Model Houses definition

Model Houses means (a) all Housing Units owned by Borrower or any Guarantor which are being used as sales models and (b) all Housing Units owned by Borrower or any Guarantor for which there has been a Start of Construction which upon completion will be used as sales models.
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Examples of Model Houses in a sentence

  • Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, enter into any arrangement with any Person pursuant to which it leases from such Person real or personal property that has been or is to be sold or transferred, directly or indirectly, by it to such Person, except for the sale and leaseback of Model Houses in the ordinary course of business.

  • Eligible Production Inventory shall mean all detached or attached (including townhouse condominiums and condominiums) single family houses which are completed (including Speculative Houses but excluding Eligible Model Houses and Rental Houses, if any) or for which there has been a Start of Construction (including Speculative Houses but excluding Eligible Model Houses and Rental Houses, if any), and the lots on which such houses are located.

  • Eligible Raw Land and Land Under Development shall mean all land other than land included in the definition of Eligible Model Houses, Rental Houses (if any), Eligible Production Inventory, Eligible Developed Lots Sold or Eligible Developed Lots Unsold.

  • Eligible Model Houses shall mean (a) all completed detached or attached single family houses (including townhouse condominiums and condominiums) which are being used by the Borrower, M/I Homes, Inc.

  • The maturity of each Loan for the construction of Model Houses shall be eighteen (18) months from the date of the execution of the Individual Deed of Trust.

  • Eligible Model Houses shall mean (a) all completed detached or attached single family houses (including townhouse condominiums and condominiums) which are being used by the Company as sales models, and the lots on which such houses are located, and (b) detached or attached (including townhouse condominiums and condominiums) single family houses for which there has been a Start of Construction which upon completion will be used by Company as sales models, and the lots on which such houses are located.

  • If, at any time or for whatever reason, the number of all Model Houses in the Mortgaged Property should exceed the Model House Limit, then Borrower shall be required to effectuate a mandatory partial release as to a sufficient number of Model Houses such that the Model House Limit would not thereafter be exceeded.

  • No provisions of this Article shall preclude the Declarant in furtherance of its sales program from erecting, maintaining and utilizing Model Houses in any area designated upon a recorded Subdivision Plat as Residential for such purposes (including use as a sales office) as it may consider necessary during the development stages.

  • Bank shall have no obligation to effectuate Acceptance of any new proposed Spec House or Model House if the effect of such Acceptance would be to cause (i) the number of all Spec Houses under the Calera Court Construction Loan to exceed at any one time four (4) Spec Houses or (ii) the number of all Model Houses under the Calera Court Construction Loan to exceed at any one time two (2) Model Houses.

  • No provision of these Protective and Restrictive Covenants and Conditions shall preclude the Developer, in furtherance of its sales program, from erecting and maintaining Model Houses upon Lots and Country House Units upon Country House Unit Sites and appropriate other Model Structures upon other Units of PML Property.

Related to Model Houses

  • dwelling house means any residential property assessed as real

  • Rooming house means any dwelling, or that part of a dwelling containing one or more rooming units in which space is let by the owner or operator to three or more persons who are not husband and wife, son or daughter, mother or father, or sister or brother of the owner or operator.

  • Boarding house means a residence in which lodging and meals are provided. Each resident of a boarding house is charged a lump sum to cover the costs of lodging and meals with no separate accounting for the fair selling price of the meals.

  • Lodging House means a building designed or intended to contain, or containing Lodging Units where the residents share access to common areas of the building, other than the Lodging Units;

  • Traffic lane or "lane" means that portion of a roadway designed or designated to accommodate the

  • Halfway house means a facility licensed by the division of parole and community services of the department of rehabilitation and correction pursuant to section 2967.14 of the Revised Code as a suitable facility for the care and treatment of adult offenders.

  • Rental housing means development of a building or structure with four or more dwelling units all of which are intended for use as rented residential premises;

  • Low terrain means any area other than high terrain.

  • water meter means any apparatus for measuring or showing the volume of water supplied to, or of effluent discharged from any premises;

  • Airports means Chicago O’Hare International Airport and Chicago Midway International Airport.

  • Passenger area means the area designed to seat the driver and passengers while a motor vehicle is in operation and any area that is readily accessible to the driver or a passenger while in his or her seating position, including but not limited to any type of glove or storage compartment accessible to passengers or driver.

  • Fire alarm system means a system designed to detect and annunciate the presence of fire, or by-products of fire. Fire alarm system includes smoke detectors.

  • Elderly Housing means housing intended for and only occupied by Elderly persons, including a family in which all members are Elderly. All household members must be Elderly (no children, and no disabled persons under the age of 62).

  • Mobile home park means a parcel of land, or two or more

  • Stormwater management planning area means the geographic area for which a stormwater management planning agency is authorized to prepare stormwater management plans, or a specific portion of that area identified in a stormwater management plan prepared by that agency.

  • Bicycle lane means that portion of a roadway designated by signs and/or pavement markings for

  • Sites means the area(s) upon or in which the construction work is carried on, and such other areas adjacent thereto as may be designated by the Commissioner.

  • Water Year means the period commencing with October 1 of 1 year 20 and extending through September 30 of the next; and

  • Head of household means the parent or parents with whom the dependent child or children were residing at the time of placement in foster care.

  • Energy storage system means a system which stores energy and releases it in the same form as was input.

  • Underground storage tank system means an underground storage tank and the connected underground piping, underground ancillary equipment, and containment system, if any.

  • Campground means that term as defined in section 12501 of the public health code, Act No. 368 of the Public Acts of 1978, being section 333.12501 of the Michigan Compiled Laws, except that campground does not include land or sites operated by this state or the federal government, and does not include a membership campground.

  • Site Visit means a visit to the Site; and

  • Off-highway vehicle means the same as that term is defined in Section 41-22-2.

  • Off-highway implement of husbandry means the same as that term is defined in Section 41-22-2.

  • passengers means the driver and up to the number of passengers allowed as shown in the Vehicle Registration Document travelling in the vehicle;