Model Units. Prior to construction of the Project, Licensee shall construct a model unit (“Model Unit”) for review and approval by Licensor, such review and approval to include:
(i) compliance with the Design Standards; (ii) the level of fit, finish and quality appearing in the units and the general arrangement of the unit; and (iii) FF&E installed in the Model Unit. Upon receipt by Licensor of written notice from Licensee of completion of the Model Unit, Licensor shall have thirty (30) days in which to review and approve the Model Unit. If Licensor disapproves any portion of any Model Unit, Licensor shall provide detailed written objections and describe the required changes to such Model Unit that would be required to satisfy the Design Standards and obtain the approval of Licensor. Upon receipt by Licensee of written notice from Licensor that the Model Unit has been approved, Licensee shall construct, furnish and equip (or cause to be constructed, furnished and equipped) the Project in accordance with the level of fit, finish and quality appearing in, the general arrangement of, and the FF&E installed in, the approved Model Unit.
Model Units. With respect each Model Unit, the sum of (i) seventy-five percent (75%) of the Finished Lot Acquisition Cost for the subject Lot, plus (ii)(A) seventy-five percent (75%) of the Appraised Value of the Model Unit (less (i) noted above), multiplied by (B) the Completion Percentage for the Model Unit;
Model Units. Each Model Unit may be included in Eligible Assets for not more than thirty-six (36) months from the applicable Unit Eligibility Date.
Model Units. Permit the number of Model Units existing as of the end of any fiscal quarter to exceed 10% of the number of Unit Closings within the four fiscal quarters ending on the last day of such fiscal quarter.
Model Units. Each Model Unit may be included in Eligible Collateral for a period of not more than twenty-four (24) Calendar Months from the original Unit Eligibility Date for such Unit as determined by Lender in connection with any approval of the applicable Subdivision as an Approved Subdivision (which may be extended at Lender’s sole discretion for an additional twelve (12) Calendar Months upon Borrower’s written request to Lender made no earlier than ninety (90) days and no later than thirty (30) days following the expiration of such eligibility period). After the expiration of such approved period, the Model Units will not be considered Eligible Collateral but shall continue to be included as Collateral unless and until reclassified as Presold Units and sold and released pursuant to Section 2.7.
Model Units. The Developer agrees to pay all applicable permit fees and development charges for the buildings or structures constructed as model units, and shall otherwise comply with Section 41 herein, prior to a Letter of Occupancy being issued for said units.
Model Units. The total amount to be funded for the costs of construction of a Unit, as approved and allocated by Bank pursuant to Subparagraphs 2.5(a) through (e), inclusive, less the allocable loan amount per lot, above shall be called the "Committed Unit Amount." Upon Bank's approval of the commencement of construction of a Unit and the Bank's approval of the Committed Unit Amount for said Unit, the Committed Unit Amount shall be reserved under the Construction Line, and shall not be available for disbursement for construction of any other Units until such time as the Unit Release Prices repaid create amounts available under the Construction Line. After making the initial disbursement under the Committed Unit Amount, the remaining unfunded Committed Unit Amount shall be disbursed on a percentage basis in accordance with the terms of this Agreement. Bank shall not in any case be obligated to approve or fund the construction of a new Unit unless there are sufficient "available" Construction Line proceeds as noted below to complete construction of that Unit. For purposes of this Agreement, the term "available" Construction Line proceeds shall mean the amount derived by subtracting the total Committed Unit Amounts from the Maximum Committed Funding Amount of THREE MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($3,400,000.00) as described below in subparagraph (m).
Model Units. The Loan Parties shall not at any time permit the number of Model Units owned or leased including without limitation Model Units leased from First Cincinnati Leasing, LLC (i) in any Active Community to exceed two (2) in each distinctive price point, as determined by the Borrowers and acceptable to the Agent, but in no event more than four (4) in the aggregate, or (ii) in all Active Communities of a Loan Party to exceed one hundred percent (100%) of the number of such Active Communities.
Model Units. (a) The Borrower shall (i) construct and if necessary, modify, Homes in such a manner as to accommodate their use as Model Units within each Project, and (ii) maintain a sales office at or near each Project, as the Borrower determines, to provide for adequate sales and marketing of each such Project. The Borrower shall insure that sufficient adjacent parking for customers exists within the vicinity of the sales office. The Model Units within each Project shall be used solely as a model display (including landscaping and walkways), as a sales office and for parking, all in connection with the marketing and sale of Homes within such Project. Borrower shall maintain the interiors and exteriors of the Model Units within such Project in good condition, repair and order, except for ordinary wear and tear. Regardless of any other provision of this Loan Agreement, Lender shall not be required to release the Model Units within any Project or any of them from the lien of the Deed of Trust unless Borrower has provided, and Lender has accepted, a substituted Model Unit within such Project which Lender in its reasonable judgment considers to be comparable to the Model Unit to be released and suitable for the purposes and uses described above. Notwithstanding the foregoing, with the prior written consent of Lender, which consent shall not be unreasonably withheld by Lender, the Borrower may convert Model Units within a Project to Units held for sale at such time as the Borrower determines that it is appropriate to do so given the sales activity for such Project. Borrower shall maintain insurance coverage regarding the Model Units as Lender shall reasonably require.
(b) Borrower may sell a Model Unit to a Person approved by Lender in its reasonable discretion, subject to the requirements that (i) the Borrower leases the Model Unit back from such Person pursuant to a lease agreement, the form and terms of which are approved by the Lender in its reasonable discretion and (ii) upon the request of the Lender, Borrower executes such documents as Lender requires to assign to Lender the Borrower's interest in such lease.
Model Units. With respect to Model Units, eighty percent (80%) of the Unit Costs incurred by a Property Owner with respect thereto; provided, that Model Units shall be excluded from computation in the Borrowing Base on the date which is three (3) years from the issuance of a certificate of occupancy for the Model Unit; furthermore, the maximum number of Model Units in the Borrowing Base shall be limited to two (2) Model Units for each subdivision in which Borrower is actively developing and selling Units, unless otherwise approved by Lead Agent; plus
