Qualified Land definition

Qualified Land means qualified open-space land, as that term is defined by Section 23.51, Tax Code.

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Qualified Land means each parcel of Land which has a Land Acquisition Cost that equals or exceeds 25% of (a) in the case of Land comprising part of an Improved Property, the Property Cost thereof, and (b) in the case of any other Land, the sum of (x) such Land Acquisition Cost plus (y) the Estimated Improvement Costs of the Property consisting of such land and the Improvements thereon.

Qualified Land means qualified open-space land,

Examples of Qualified Land in a sentence

• In accordance with Section 20.2(f) of the Master Lease upon the exercise of the Remarketing Option, the payment of the Loan Balance to the Administrative Agent shall be distributed to the Lenders for application to pay in full the Participant Balance of each Lender, and the payment of the aggregate amount of Lessor Amounts that are allocable to Qualified Land shall be distributed to the Lessors.

• The General Contractor Fee shall be invoiced concurrent with reimbursement invoices for Qualified Land Development Costs but charged separately to maintain cost documentation transparency.

• All costs associated with improvement of land and installation of infrastructure required to deliver graded pads to the City shall be consolidated as Qualified Land Development Costs, as invoiced by Vendors directly to the HomeFed.

• If the City and HomeFed have agreed as part of the Final Project Phase Development Plan that HomeFed will provide financing for all or a part of the Qualified Land Development Costs for the Project Phase in accordance with Section 7 of the Term Sheet, then HomeFed will advance the funds required for payment of the invoices on the City’s behalf, then interest shall accrue on such advanced amounts and be subject to repayment on the agreed-upon financing terms.

• As provided in Section 5 of the Term Sheet, the Developer Fee shall be charged separately as percentage of both hard and soft costs component of the Qualified Land Development Costs during the same period.

• The Developer Management Fee shall be invoiced concurrent with reimbursement invoices for Qualified Land Development Costs but charged separately to maintain cost documentation transparency.

• The parties acknowledge that the City will pay costs of financing the Qualified Land Development Costs but that such financing costs are not a hard or soft cost included in the calculation of the General Contractor Fee or Developer Management Fee.

• Each Party shall also have the right, after providing written notice to the other Party, to terminate the Master Developer Agreement at any time without cause, subject to conditions to be specified in the Master Developer Agreement (i.e. City payment of Qualified Land Development Costs, General Contractor Fee, and Developer Management Fee already incurred as of the termination date and termination by HomeFed of existing third party contracts in accordance with the terms thereof, etc.).

• In addition, HomeFed legal fees and expenses (including in-house attorneys and outside legal counsel) are not payable or reimbursable as Qualified Land Development Costs or included in the calculation of the General Contractor Fee or Developer Management Fee.

• The parties acknowledge that the City is responsible for payment of costs of financing the Qualified Land Development Costs, whether through HomeFed-provided financing or third party financing obtained by the City.

More Definitions of Qualified Land

Qualified Land means land owned or controlled for the right to produce groundwater under an Operating Permit issued by the District.

Qualified Land means, as of any date of determination, without duplication, Real Property that: