Common use of Inventory and Sales Reports Clause in Contracts

Inventory and Sales Reports. Borrower agrees to deliver inventory reports (the “Inventory Reports”) to Lender on the fifth (5th) day of each month during the term of the Loans. All Inventory Reports must be in form and content satisfactory to Lender, in Lender’s sole and absolute discretion, and must specify the following: (i) the number and location (subdivision and street address with city) of homes (“Other Homes”) that Borrower has under construction that are not the subject of a Loan categorizing them as vacant lots, spec homes, pre-sold homes, or model homes; (ii) the number and location (subdivision and street address with city) of Homes that Borrower has under construction that are the subject of the Loans approved hereunder categorizing them as Pre-Sold Homes, Spec Homes or Model Homes, (iii) the number and location (subdivision and street address with city) of Homes that have been fully completed (subject to minor customer selection items) and a description of which completed Homes are Pre-Sold Homes, Spec Homes or Model Homes, and (iv) sales reports showing whether such Home or Other Home is under contract or sold, including the contract closing date or the date of the sale if already sold.

Inventory and Sales Reports. Borrower agrees to deliver inventory reports (the “Inventory Reports”) to Lender on or before the fifth tenth (5th10th ) day of each month during the term of the LoansLoans covering all sales of homes, and (if applicable) cancelled sales, occurring in the immediately preceding month. All Inventory Reports must be in form and content satisfactory to Lender, in Lender’s sole and absolute discretion, and must specify the following: (i) the number and location (subdivision and street address with city) of homes (“Other Homes”) that Borrower has under construction that are not the subject of a Loan categorizing them as vacant lots, spec homesSpec Homes, prePre-sold homesSold Homes, or model homes; Model Homes, (ii) the number and location (subdivision and street address with city) of Homes that Borrower has under construction that are the subject of the Loans approved hereunder categorizing them as Pre-Sold Homes, Spec Homes or Model Homes, (iii) the number and location (subdivision and street address with city) of Homes that have been fully completed (subject to minor customer selection items) and a description of which completed Homes are Pre-Sold Homes, Spec Homes or Model Homes, and (iv) sales reports showing whether such Home or Other Home is under contract or sold, including the contract closing date or the date of the sale if already sold, and (v) sales prices of all Pre-Sold Homes.