Presold Units. Subject to Sections 3.3(d), 3.4 and 3.5, each Presold Unit may be included in Eligible Assets for not more than twelve (12) months from the Unit Eligibility Date for such Unit; provided, however, that so long as no Event of Default has occurred and is continuing, each Presold Unit may be included in Eligible Assets for two (2) additional consecutive periods of three (3) months each (i.e., for a total Unit Term of eighteen (18) months from the original Unit Eligibility Date). A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract. Notwithstanding any contrary provision of this Agreement or the Loan Documents, a Unit will not be considered to be a Presold Unit unless and until a final public report (if a public report is required by applicable Requirements) has been obtained by Borrower (or the applicable Project Owner) and delivered to the purchaser of such Unit and all cancellation periods in favor of such purchaser with respect to such public report have expired.
Presold Units. Each Presold Unit may be included in Eligible Collateral for not more than twelve (12) Calendar Months from the Unit Eligibility Date for such Unit. A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract; subject, however, to the provisions of Section 3.5(e). A Unit will not be considered to be a Presold Unit unless and until a final public report (if a public report is required by applicable Requirements) has been obtained by Borrower and delivered to the purchaser of such Unit and all cancellation periods in favor of such purchaser with respect to such public report have expired.
Presold Units. Each Presold Unit may be included in Eligible Assets for not more than twelve (12) months from the original Unit Eligibility Date for such Unit; provided, however, that so long as no Event of Default has occurred and is continuing, each Presold Unit may be included in Eligible Assets for two (2) additional consecutive periods of three (3) months each (i.e., for a total Unit Term of eighteen (18) months from the original Unit Eligibility Date). A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract; provided, however, a Presold Unit no longer subject to a Purchase Contract (and for which construction has not yet commenced) may be (at Borrower’s one (1)-time election as to each such Presold Unit), deemed to be either a Spec Unit or a Finished Lot for the remainder of such Finished Lot’s eligibility (from the date such Finished Lot was first included in the Eligible Assets calculation as a Finished Lot). If construction has commenced, such Unit will be deemed a Spec Unit (from the date construction commenced on such Spec Unit).
Presold Units. A Presold Unit may constitute Eligible Collateral for not more than nine (9) Calendar Months after the date on which the Unit and its related Lot first became Eligible Collateral; provided, however, that such nine (9) month period may be extended for one additional three (3) month period (but not beyond the date that is three (3) months after the Termination Date) upon the satisfaction of the following conditions:
Presold Units. That as a condition precedent to the loan closing, the Borrower shall provide evidence of a level of presales that totals a gross sales amount of $11,700,000.00 for commencement of construction of Phase I of the Project. For purposes of this paragraph, a “pre-sale” is defined as (1) a valid, binding contract for sale and purchase, and (2) a minimum 10% non-refundable deposit, collaterally assigned to Lender (subject to the provisions of Chapter 713, Florida Statutes) and deposited with Lender. Presales for Phases II and III are required to total fifty percent (50%) of the sellout of each phase prior to funding and commencement of construction for each of those phases of the project.
Presold Units. To furnish to Lender sales contracts in a form satisfactory to Lender, pursuant to the requirements of paragraph 17 of Article II of this Loan Agreement, prior to the date of closing this loan.
Presold Units. Each Presold Unit may be included in Eligible Collateral for not more than 12 Calendar Months from the Unit Eligibility Date for such Unit, subject, however, to the provisions of Section 4.2(e) and Section 4.2(f). A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract; subject, however, to the provisions of Section 4.2(d). A Unit will not be considered to be a Presold Unit unless and until a final public report (if a public report is required by applicable Requirements) has been obtained by Borrower and delivered to the purchaser of such Unit and all cancellation periods in favor of such purchaser with respect to such public report have expired; provided, however, that with respect to Units in Arizona, any such Unit may be included in Eligible Collateral as a Presold Unit if it is subject to a Purchase Contract executed prior to issuance of a final public report, if such sale is authorized pursuant to a Special Order of Exemption issued by the Arizona Commissioner of Real Estate pursuant to ARS Section 32-2181.01, permitting conditional sales of Units in that Subdivision prior to issuance of a final public report, but any such Unit is only entitled to be included in Eligible Collateral as a Presold Unit so long as such Special Order of Exemption is in effect, unless prior to expiration of the Special Order of Exemption, a final public report is issued. Once a final public report is issued, any such Unit may remain in Eligible Collateral as a Presold Unit only if the purchaser does not cancel the Purchase Agreement within any applicable cancellation period.
