Home Construction Budget definition

Home Construction Budget means, for each Qualified Project in which Homes are to be constructed that are to be financed hereunder, the detailed line-item cost breakdown and budget for the Presold, Spec and Model Homes approved by Lender, which budget shall be comprised of the Lot Release Price for the release of the Lot into the Loan for the construction of a Home thereon, and the Hard Costs and Soft Costs for the Home to be constructed on said Lot, and which budget shall be in conformity with the sources and uses of funds for the Presold, Spec and Model Homes as approved by Lender in its sole discretion. For purposes of this Agreement, all such budgets shall be referred to individually and collectively in the singular.
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Home Construction Budget means the detailed line-item cost breakdown and budget for the Presold and Spec Homes approved by Lender, which budget shall be comprised of the Hard Costs and Soft Costs for the Homes to be constructed on each Finished Lot, and which budget shall be in conformity with the sources and uses of funds for the Presold and Spec Homes as approved by Lender in its reasonable discretion.
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Home Construction Budget means the total budget approved by Lender that is necessary to construct a Home, which budget shall be comprised of the land acquistion cost, Hard Costs and Soft Costs.
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Examples of Home Construction Budget in a sentence

  • Borrower hereby authorizes Lender to disburse the proceeds of the Loan to pay such expenses, charges, costs and fees notwithstanding that Borrower may not have requested a disbursement of such amount, provided that Borrower acknowledges that Lender has no obligation to disburse amounts listed under “Borrower’s Equity” on the A&D Budget or the Home Construction Budget.

  • In no event shall the costs of the Project as set forth in any A&D Budget or any Home Construction Budget violate the applicable Maximum Allowed Advance(s).

  • All amounts deposited by Borrower pursuant to this Section 2.3.10 shall be held in the Borrower’s Funds Account and shall be disbursed in accordance with the terms of this Agreement for the payment of Hard Costs and Soft Costs pursuant to the applicable Home Construction Budget prior to any further disbursements for said Home, as applicable, in question.

  • Amounts allocated to work, labor and materials on the Home Construction Budget for each Home, and any schedules of values approved by Lender for said Home, shall be multiplied by the percentage of completion (as reasonably determined by Lender and/or Lender’s inspector) of such work, labor and materials for calculating disbursement of Home Loan funds pursuant to any Draw Request under the Construction Loan.

  • In no event shall the costs of the Project to be funded from proceeds of the Loan, as set forth in any A&D Budget or any Home Construction Budget, violate the applicable Maximum Allowed Advance(s).

  • Borrower hereby authorizes Lender to disburse the proceeds of the Loan to pay such expenses, charges, costs and fees notwithstanding that Borrower may not have requested a disbursement of such amount, provided that Borrower acknowledges that Lender has no obligation to disburse amounts listed under "BORROWER'S EQUITY" on the A&D Budget or the Home Construction Budget.

  • All advances of each Construction Loan for Hard Costs and those Soft Costs identified in the applicable Home Construction Budget shall be made in accordance with the terms and conditions of the "ARDI Draw System", as outlined and described in EXHIBIT D attached hereto.

  • Notwithstanding the foregoing, in the event that the Home Construction Budget for the Home in question exceeds the Maximum Allowed Advance for such Home, then to the extent of such excess, Borrower shall pay from its own funds and not from proceeds of the loan, first the A & D Loan Lot Release Price and then prior to any advance of the Construction Loan with respect to the Home in question.

  • In addition, if specifically provided in the Home Construction Budget with respect to the Home in question Borrower shall be entitled to disbursements, within the limitations of the applicable Home Construction Budget, of amounts necessary to pay interest on the Construction Loan.

  • On the date of the initial advance for each Home Loan, Lender will disburse ninety-two percent (92%) of the applicable A & D Loan Lot Release Price (which is equivalent to 115% of Par as defined herein) or any portion thereof in accordance with the Home Construction Budget (the balance of the A & D Loan Lot Release Price of 10% of Par shall be paid by Borrower at the closing and sale of any Home to a purchaser).

Related to Home Construction Budget

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Direct Construction Cost means the sum of the amounts that the Construction Manager actually and necessarily incurs for General Conditions Costs, Cost of the Work and Construction Manager’s Contingency during the Construction Phase as allowed by this Agreement. Direct Construction Cost does not include Pre-Construction Phase Fees or Construction Phase Fees.

  • New construction means, for the purposes of determining insurance rates, structures for which the "start of construction" commenced on or after the effective date of an initial FIRM or after December 31, 1974, whichever is later, and includes any subsequent improvements to such structures. For floodplain management purposes, "new construction" means structures for which the "start of construction" commenced on or after the effective date of the floodplain management regulations adopted by a community and includes any subsequent improvements to such structures.

  • Residential construction means construction on single-family or two-family dwellings occupied or used, or intended to be occupied or used, primarily for residential purposes, and includes real property pursuant to chapter 499B.

  • Original construction ’ shall mean the first or initial construction

  • The constructional plant means all appliances, tools, plants or machinery or whatsoever nature required in or about the execution, completion or maintenance of the works but does not include materials or other things intended to form part of the permanent work.

  • Construction Plant means appliances, machinery with necessary supply to up keep and maintenance of the works or temporary works but dose not include materials or other things intended to form part of the permanent work.

  • Erection, construction, remodeling, repairing means all types of work done on a particular building or work at the site thereof in the construction or development of the project, including without limitation, erecting, construction, remodeling, repairing, altering, painting, and decorating, the transporting of materials and supplies to or from the building or work done by the employees of the Contractor, Subcontractor, or Agent thereof, and the manufacturing or furnishing of

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • Construction Schedule means a construction schedule indicating the planned start and completion dates of the major activities of the Work as set out in Appendix [ ], a future Appendix;

  • Cost of Construction means the total cost to Owner of those portions of the entire Project designed or specified by the Design Professional. Cost of Construction does not include the Design Professional's compensation and expenses and Owner's expenses associated with the Project or the cost of other services to be provided by others to the Owner.

  • Estimated Construction Cost or “ECC” means the amount calculated by Contractor for the total cost of all elements of the Work based on this Agreement available at the time(s) that the ECC is prepared. The ECC shall be based on current market rates with reasonable allowance for overhead, profit and price escalation and shall include and consider, without limitation, all alternates and contingencies, designed and specified by A/E and the cost of labor and materials necessary for installation of Owner furnished equipment. The ECC shall include all the cost elements included in the AACC, as defined above, and shall represent Contractor’s best current estimate of the Guaranteed Maximum Price it will propose for the Project based on the information then available. The ECC shall not include Contractor’s Pre-Construction Phase Fee, A/E’s Fees, the cost of the land and rights-of-way, or any other costs that are the direct responsibility of Owner.

  • Building construction means any physical activity on the site involved in the erection of a structure, cladding, external finish, formwork, fixture, fitting of service installation and the unloading of plant, machinery, materials or the like.

  • Construction Zone shall have the meaning set forth in Clause 8.3 (i);

  • construction site means a workplace where construction work is being performed;

  • Pipeline Construction means a substantial disturbance to agricultural land associated with installation, replacement, removal, operation or maintenance of a pipeline, but shall not include work performed during an emergency. Emergency means a condition where there is clear and immediate danger to life or health, or essential services, or a potentially significant loss of property. When the emergency condition ends, pipeline construction will be in accordance with these rules.

  • Construction Plans means plans, drawings, specifications and related documents, and construction schedules for the construction of the Project, together with all supplements, amendments or corrections, submitted by the Developer and approved by the City in accordance with this Agreement.

  • Construction Work means any work in connection with⎯

  • Commence Construction means that an owner or operator has either undertaken a continuous program of construction or has entered into a contractual obligation to undertake and complete, within a reasonable time, a continuous program of construction.

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each, and clearly allocate requested grant funding and match contributions to each.

  • Begin actual construction means, in general, initiation of physical on-site construction activities on an emissions unit which are of a permanent nature. Such activities include, but are not limited to, installation of building supports and foundations, laying of underground pipework, and construction of permanent storage structures. With respect to a change in method of operation, this term refers to those on-site activities, other than preparatory activities, which mark the initiation of the change.

  • Approved Project Budget means the most recent statement, approved by the FTA, of the costs of the Project, the maximum amount of Federal assistance for which the TJPA is currently eligible, the specific tasks (including specified contingencies) covered, and the estimated cost of each task.

  • Construction Activities means the disturbance of soils associated with clearing, grading, excavation activities or other construction-related activities.

  • Existing construction means any structure for which the "start of construction" commenced before the effective date of the initial floodplain management code or ordinance adopted by the community as a basis for that community's participation in the NFIP.

  • Constructional Plant means all appliances or things whatever nature required in or about the execution, completion or maintenance of the works or temporary works (as hereinafter defined) but does not include materials or other things intended to form or forming part of the permanent work or temporary housing, hutting, office, stores, etc.,

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.