Common use of Additional Borrowing Base Properties Clause in Contracts

Additional Borrowing Base Properties. Subject to the terms and conditions of this Agreement, Borrower shall have the right to add additional Borrowing Base Properties to the Collateral from time to time on any Business Day during the period from the Effective Date through the date that is ninety (90) days prior to the Maturity Date, by delivering to Lender a written notice (each an “Eligible Property Notice”). Each Eligible Property Notice shall include, with respect to the real property covered by such Eligible Property Notice, the Project Information with respect to such real property. A parcel of real property shall be considered a Borrowing Base Property for purposes of this Agreement upon the approval of such parcel of real property by Lender in its sole discretion so long as such real property satisfies all of the following conditions precedent: (i) such Project is owned in fee simple by Borrower; (ii) Lender has received all Project Information with respect to such Project as may be required by Lender, and an Appraised Value shall have been established with respect to such Project; (iii) such Project is comprised of Entitled Land, Lots Under Development, Finished Lots and/or Homes; (iv) Borrower and Lender shall have executed an Eligible Property Agreement with respect to such Project, which agreement shall be executed upon the satisfaction of all other requirements under this Section 4.1(a); (v) Lender shall have received and approved the Project Budget applicable to such Project in Lender’s sole discretion (vi) such Project is not subject to any Lien other than Permitted Liens;

Additional Borrowing Base Properties. Subject to the terms and conditions of this Agreement, Borrower shall have the right to add additional Borrowing Base Properties to the Collateral from time to time on any Business Day during the period from the Effective Date through the date that is ninety (90) days prior to the Maturity Date, by delivering to Lender a written notice (each an “Eligible Property Notice”). Each Eligible Property Notice shall include, with respect to the real property covered by such Eligible Property Notice, the Project Information with respect to such real property. A parcel of real property shall be considered a Borrowing Base Property for purposes of this Agreement upon the approval of such parcel of real property by Lender in its sole discretion so long as such real property satisfies all of the following conditions precedent: (i) such Project is owned in fee simple by Borrower; (ii) Lender has received all Project Information with respect to such Project as may be required by Lender, and an Appraised Value shall have been established with respect to such Project; (iii) such Project meets the Allowed Project Standards in each respect as determined by Lender in its sole discretion; (iv) such Project is comprised of Entitled Land, Lots Under Development, Finished Lots and/or Homes; (ivv) Borrower and Lender shall have executed an Eligible Property Agreement with respect to such Project, which agreement shall be executed upon the satisfaction of all other requirements under this Section 4.1(a); (vvi) Lender shall have received and approved the Project Budget applicable to such Project in Lender’s sole discretion (vivii) such Project is not subject to any Lien other than Permitted Liens;