Completed Unsold Homes means all Units (including all Model Homes) for which construction has been “completed” but for which there is in existence no written Contract for Sale, the value of which is the lesser of (x) value determined in conformity with GAAP and (y) the Appraised Value. Construction will be considered “completed” when a temporary certificate of occupancy, certificate of occupancy or similar certificate has been issued by the applicable Governmental Authority or, if the applicable Governmental Authority does not issue such a certificate until a purchaser has been identified or no Governmental Authority issues such a certificate with respect to such Unit, when construction of such Unit has been substantially completed (exclusive of items of a punchlist nature) in compliance with all applicable building codes and other Requirements of Law, and such Unit has satisfied the Administrative Borrower’s criteria for and has been classified by the Administrative Borrower as “complete” in its accounting system.
Completed Unsold Homes means all condominium units and one-to-four family residences (including Model Homes) in the Authorized States owned by the Borrower or its Subsidiaries as part of their respective real estate development business, for which construction has been "completed" less than 180 days before such date, but for which there is in existence no written Contract for Sale. Construction will be considered "completed" for a condominium unit when the temporary certificate of occupancy for such unit has been issued; construction will be considered "completed" for a one-to-four family residence when all electrical and plumbing fixtures have been installed and utility services in connection therewith have been connected. Notwithstanding the foregoing, Model Homes will continue to be considered Completed Unsold Homes until the date which is 180 days after the last production unit in the particular real estate project (for which such Model Home is used as a model) has been sold.
Completed Unsold Homes means, as of any date, all Units (including all Model Homes), for which construction has been “completed”, but for which there is in existence no written Contract for Sale, the value of which is determined in conformity with GAAP. Construction will be considered “completed” when a temporary certificate of occupancy or a certificate of occupancy has been issued.
Examples of Completed Unsold Homes in a sentence
Mortgages on Completed Unsold Homes as of the Amendment Effective Date, including all related Mortgage Requirements, will be delivered no later than December 22, 2006.
An Unsold Home Under Construction that is included in the Borrowing Base will automatically continue in the Borrowing Base as a Completed Unsold Home upon being “completed” (within the meaning of the definition of Completed Unsold Home), provided that any Mortgage Requirements for Completed Unsold Homes not then satisfied must be satisfied within 30 days of such Unsold Home Under Construction becoming a Completed Unsold Home in order for such Completed Unsold Home to remain in the Borrowing Base.
More Definitions of Completed Unsold Homes
Completed Unsold Homes means, as of any date, all Units (including all Model Homes), for which construction has been “completed”, but for which there is in existence no written Contract for Sale, the value of which is the lesser of (x) value determined in conformity with GAAP and (y) the appraised value determined in accordance with the Mortgage Requirements. Construction will be considered “completed” when a temporary certificate of occupancy, certificate of occupancy or similar certificate has been issued by the Applicable Governmental Authority or, if the applicable Governmental Authority does not issue such a certificate until a purchaser has been identified or no Governmental Authority issues such a certificate with respect to such Unit, other evidence of completion (exclusive of items of a punchlist nature) reasonably satisfactory to the Administrative Agent.
Completed Unsold Homes means all condominium units and one-to-four family residences (including Model Homes) in the Authorized States owned by any Borrower as part of its real estate development business, for which construction has been "completed" less than 180 days before such date, but for which there is in existence no written Contract for Sale. Construction will be considered "completed" for a condominium unit when the temporary certificate of occupancy for such unit has been issued; construction will be considered "completed" for a one-to-four family residence when all electrical and plumbing fixtures have been installed and utility services in connection therewith have been connected. Notwithstanding the foregoing, Model Homes will continue to be considered Completed Unsold Homes until the date which is 180 days after the last production unit in the particular real estate project (for which such Model Home is used as a model) has been sold.