Model Homes definition

Model Homes means housing Units which have been completed, furnished and landscaped and are used in the marketing efforts with respect to a residential home community.

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Model Homes means all Units which are used as models, sales offices, or design centers to market a particular real estate development project and the contents therein.

Model Homes is defined in Section 2.10.

Examples of Model Homes in a sentence

• Notwithstanding whether Loan proceeds are used to acquire or construct a Spec Home, the number of Spec Homes that are not Model Homes (whether or not the construction thereof is financed by Lender) owned by Borrower in a particular section, division, phase or other portion of an Approved Subdivision (as determined by Lender) shall not exceed five (5).

• The Model Homes shall be constructed on Homesites within the Property identified in the Takedown Schedule or as otherwise designated by Builder (individually, each a “Model Home Homesite” and collectively, the “Model Home Homesites”) (unless otherwise indicated to the contrary, any reference herein to a Model Home shall include the corresponding Model Home Homesite).

• In addition, notwithstanding whether Loan proceeds are used to acquire or construct a Model Home, the number of Model Homes (whether or not the construction thereof is financed by Lender) owned by Borrower in a particular section, division, phase or other portion of an Approved Subdivision (as determined by Lender) shall not exceed two (2).

• Such request and all other documents and instruments described in this Section 4.5 shall be submitted with the Borrowing Base Certificate in which Borrower intends to include such portion of the Land in the Borrowing Base as Presold, Spec and/or Model Homes.

• Pursuant to Section 4.3 of the Loan Agreement, Borrower hereby requests that the portion of the Land consisting of [ ] Lots Under Development, [ ] Finished Lots, [ ] Model Homes, [ ] Spec Homes and/or [ ] Presold Homes be included in the Borrowing Base.

More Definitions of Model Homes

Model Homes means all condominium units and one-to-four family residences owned by the Borrower or its Subsidiaries as part of their respective real estate development business, which are used as models or sales offices to market a particular real estate development project.

Model Homes means residential dwellings of the Company or its Restricted Subsidiaries that have been or are being constructed for the purpose of marketing similar dwellings and for which there is no present intention to sell, valued at the lesser of cost or market.

Model Homes. The lesser of (i) seventy percent (70%) of Total Costs or (ii) seventy percent (70%) of the Base Appraisal for said Homes, as determined in Lender’s reasonable discretion.

Model Homes. The sum of all Advances and Reserved Allocations committed but not disbursed for said Homes shall not exceed the lesser of (i) seventy-five percent (75%) of Total Project Costs, or (ii) seventy-five percent (75%) of the Base Appraisal for said Homes, subject to Lender’s approval.

Model Homes means Residential Units (unencumbered by a Lien or Liens, other than Liens permitted under Section 6.7; provided that the principal amount of Indebtedness for borrowed money secured by such Liens is included in Borrowing Base Indebtedness for the purpose of calculating the Borrowing Base Availability) which have been completed, furnished and landscaped and are used in the marketing efforts with respect to a residential home community.

Model Homes means up to 20 model homes to be constructed on one platted lot in the West Tract (defined herein as the “Model Home Lot”), as shown on Exhibit D.

Model Homes shall have the meaning given to it within the definition of "Land".