Examples of Developed Lot in a sentence
A house which the Borrower or any Restricted Subsidiary has constructed or is constructing on a Developed Lot which has been designated as a Dwelling Lot.
If the subject Developed Lot or Land Parcel was purchased individually, the Acquisition Cost for such Developed Lot or Land Parcel shall be the actual purchase price and closing costs approved by the Administrative Agent and paid by the Borrower or its Restricted Subsidiaries for the acquisition of such individual Developed Lot or Land Parcel excluding Administrative Costs, together with all applicable Development Costs.
All costs accepted by the Administrative Agent and actually incurred by the Borrower and its Restricted Subsidiaries with respect to the development of a Land Parcel into a Developed Lot or Developed Lots as of the date of determination by the Administrative Agent, excluding (a) projected costs and costs for materials or labor not yet delivered to, provided to or incorporated into such parcel of land and (b) Administrative Costs.
Borrower is currently not in compliance with the Developed Lot Limitation (“Developed Lot Limitation Violation”).
The attached and detached single-family residences, or duplex residences whether completed or under construction, held by the Borrower for sale in the ordinary course of its business, and in which the rights of ownership and occupancy are to be sold other than on a time-sharing or periodic basis and which Borrower has ownership of the Developed Lot and improvements thereon.