Lots Under Development Clause Samples

The "Lots Under Development" clause defines how properties or parcels that are currently being developed are treated within the context of an agreement. Typically, this clause outlines the status, rights, and obligations related to lots that are not yet completed, such as specifying timelines for development, conditions for transfer, or responsibilities for infrastructure. For example, it may clarify whether unfinished lots are included in a sale or how their completion will be handled. The core function of this clause is to ensure clarity and manage expectations regarding the treatment of properties that are still under construction, thereby reducing disputes and aligning both parties on development-related issues.
Lots Under Development. Sixty-five percent (65%) of the GAAP Value of all Lots Under Development; plus
View SourceView Similar (7)
Lots Under Development. Land Parcels which are, as of the date of determination, being developed into Developed Lots or which are scheduled for the commencement of development into Developed Lots within twelve (12) calendar months after the date of determination, and which the Borrower has designated and the Administrative Agent has accepted to be included and are included as "Lots Under Development" in the calculation of the Loan Funding Availability. An individual Lot Under Development is sometimes referred to as a "Lot Under Development."
View SourceView Similar (7)
Lots Under Development. Costs in connection with Lots Under Development shall include land costs, site development and soft costs (engineering, interest, etc.) paid by Borrower and its Restricted Subsidiaries, associated with the development of such lots. Administrative Costs shall be excluded from Acquisition Costs of both Developed Lots or Lots Under Development.
View SourceView Similar (2)
Lots Under Development. With respect to each Lot Under Development: (i) the Maximum Allowed Advance for such Lot MINUS the Land Allocation for such Lot, with the end result multiplied by the Completion Percentage; PLUS (ii) the Land Allocation for such Lot.
View Source
Lots Under Development. With respect to Lots Under Development, the Maximum Allowed Advance shall be the lesser of (i) sixty percent (60%) of the Appraised Value, or (ii) sixty percent (60%) of the Total Cost.
View Source
Lots Under Development. Each Lot Under Development shall be included in Eligible Property for the period commencing on the A&D Lot Eligibility Date and ending on the applicable A&D Lot Maturity Date for each said Lot. After the expiration of the applicable A&D Lot Maturity Date, such Lot shall continue to be included as Collateral for the Master Line, unless released as provided for herein, but shall be excluded from Eligible Property.
View Source
Lots Under Development. Land Parcels located in the State of Florida which are, as of the date of determination, being developed into Developed Lots or which are scheduled for the commencement of development into Developed Lots within twelve (12) calendar months after the date of determination, and which the Borrower has designated and the Lender has accepted to be included and are included as "Lots Under Development" in the calculation of the Funding Availability. An individual Lot Under Development is sometimes referred to as a "Lot Under Development."
View Source
Lots Under Development. The lesser of seventy-five percent (75%) of the aggregate of the cost or seventy-five percent (75%) of the Appraised Value of the acquisition of the Lots Under Development and seventy-five percent (75%) of the actual costs of development costs.
View Source
Lots Under Development. Ten percent (10%) reduction of the Loan Allocation shall be paid thirty (30) months after the Initial Disbursement.
View Source

Related to Lots Under Development

  • Career Development The City and the Union agree that employee career growth can be beneficial to both the City and the affected employee. As such, consistent with training needs identified by the City and the financial resources appropriated therefore by the City, the City shall provide educational and training opportunities for employee career growth. Each employee shall be responsible for utilizing those training and educational opportunities made available by the City or other institutions for the self- development effort needed to achieve personal career goals.

  • Supplier Development lf the Buyer identifies problems in supplier performance based on supplier monitoring, he shall initiate improvement measures at the Supplier. The Buyer shall pursue the possibilities of continuous improvement of the Supplier. The supplier audit is a form of supplier development; the exchange of information and experience between the Buyer and the Supplier also serves this purpose.

  • How Are Contributions to a ▇▇▇▇ ▇▇▇ Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

  • Unencumbered Properties Each Property included in any calculation of Unencumbered Asset Value or Unencumbered NOI satisfied, at the time of such calculation, all of the requirements contained in the definition of “Unencumbered Property Criteria.”

  • Condominiums/Planned Unit Developments If the Mortgaged Property is a condominium unit or a planned unit development (other than a de minimis planned unit development) such condominium or planned unit development project such Mortgage Loan was originated in accordance with, and the Mortgaged Property meets the guidelines set forth in the Originator's Underwriting Guidelines;