Lots Under Development definition

Lots Under Development means all Land Held for Development with respect to which the Borrower or any Subsidiary Guarantor has obtained all necessary approvals for its subdivision for residential housing units (including condominium units), and which the Borrower or any Subsidiary Guarantor is actively developing into Finished Lots; provided, however, that the term “Lots Under Development” shall not include any land upon which the construction of a residential housing unit has commenced.

Lots Under Development. Entitled Land where physical site improvement has commenced but which is not a Finished Lot, Unit Under Construction or Unit Under Contract.

Lots Under Development means Lots with respect to which construction of streets or other subdivision improvements has commenced but which are not Finished Lots.

Examples of Lots Under Development in a sentence

• Land Owned (1) Land Under Contract or Option (1) (2) TEXAS: Finished Lots Lots Under Development Lots Held for Development Finished Lots Lots Under Development (1) Excludes lots with finished homes or homes under construction.

• Any determination by Administrative Agent in its reasonable discretion as to whether Entitled Land, Lots Under Development, Finished Lots or Units are included in the Borrowing Base will be final, conclusive, binding and effective immediately.

• Borrower may, from time to time, request Administrative Agent to approve Lots Under Development for inclusion in the Borrowing Base.

• With respect to Lots Under Development, the Maximum Allowed Advance shall be the lesser of (i) sixty percent (60%) of the Appraised Value, or (ii) sixty percent (60%) of the Total Cost.

• INTERNET USAGE CHAPTER 13.01The City of Hubbard provides access to the vast information resources of the Internet to help employees do their jobs faster and smarter and be well-informed.

More Definitions of Lots Under Development

Lots Under Development means (a) Entitled Land where physical site improvement has commenced and is continuing, and (b) Finished Lots.

Lots Under Development means, as of any date of determination, Land Parcels that are being developed into Developed Lots or that are scheduled for the commencement of development into Developed Lots within 6 calendar months after the date of determination.

Lots Under Development means, as of any date of determination, Land Parcels that are being developed into Developed Lots.

Lots Under Development means Entitled Land where physical site improvement has commenced but which is not a Finished Lot, Unit Under Construction, Completed Unit, Speculative Unit, Model Unit or Unit Under Contract.

Lots Under Development means, as of any date of determination, parcels of land which are, as of the date of determination, being developed into Developed Lots or which are scheduled for the commencement of development into Developed Lots within six calendar months after the date of determination, and which Borrower has designated as “Lots Under Development” in the most recently delivered Inventory Summary Report.

Lots Under Development means all Lots owned by Borrower or a Guarantor with respect to which construction of streets or other subdivision improvements has commenced but which are not Finished Lots or Lots under Contract. The value of Lots under Development shall be calculated in accordance with GAAP and shall include all associated costs required to be capitalized in accordance with GAAP.

Lots Under Development means Entitled Land owned by a member of the Consolidated Group upon which construction of Improvements has commenced but not been completed and for which: (a) to the extent required, a performance bond, surety or other security has been issued to and in favor of and unconditionally accepted by each local agency and all relevant Governmental Authorities, including any municipal utility district in which the real property is situated with regard to all work to be performed pursuant to each and all of said subdivision improvement agreements or other agreements; (b) all necessary plans have been approved by all relevant Governmental Authorities for the installation of any and all Improvements required to be installed upon such real property; (c) all necessary permits have been issued for the installation of said Improvements; and (d) utility services necessary for construction of Improvements and residential dwelling units and the operation thereon for the purpose intended will be available to such real property upon completion of the Improvements and there exists a binding obligation on the part of each and every utility company to deliver necessary utility services to such real property.