Land Basis definition
Land Basis means the aggregate purchase price of $61,000,000 paid by the Developer and ▇▇▇▇▇▇▇ to Ford for the Property.
Land Basis means an amount equal to the product of (A) One Hundred Five Thousand Dollars per acre ($105,000.00/acre) multiplied by (B) the gross land area of the Land, measured in acres. Land Basis is an agreed value for the purpose of calculating Total Project Costs and Base Rent, only, and is not intended to reflect the fair market value of the land or on-site or off-site improvements upon which the Building Improvement are constructed or installed.
Examples of Land Basis in a sentence
The “Adjusted Land Basis” shall be equal to one hundred ten percent (110%) of the Off-Site Property Land Basis.
The Public Investment is based on certain assumptions regarding likely costs and expenses associated with acquiring the Property and constructing the Site Improvements, as well as Sale Proceeds to be derived by Developer from the sale of Qualified Lots plus the reduction of the Land Basis by the payment by ▇▇▇▇▇▇▇ for the ▇▇▇▇▇▇▇ Lots.
Southern Highlands shall be entitled to a "Preferred Return" on its unreturned initial capital contribution in an amount equal to twelve percent (12%) per annum from the date such initial capital contribution is made until the Unpaid Prorated Land Basis is paid in full.