Housing Purchase Contract definition

Housing Purchase Contract means any legal, valid, binding and enforceable written agreement for the sale of individual Units, Tower Units, or Developed Lots to any bona-fide purchaser entered into by a Property Owner in the ordinary course of its business with customary terms and conditions and that provides for a cash down payment of not less than the greater of $5,000 or such amount that is customary in the local market.
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Housing Purchase Contract means any legal, valid, binding and enforceable written agreement in substantially such form as has been approved in writing by Administrative Agent for the sale of individual Homes to any bona fide unaffiliated purchaser entered into by Borrower or any Guarantor in the ordinary course of its business, with customary terms and conditions and that provides for a cash down payment of not less than the lesser of (i) 3.0% of the purchase price or (ii) such smaller percentage as prevailing for that product type customary in the market where the Unit is located. Such contract shall contain no contingencies other than those that are customary in the market for which the Homes are located, including, without limitation, contingencies pertaining to the completion and inspection of the Home, purchaser’s financing, condition of title or the sale of the purchaser’s existing home (unless terminable at the request of Borrower within 72 hours of request), or as otherwise permitted in writing by Administrative Agent. At no time shall there exist more than 40 Housing Purchase Contracts that contain a contingency for the sale of a purchaser’s existing home.
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Examples of Housing Purchase Contract in a sentence

  • Borrower may request in writing that Collateral Agent release its Lien on Mortgaged Properties or any portion thereof that Borrower or the applicable Grantor has entered into a Housing Purchase Contract to sell such Mortgaged Properties in the ordinary course of business, which provides a closing date that is within thirty (30) days of the requested release.

  • A Lot on which vertical construction of a Home beyond the foundation has commenced and for which no Housing Purchase Contract has been executed by Signal Landmark and which remains in effect.

  • Units completed or under construction on Developed Lots for which the Borrower has entered into a Housing Purchase Contract.

  • A Unit owned by Borrower and for which a Housing Purchase Contract has not been entered into.

  • A Unit owned by Borrower with respect to which construction has begun (measured by the commencement of the laying of a foundation for such Unit) and for which a Housing Purchase Contract has not been entered into.

  • There shall be no more than seventeen (17) Spec Homes in the Brightwater Project at any one time; provided that such limit may be increased by up to eight (8) additional Spec Homes that were previously subject to a Housing Purchase Contract; and provided further that for purposes of this Section 8.13 Spec Homes shall not include Homes meeting the classification for inclusion as Model Homes herein.

  • In the Brightwater Project, at no time shall the sum of Spec Homes plus Homes subject to a Housing Purchase Contract but not closed exceed sixty (60).

  • There shall be no more than seventeen (17) Spec Homes in the Project at any one time; provided that such limit may be increased by up to eight (8) additional Spec Homes that were previously subject to a Housing Purchase Contract; and provided further that for purposes of this Section 8.15 Spec Homes shall not include Homes meeting the classification for inclusion as Model Homes herein.

  • At no time shall the sum of Spec Homes plus Homes subject to a Housing Purchase Contract but not closed exceed sixty (60).

  • With respect to Units completed or under construction on Developed Lots that are not covered by a Housing Purchase Contract, eighty-five percent (85%) of the Unit Costs incurred by the Borrower with respect thereto.