Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of a Housing Unit, between the Borrower (or a Subsidiary of the Borrower), as seller, and a thirty party unrelated to the Borrower, as buyer, with respect to which (i) the form and substance of such contract shall be normal and customary for that market, (ii) to the extent permitted by local law, a non-refundable market based xxxxxxx money deposit consistent with similar product type has been received by the Borrower, and (iii) the Borrower has received sufficient information that would indicate that such buyer has (A) submitted a mortgage loan application to a qualified single family mortgage lender for the financing of the acquisition of such Housing Unit, and (B) such single family mortgage lender has or can provide evidence that buyer is qualified for the financing designated in the contract. Notwithstanding the foregoing, if after the date of such contract any of the aforementioned conditions cease to exist, then such contract shall thereafter no longer be deemed an Approved Sales Contract. The Administrative Agent reserves the right to periodically audit the Borrower’s records to ensure that any Housing Unit designated as a Presold Housing Unit satisfies all of the conditions referenced above.
Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of a Housing Unit, between the Borrower (or a Subsidiary of the Borrower), as seller, and a thirty party unrelated to the Borrower, as buyer, with respect to which (i) the form and substance of such contract shall be normal and customary for that market, (ii) to the extent permitted by local law, a non-refundable market based earnest money deposit consistent with similar product type has been received by the Borrower, and (iii) the Borrower has received sufficient information that would indicate that such buyer has (A) submitted a mortgage loan application to a qualified single family mortgage lender for the financing of the acquisition of such Housing Unit, and (B) such single family mortgage lender has or can provide evidence that buyer is qualified for the financing designated in the contract. Notwithstanding the foregoing, if after the date of such contract any of the aforementioned conditions cease to exist, then such contract shall thereafter no longer be deemed an Approved Sales Contract. The Administrative Agent reserves the right to periodically audit the Borrower’s records to ensure that any Housing Unit designated as a Presold Housing Unit satisfies all of the conditions referenced above.
Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of a Project, between Borrower, as seller, and a third party unrelated to Borrower, as buyer, with respect to which an xxxxxxx money deposit has been delivered to Borrower, the Title Company or a reputable title company reasonably acceptable to Lender in the amount of the lesser of (a) three percent (3%) of the sales price of the Home, and (b) Five Hundred and No/100 Dollars ($500.00), and with respect to which a Homeowner Financing Approval Letter has been issued.
Examples of Approved Sales Contract in a sentence
Further, Lender shall have no obligation under any Approved Sales Contract or other agreement for the sale of any Home or Lot.
Notwithstanding anything to the contrary contained in this Agreement or the Loan Documents, there shall not be any partial releases of Lots from the Deed of Trust upon payment of the Partial A&D Release Price for said Lot (a) if the Lot is to be improved by the construction of a Home financed pursuant to Advances made under the RLC Loan, and (b) until the completed Home and the associated Lot are sold to a Non-Related Party pursuant to an Approved Sales Contract.
Borrower shall deliver to Lender each Approved Sales Contract entered into by Borrower for sale of a Home promptly upon execution, but in any event, within thirty (30) days following execution.
Borrower agrees that if any Approved Sales Contract with respect to a Project is terminated for any reason or otherwise ceases to be a valid and binding obligation of the parties thereto for any reason or if any party thereto is in default thereunder, or if a Homeowner Financing Approval Letter for a Project is withdrawn or terminated for any reason.
If an Approved Sales Contract is entered into by Borrower for the sale of one or more Homes, Borrower (a) shall comply in all respects with its obligations under such Approved Sales Contract, (b) shall not create a default under such Approved Sales Contract, and (c) shall not terminate any such Approved Sales Contract except for default by the proposed purchaser without first obtaining Lender’s prior written consent.
More Definitions of Approved Sales Contract
Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of the Property described therein, between Borrower, as seller, and a third party unrelated to Borrower, as buyer, with, respect to which (i) an xxxxxxx money deposit in an amount acceptable to Lender has been delivered to either an independent escrow agent or to Borrower; and (ii) Borrower has undertaken a preliminary screening of the creditworthiness of such buyer and has concluded that such buyer should qualify for a mortgage loan commitment for the financing of the property described therein. Upon Lender’s request, Borrower shall provide a copy of each sale contract pertaining to the sale of any Property or Home and of any loan approval with respect thereto.
Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of a House, between Borrower (or one of its Subsidiaries), as seller, and a third party unrelated to Borrower, as buyer, with respect to which (i) the form of such contract of sale shall be substantially consistent with those customarily used by Borrower or its Subsidiaries, and (ii) a non-refundable xxxxxxx money deposit in an amount acceptable to Borrower has been delivered to either an independent escrow agent or to Borrower.
Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of a Housing Unit, between the Borrower, as seller, and a third party unrelated to the Borrower, as buyer, with respect to which (i) the form and substance of such contract shall be normal and customary for that market, (ii) to the extent permitted by local law, a market-based exxxxxx money deposit consistent with similar product type has been received by the Borrower, and (iii) the Borrower has received sufficient information that would indicate that such buyer has (A) submitted a mortgage loan application to a qualified single family mortgage lender for the financing of the acquisition of such Housing Unit, and (B) such single family mortgage lender has or can provide evidence that buyer is qualified for the financing designated in the contract. Notwithstanding the foregoing, if after the date of such contract any of the aforementioned conditions cease to exist, then such contract shall thereafter no longer be deemed an Approved Sales Contract. The Administrative Agent reserves the right to periodically audit the Borrower’s records to ensure that any Housing Unit designated as a Presold Housing Unit satisfies all of the conditions referenced above.
Approved Sales Contract means (i) any purchase agreement for the sale of any portion of the Property for a purchase price equal to or greater than the Release Schedule Price, and otherwise meeting the Acceptable PSA Terms and (ii) any purchase agreement for the sale of any portion of the Property approved by the Investor Members.
Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of a House, between Borrower, as seller, and a third party unrelated to Borrower, as buyer, with respect to which an earnest money deposit has been delivered to either an independent escrow agent or to Borrower and Borrower has undertaken a preliminary screening of the credit worthiness of the buyer (including, without limitation, obtaining a copy of a written indication of such credit worthiness from a reliable third party such as the buyer's prospective lender) and has concluded that the buyer will qualify for a mortgage loan commitment to finance the purchase of the House.
Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of a Calera Court House, between the Calera Court Borrower, as seller, and a third party unrelated to the Calera Court Borrower, as buyer, with respect to which (i) the form and substance of such contract of sale shall have been previously approved in writing by Bank, (ii) a non-refundable xxxxxxx money deposit in an amount not less than $5,000.00 has been delivered to either an independent escrow agent or to the Calera Court Borrower to be deposited into a segregated account used solely for xxxxxxx money deposits under sales contracts, and (iii) unless such contract contemplates a cash only purchase, such buyer has (A) submitted a fully completed mortgage loan application to a qualified single-family mortgage lender for the financing of the acquisition of such Calera Court House, (B) such single-family mortgage lender has given its written pre-approval of such mortgage loan application, and (C) such buyer has, to date, fully satisfied any and all other conditions of the Calera Court Borrower as specified in such contract of sale. Notwithstanding the foregoing, if such pending sale is not an all cash acquisition, then if within forty-five (45) days after the date of such contract of sale, the buyer has not received a final, binding mortgage loan commitment from a qualified single-family mortgage lender for the financing of the acquisition of such Calera Court House, then such contract of sale shall thereafter not be deemed to constitute an Approved Sales Contract until such commitment has been secured.
Approved Sales Contract means a bona fide, legally binding, enforceable contract for the sale of a Lot and its related Home in the Project to be financed under the Master Line, which contract shall be between Borrower, as seller, and a Non-Related Party, as buyer, with respect to which (a) an exxxxxx money deposit not less than the Minimum Exxxxxx Money Deposit has been delivered to either an independent escrow agent or to Borrower; and (b) Borrower has undertaken a preliminary screening of the creditworthiness of such buyer and has concluded that such buyer should qualify for a mortgage loan commitment for the financing of the acquisition of the completed Lot and Home or such buyer is otherwise able to perform its obligations under the contract; and (c) the sale price is equal to or greater than the Minimum Sale Price. Unless prohibited by law, upon request of Agent, Borrower shall furnish to Agent the name, telephone number and loan officer of any mortgage lender issuing a permanent loan covering any Sold Home, and Borrower shall request that said permanent lender cooperate with Agent in providing evidence of loan status of the permanent loan covering any Sold Home. In addition, upon request of Agent, Borrower shall provide a copy of any loan approval issued by said permanent lender.