Presold Unit definition

Presold Unit means a Housing Unit owned by the Borrower or any Guarantor that is subject to a bona fide written agreement between the Borrower or such Guarantor and a third Person purchaser for sale in the ordinary course of the Borrower’s or such Guarantor’s business of such Housing Unit and the related lot, accompanied by a xxxx xxxxxxx money deposit or down payment in an amount that is customary, and subject only to ordinary and customary contingencies to the purchaser’s obligation to buy the Housing Unit and related lot.
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Presold Unit means a Unit that is subject to a Purchase Contract.
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Presold Unit means a Housing Unit owned by the Borrower or any Guarantor that is subject to a bona fide written agreement between the Borrower or such Guarantor and a third Person purchaser for sale in the ordinary course of the Borrower’s or such Guarantor’s business of such Housing Unit and the related lot, accompanied by a cash earnest money deposit or down payment in an amount that is customary, and subject only to ordinary and customary contingencies to the purchaser’s obligation to buy the Housing Unit and related lot.
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Examples of Presold Unit in a sentence

  • Notwithstanding any contrary provision of this Agreement or the Loan Documents, a Unit will not be considered to be a Presold Unit unless and until a final public report (if a public report is required by applicable Requirements) has been obtained by Borrower (or the applicable Project Owner) and delivered to the purchaser of such Unit and all cancellation periods in favor of such purchaser with respect to such public report have expired.

  • A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract.

  • A Unit will not be considered to be a Presold Unit unless and until a final public report (if a public report is required by applicable Requirements) has been obtained by Borrower and delivered to the purchaser of such Unit and all cancellation periods in favor of such purchaser with respect to such public report have expired.

  • If a Presold Unit is reclassified as a Spec Unit (by reason of the termination of a Purchase Contract), such Unit shall be included in the Borrowing Base as a Spec Unit and, on reclassification, such Spec Unit will be subject to a Reclassification Adjustment.

  • At the request of Administrative Agent, if such Unit is a Presold Unit, a copy of a Purchase Contract for such Unit.

  • Each Presold Unit may be included in Eligible Collateral for not more than twelve (12) Calendar Months from the Unit Eligibility Date for such Unit.

  • If such Unit is a Presold Unit and if requested by Administrative Agent, Borrower shall have provided to Administrative Agent and Administrative Agent shall have approved a copy of the fully executed Purchase Contract for such Unit.

  • If a Spec Unit is reclassified as a Presold Unit (by reason of the execution and delivery of a Purchase Contract), such Unit may be included in Eligible Collateral as a Presold Unit for not more than twelve (12) Calendar Months from the original Unit Eligibility Date of such Unit and, on reclassification, such Presold Unit will be subject to a Reclassification Adjustment.

  • A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract; subject, however, to the provisions of Section 3.5(e).

  • If a Presold Unit is reclassified as a Spec Unit, such Spec Unit may be included in Eligible Collateral for not more than twelve (12) Calendar Months from the Unit’s original Unit Eligibility Date as a Unit and, on reclassification, such Spec Unit will be subject to a Reclassification Adjustment; provided, however, that no such Spec Unit will be entitled to be included in Eligible Collateral if the effect of inclusion would be to cause the limitations of Section 3.6 to be exceeded.


More Definitions of Presold Unit

Presold Unit means a Unit that is subject to (i) a Sales Contract and (ii) a prequalification letter or mortgage commitment from an institutional mortgage lender or, if there is no such letter or commitment, such other information as Bank may
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Presold Unit means a Unit which shall be deemed sold only if a bona fide purchaser for value (a) has executed a firm, non-contingent purchase agreement (in form and substance acceptable to Lender), and (b) has made a non-refundable cash deposit of not less than ONE THOUSAND AND NO/1OOTHS DOLLARS ($1,000).
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Presold Unit means each Unit that is subject to a Qualified Sales Contract that has not been canceled or terminated and with respect to which neither the applicable Qualified Unit Buyer nor Borrower is in default.
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Presold Unit means a Unit owned by any Loan Party that is subject to a Contract For Sale in the ordinary course of such Loan Party’s business of such Unit and the related lot.
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Presold Unit means a Housing Unit owned by the Borrower or any Guarantor that is subject to a bona fide written agreement between the Borrower or such Guarantor and a third Person purchaser for sale in the ordinary course of the Borrower’s or such Guarantor’s business of such
Sample 1
Presold Unit means a Housing Unit owned by Borrower or any Guarantor that is subject to a bona fide written agreement between Borrower or such Guarantor and a third Person purchaser for sale in the ordinary course of Borrower's or such Guarantor's business of such Housing Unit and the related lot, accompanied by a cash earnest money deposit or down payment in an amount that is cusxxxxxx, xxx subject only to ordinary and customary contingencies to the purchaser's obligation to buy the Housing Unit and related lot. "Previous Maturity Date" is defined in Section 2.21(c).
Sample 1

Related to Presold Unit

  • Said Unit means the said Flat, the said Vehicle Parking Space, (if any), and the right of common use of the Common Portions and wherever the context so intends or permits, shall also include the Said Undivided Share.

  • Rooming unit means any room or group of rooms forming a single habitable unit used or intended to be used for living and sleeping, but not for cooking or eating purposes.

  • FTPS Unit means Units which are purchased through the Fund/SERV(R) trading system or on a manual basis through FTP Services LLC or for which FTP Services LLC is acting as FTPS Unit Servicing Agent.

  • Interior of the dwelling unit means the inside of the dwelling unit, consisting of interior walls,

  • Membership Unit means an outstanding common membership unit of the LLC.

  • Single-family dwelling unit means a structure that is usually occupied by just one household or family and for the purposes of this Policy is expected to generate an average of 250 gallons per day of wastewater.

  • Dwelling unit means a single unit providing complete, independent living facilities for one or more persons, including permanent provisions for living, sleeping, eating, cooking and sanitation.

  • Mobile food unit means a vehicle-mounted food service establishment designed to be readily movable.

  • Unit Share has the meaning ascribed thereto in the first paragraph of this Agreement;

  • GP Unit means a Partnership Unit which is designated as a GP Unit of the Partnership.

  • sub-unit means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, means one cent.

  • Load Factor means the percentage of aircraft seats actually occupied on a flight (RPMs divided by ASMs). “NMB” means the National Mediation Board.

  • unit of Reference Property shall have the meaning specified in Section 14.07(a).

  • Lodging Unit means a room or set of rooms located in a lodging house designed or intended to be used for sleeping and living accommodation, which:

  • Spending unit means the department, bureau, division, office, board, commission,

  • Time-share unit means a condominium unit in which a time-share estate or a time-share license exists.

  • Family Unit means the Employee and his or her Dependents covered under the Plan.

  • OP Unit means a Partnership Unit which is designated as an OP Unit of the Partnership.

  • Contracting unit means a municipality or any board, commission, committee, authority or agency, and which has administrative jurisdiction over any district other than a school district, project, or facility, included or operating in whole or in part, within the territorial boundaries of any county or municipality which exercise functions which are appropriate for the exercise by one or more units of local government, and which has statutory power to make purchases and enter into contracts or agreements for the performance of any work or the furnishing or hiring of any materials or supplies usually required, the costs or contract price of which is to be paid with or out of public funds.

  • Palletized unit load means a MIL-STD-129 defined quantity of items, packed or unpacked, arranged on a pallet in a specified manner and secured, strapped, or fastened on the pallet so that the whole palletized load is handled as a single unit. A palletized or skidded load is not considered to be a shipping container. A loaded 463L System pallet is not considered to be a palletized unit load. Refer to the Defense Transportation Regulation, DoD 4500.9-R, Part II, Chapter 203, for marking of 463L System pallets.

  • Disposed of Adjusted Property has the meaning assigned to such term in Section 6.1(d)(xii)(B).

  • Company Restricted Share means each restricted share of Company Common Stock outstanding as of the Effective Time granted pursuant to any equity or compensation plan or arrangement of the Company.

  • Exchange Factor means 1.0; provided, however, that if the General Partner: (a) declares or pays a dividend on its outstanding Common Stock in Common Stock or makes a distribution to all holders of its outstanding Common Stock in Common Stock; (b) subdivides its outstanding Common Stock; or (c) combines its outstanding Common Stock into a smaller number of shares of Common Stock, the Exchange Factor shall be adjusted by multiplying the Exchange Factor by a fraction, the numerator of which shall be the number of shares of Common Stock issued and outstanding on the record date for such dividend, contribution, subdivision or combination (assuming for such purpose that such dividend, distribution, subdivision or combination has occurred as of such time), and the denominator of which shall be the actual number of shares of Common Stock (determined without the above assumption) issued and outstanding on the record date for such dividend, distribution, subdivision or combination. Any adjustment to the Exchange Factor shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event.

  • Operating Unit means, for purposes of this part, primary and constituent operating units designated as such in the Department Order Series of the De- partment of Commerce and, in addi- tion, the Office of the Secretary.

  • Non-Retail Behind The Meter Generation means Behind the Meter Generation that is used by municipal electric systems, electric cooperatives, or electric distribution companies to serve load.

  • Adjustment Factor means, with respect to a share of the Fund (or one unit of any other security for which a Fund Closing Price must be determined), 1.0, subject to adjustment in the event of certain events affecting the shares of the Fund. See “—Anti-dilution Adjustments Relating to the Fund; Alternate Calculation —Anti-dilution Adjustments” below.