Additional Loan Limitations Sample Clauses

Additional Loan Limitations. (a) At no time shall more than seven Spec Units be under construction. At no time shall more than two Model Units be under construction. (b) Borrower shall not commence construction of a Unit if the then unpaid hard and soft costs that will be incurred to complete the construction and sale of such Unit, as determined by Lender in its sole and absolute discretion, exceeds the undisbursed portion of the Loan allocated to such construction and sale.