Unentitled Land definition

Unentitled Land means land owned by the Issuer or a Guarantor which has not been granted preliminary approvals ((i) in New Jersey, as defined in the Municipal Land Use Law (N.J.S.A. 40:55D-1 et seq.) and (ii) for states other than New Jersey, a point in time equivalent thereto) for residential development.

Unentitled Land means all land owned by the Borrower or its Subsidiaries as part of their respective real estate development business, that does not have residential zoning, or that does have residential zoning but does not have the provision of potable water, sewage, or other utilities available to the boundary of such land.

Unentitled Land means all land which is not Entitled Land. ---------------

Examples of Unentitled Land in a sentence

• Holdings and Borrower shall not permit the net book value of the Unentitled Land, Entitled Land, Land Under Development and Finished Lots in aggregate to exceed 150% of Tangible Net Worth of Holdings on a consolidated basis.

• Those times during the “Term” of the Facility when real property constituting a land development project, whether Land Under Development, Entitled Commercial Land, Entitled Residential Land or Unentitled Land, as the case may be, becomes included in the Borrowing Base and eligible to be funded under the Facility.

• Prior to adding any Project to the Borrowing Base, (except for Unentitled Land) Borrower must submit evidence satisfactory to Agent that such Project has received zoning approvals and conceptual master site plan approval consistent with the intended residential development, including full compliance with the applicable comprehensive land use plan.

• Permit the sum of (a) the Net Book Value of Unentitled Land plus (b) the Net Book Value of Unimproved Entitled Land to exceed 20% of Consolidated Tangible Net Worth.

• Furthermore, after each such Appraisal has been approved for FIRREA compliance by the Majority Lenders, and such Appraisal is satisfactory to the Agent, the aggregate appraised value on an "as is basis" of the Mortgaged Property described in such Appraisals must be greater than the aggregate Net Book Value of the Finished Lots, Land Under Development, Entitled Land, and Unentitled Land included in the Borrowing Base at the Closing Date.

More Definitions of Unentitled Land

Unentitled Land means all land owned by Borrower and its Eligible Subsidiaries which is not Entitled Land.

Unentitled Land means all land which is not Entitled Land.

Unentitled Land means any land in which no improvements have been made and which requires appropriate approval, permitting and zoning under applicable Laws and regulations before the land may be developed.

Unentitled Land means any Real Property owned by the Operating Company Entity that is not Entitled Land or does not otherwise meet the criteria necessary for inclusion in the Borrowing Base.

Unentitled Land means Real Property (i) with respect to which all conditions set forth in Section 4.04 for inclusion in the Borrowing Base have not been satisfied, (ii) which are not designated for development into residences for sale to the public but are reserved as open space or as streets and common areas to be dedicated to homeowners’ associations and other Governmental Authorities, or (iii) that are Amenities (including golf courses).

Unentitled Land means Real Property (other than Real Property used and reasonably necessary for the general corporate and administrative purposes of Borrower and its Subsidiaries) that does not meet all of the following conditions: (a) its intended use is permissible under the applicable general plan, to the extent required, (b) its intended use is permissible under the applicable specific plan, development agreement or by applicable zoning, to the extent required, (c) the environmental impact report for the intended use, if required, has been certified by the applicable Governmental Agency, (d) the time to file any challenge to the environmental impact report under the California Environmental Quality Act has passed without such a lawsuit being filed or such a lawsuit has been finally resolved successfully, and (e) in states other than California, a status comparable to each of the foregoing, to the extent required, has been met under applicable local Laws.

Unentitled Land means any Land which is not zoned to permit single family residences as a use by right (or a comparable classification under local Law).