Unit Lot Cost definition
Unit Lot Cost means, with respect to each Unit included in Eligible Collateral, the cost of the Lot as determined by Lender in connection with the approval of each Approved Subdivision, based upon one or more of the following: (i) the Total Lot Cost of the Lots in such Approved Subdivision divided by the number of such Lots; or (ii) the book value of such Lots as determined in accordance with GAAP or based on the applicable Appraised Value if Lender determines such valuation is reasonable and the Lot is not subject to any other Liens and Encumbrances securing Indebtedness of Borrower (whether junior or senior in priority to the applicable Deed of Trust).
Unit Lot Cost means, with respect to each Unit included in Eligible Collateral, the Acquisition Cost and lot development cost as set forth in the applicable Unit Budget as approved by Administrative Agent in connection with approval of the applicable Subdivision.
Unit Lot Cost means, with respect to each Lot included in Eligible Collateral, the cost of such Lot as determined in accordance with GAAP; provided, however, that if the Agent, in its sole and absolute discretion, at any time disapproves Borrower's "capitalization policy" as it affects the determination of such Unit Lot Cost, then the Unit Lot Cost shall be the actual acquisition cost to Borrower for such Lot, but excluding capitalized interest, property maintenance expenses, Impositions, and similar items even though such items may be capitalized by Borrower. In determining Unit Lot Cost, Borrower may not include amounts paid by Borrower for such Lot that represent acceleration of the prorated aggregate purchase price payable for all Lots in the applicable Approved Subdivision under an Option/Purchase Agreement.