Developed Lots

Developed Lots. Means all lots of the Company and its Restricted Subsidiaries located in the State of Ohio or any contiguous state on which all development activity has been completed, including without limitation, all site development for streets and sewers, and for which application has been made for final acceptance by the applicable controlling municipality, but excluding any Fall Foundation Lots, valued at the lesser of cost or market, provided... however, that no Developed Lot which the Company or a Restricted Subsidiary owns for more than 24 months from the time the same became a Developed Lot shall be an Eligible Developed Lot. View More