Undeveloped Land definition

Undeveloped Land means (a) land owned in fee by the Borrower or any Subsidiary as of December 31, 2011 which at the time of determination has not been developed for commercial or residential purposes, (b) land acquired by the Borrower or any Subsidiary subsequent to December 31, 2011 pursuant to a Code section 1031 like-kind exchange (in exchange for land described in clause (a) or (b) of this definition) which at the time of determination has not been developed for commercial or residential purposes, or (c) capital stock or other equity interests of a Subsidiary which owns as its principal asset, directly or indirectly, Undeveloped Land described in clause (a) or (b) of this definition.

Undeveloped Land means raw land that has not been filled to grade or been permitted for development.

Undeveloped Land means (i) all undeveloped land existing on or acquired after the Issue Date and (ii) any operating property of the Company or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational.

Examples of Undeveloped Land in a sentence

• The Borrower and its Subsidiaries will not acquire any Undeveloped Land to the extent the aggregate fair market value (which value shall be determined based upon the respective purchase price for each Property so acquired) of such Undeveloped Land exceeds $5,000,000 at any time after the Closing Date unless such Undeveloped Land is, at the time of such acquisition, zoned for the use for which such land is intended to be used by the Borrower.

• A detailed Undeveloped Land Analysis Report is at Attachment 2 to this report.

• The Commercial Property, the Residential Property and the Undeveloped Land are not subject to any ground leases.

• Portions of the Undeveloped Land have been designated, via zoning, for use as a Catholic cemetery, which may significantly impair its ability to be sold.

• The Commercial Property, the Residential Property and the Undeveloped Land are owned in fee by Seller and the Real Estate Assets are the only real property interests that are owned by Seller or in which Seller has a leasehold or other interest, except for the Tax Credit LP Interests, certain real property leases under which Seller is the tenant (as more particularly described in Schedule V) and the Union Bank Building.

More Definitions of Undeveloped Land

Undeveloped Land means rear acreage and unimproved nonwaterfront acreage that is not:

Undeveloped Land means, (i) all Real Property set forth on Schedule 1.01D to the 2008 Credit Agreement, (ii) all undeveloped land acquired after the Closing Date and (iii) any operating property of the Borrower or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational.

Undeveloped Land means land that is free of structure.

Undeveloped Land means, as of any date, any undeveloped land owned from time to time by the Borrower or any other member of the Consolidated Group.

Undeveloped Land means, (i) all Real Property set forth on Schedule 1.01(D), (ii) all undeveloped land acquired after the Closing Date and (iii) any operating property of the Borrower or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational.

Undeveloped Land means any bare or vegetated soil, excluding

Undeveloped Land means a Real Estate Asset that constitutes land on which no development (other than improvements that are not material and are temporary in nature) has occurred.