Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

Unimproved Real Property means property which has the following three characteristics: (1) the property was not acquired for the purpose of producing rental or other operating income, (2) there is no development or construction in process on such land, and (3) no development or construction on such land is planned in good faith to commence on such land within one year.

Unimproved Real Property means real property directly or indirectly owned by the Corporation which has the following three characteristics: (i) an equity interest in real property which was not acquired for the purpose of producing rental or other operating income; (ii) has no development or construction in process on such land; and (iii) no development or construction on such land is planned in good faith to commence on such land within one year. As of the date hereof, the Corporation does not expect to own Unimproved Real Property.

Examples of Unimproved Real Property in a sentence

The Corporation may not make investments in Unimproved Real Property or mortgage loans on Unimproved Real Property in excess of 10% of the Corporation’s total assets.
The term "Unimproved Real Property" shall mean Property in which the Corporation has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one year.
The Company may not make investments in Unimproved Real Property or mortgage loans on Unimproved Real Property in excess of 10% of the Company’s total assets.
The Corporation may not make direct or indirect investments in Unimproved Real Property or mortgage loans on Unimproved Real Property in excess of 10% of the Corporation’s total assets.
If Seller has outstanding bonds, letters of credit, or other security issued in favor of a municipality or agency related to the development of any Unimproved Real Property (the “Seller Bonds”) Purchaser shall cause to be issued to such municipality or agency, effective at Closing, any replacement bonds or letters of credit that are necessary to obtain the release of the Seller Bonds.

More Definitions of Unimproved Real Property

Unimproved Real Property means the real property of the Corporation which has the following 3 characteristics:

Unimproved Real Property means Property (i) in which the Corporation has an equity interest that was not acquired for the purpose of producing rental or other operating income, (ii) that has no development or construction in process and (iii) for which no development or construction is planned, in good faith, to commence within one year. “2%/25% Guidelines” shall have the meaning as provided in Section 8.8 herein.

Unimproved Real Property means real property which is not improved by one or more buildings leased, or held out for lease, to third parties.

Unimproved Real Property means property of the Company which has the following characteristics:

Unimproved Real Property shall have the meaning set forth in Section 2.1(a)(1)(B).

Unimproved Real Property means the property of a REIT which has the following three (3) characteristics: (a) an equity interest in property which was not acquired for the purpose of producing rental or other operating income, (b) no development or construction is in progress on such land, and (c) no development or construction on such land is planned in good faith to commence within one (1) year of the property's acquisition by the Corporation or within one (1) year of the Corporation's receipt of all necessary permits, licenses and approvals to proceed with development or construction, provided that the Corporation in good faith, following the acquisition of the land, proceeds to apply for and pursue the issuance of all permits, licenses and approvals as may be necessary, prudent or advisable for the development and or construction planned for the land.

Unimproved Real Property means the property of the Corporation which has the following three characteristics: (1) an equity interest in property which was not acquired for the purpose of producing rental or other operating income, (2) has no development or construction in process on such land, and (3) no development or construction on such land is planned in good faith to commence on such land within one year.