Sales of Models Sample Clauses

Sales of Models. All Models shall be used solely as a sales office and model display (including landscaping and walkways) and for parking, all in connection with the marketing and sale of Residential Units. Borrower shall maintain the interiors and exteriors of all Models in good condition, repair and order, except for ordinary wear and tear. Notwithstanding Section 3.6 or any other provision of this Master Agreement, Bank shall not be required to release any Models from the Deed of Trust unless all Allocations relating to the Subdivision to which the Models pertain have been paid in full and Borrower no longer has the right to borrow under the Revolving Line for such Allocations, or Borrower has provided at Borrower's expense, and Bank has accepted, substitute models which Bank in its sole judgment considers to be comparable and suitable for the purposes and uses described above. However, Borrower may sell Models in a sale-lease back transaction and in such event Bank will release the Models from the lien of the Deed of Trust provided that all terms and provision of the Loan Documents relating to the release of property are complied with by Borrower and provided further that: (i) Borrower shall be the lessee of such Models pursuant to a lease agreement in form and content satisfactory to Bank in its sole discretion and with a term expiring no sooner than 90 days after the Revolving Line Maturity Date (as such maturity date may be extended pursuant to Section 1.17(a) above); and (ii) Bank shall be assigned Borrower's leasehold interest in such lease, consented to by the lessor and Borrower, all in form acceptable to Bank in its sole discretion.

Sales of Models