Approved Subdivision definition

Approved Subdivision means a residential subdivision located in Texas in which Borrower is actively engaged in the construction of single-family residences and which is otherwise acceptable to Lender in all respects, as determined by Lender in its sole discretion.

Approved Subdivision means any Subdivision (and each of the Lots and Units contained therein) approved by Lender as of the Closing Date, and such other Subdivisions which may be approved by Lender from time to time after the Closing Date pursuant to Article 4.

Approved Subdivision means a Subdivision that has been approved as provided in SECTION 4.2.

Examples of Approved Subdivision in a sentence

• Notwithstanding whether Loan proceeds are used to acquire or construct a Spec Home, the number of Spec Homes that are not Model Homes (whether or not the construction thereof is financed by Lender) owned by Borrower in a particular section, division, phase or other portion of an Approved Subdivision (as determined by Lender) shall not exceed five (5).

• Pursuant to the provisions of Section 12.009 of the Texas Property Code, the Lender has duly recorded (or will record) the Master Deed of Trust in each county where an Approved Subdivision is located.

• In addition, notwithstanding whether Loan proceeds are used to acquire or construct a Model Home, the number of Model Homes (whether or not the construction thereof is financed by Lender) owned by Borrower in a particular section, division, phase or other portion of an Approved Subdivision (as determined by Lender) shall not exceed two (2).

• Lender shall have approved all aspects of each Subdivision for which Disbursements are sought, in advance of any such Disbursement for acquisition or construction of such Approved Subdivision, or based on its inclusion in the Borrowing Base.

• Each map or plat must contain a legal description of the Approved Subdivision covered by the map, must describe and show all boundaries of and lot lines within such Approved Subdivision, all streets and other dedications, and all easements affecting such Approved Subdivision.

More Definitions of Approved Subdivision

Approved Subdivision means a Subdivision that has been approved as provided in Section 11. Subject to the satisfaction of the conditions set forth in Section 11, the parties intend to include the Subdivisions listed on EXHIBIT "F" as the initial Approved Subdivisions under the Loan.

Approved Subdivision means each and every residential subdivision financed hereunder.

Approved Subdivision means a Subdivision that has been approved as provided in Section 11. Subject to the satisfaction of the conditions set forth

Approved Subdivision means a Subdivision that has been approved as provided in Section 5.2.

Approved Subdivision means each subdivision approved by Lender for disbursement of the Credit Facility proceeds for the acquisition of Lots and the construction of Houses located therein, meeting the criteria specified in Section 2.14 hereof, and located in in one of the approved metropolitan areas listed in Exhibit “A” attached hereto.

Approved Subdivision means a Subdivision that has been approved by Bank as provided in Section 4.2.

Approved Subdivision means the following, which are the subdivisions approved as of the Closing Date: Beacon Point in Arapahoe County, Colorado; The Overlook at Tallyn’s Reach in Arapahoe County, Colorado; Reserve at Wheatlands in Arapahoe County, Colorado; Red Rocks Point in Jefferson County, Colorado; Lake Village Center in Xxxxx County, Colorado; Xxxx Xxxxx in Jefferson County, Colorado; Ridgegate in Xxxxxxx County, Colorado; Bradburn in Xxxxx County, Colorado; Nor’wood in El Paso County, Colorado; Montecito at Ridgegate in Xxxxxxx County, Colorado; Shoenberg Farms in Jefferson County, Colorado; Xxxxxxxxx in Denver County, Colorado; and Waterside at Highland Park in Arapahoe County, Colorado. Until the Line of Credit Termination Date, new subdivisions may be approved by Lender following Borrower’s request, upon satisfaction of Lender’s requirements therefor. Subdivisions approved by Lender after the Closing Date shall be evidenced by execution of an Additional Approved Subdivision Sheet in the form attached hereto as Exhibit A. Notwithstanding the foregoing, before any Advance is made with respect to a Lot or Home in Xxxxxxxxx, Shoenberg Farms, Montecito at Ridgegate, or Waterside Park, Lender shall have received and approved a Phase I Environmental analysis for the relevant subdivision. In addition, before any Advance is made with respect to a Lot or Home in Montecito at Ridgegate, a subordination agreement reasonably acceptable, in form and substance, to Lender and Title Company shall have been executed by the seller of the Lots in Montecito at Ridgegate to fully subordinate such seller’s lien on such Lots, which subordination agreement shall be recorded in the real estate records of Xxxxxxx County, Colorado.