any Undeveloped -------- ------- Land acquired by the Borrower or any of its Subsidiaries at any time after the Original Closing Date with the proceeds received by the Borrower or such Subsidiary from a disposition of Undeveloped Land owned prior to the Original Closing Date shall not be included in the valuation for purposes of compliance with this (S)10.14.

Undeveloped Land. The Borrower will not, and will not permit ---------------- any of its Subsidiaries, to own Undeveloped Land acquired by the Borrower or any of its Subsidiaries at any time after the Original Closing Date to the extent that the value of all such Undeveloped Land (which value shall be determined based upon the respective purchase price for each property so acquired) exceeds $7,500,000 in the aggregate; provided, however, for -------- ------- purposes of this (S)10.14, any Undeveloped -------- ------- Land acquired by the Borrower or any of its Subsidiaries at any time after the Original Closing Date with the proceeds received by the Borrower or such Subsidiary from a disposition of Undeveloped Land owned prior to the Original Closing Date shall not be included in the valuation for purposes of compliance with this (S)10.14.

Undeveloped Land. The Borrower will not, and will not permit any of its ---------------- Subsidiaries, to own Undeveloped Land acquired by the Borrower or any of its Subsidiaries at any time after the Original Closing Date to the extent that the value of all such Undeveloped Land (which value shall be determined based upon the respective purchase price for each property so acquired) exceeds $7,500,000 3,000,000 in the aggregate; provided, however, for purposes of this (S)10.14S)12.15, any Undeveloped -------- ------- Land acquired by the Borrower or any of its Subsidiaries at any time after the Original Closing Date with the proceeds received by the Borrower or such Subsidiary from a disposition of Undeveloped Land owned prior to the Original Closing Date shall not be included in the valuation for purposes of compliance with this (S)10.14S)12.15.