Residential Unit Net Sale Proceeds definition
Residential Unit Net Sale Proceeds means the difference between (a) the actual gross sales price for the sale of the Residential Unit in question to a third party in an arm’s length transaction (or subject to Lender’s approval rights in Section 16.2(b)(x), to an Affiliate of Borrower, Indemnitor or a Principal), minus (b) the reasonable and customary expenses incurred by Borrower and paid to unaffiliated third parties (or subject to Lender’s approval rights in Section 16.2(b)(x), to an Affiliate of Borrower, Indemnitor or a Principal) in connection with the sale of the Residential Unit and any credit given to unaffiliated arm’s length third party purchaser in connection with the sale of the applicable Residential Unit (including credits for condominium common charges and other customary closing costs of Residential Unit Purchasers), which amounts described in this clause (b) (i) shall not exceed twelve percent (12%) of the gross sales price for said Residential Unit, (ii) may include items such as transfer taxes, attorney’s fees and commissions to salespersons or brokers, if such items are customarily paid by seller, and (iii) shall exclude any costs in excess of those customarily and reasonably incurred by sellers in connection with the sale of residential condominium units in Comparable Condominium Projects.
Residential Unit Net Sale Proceeds has the meaning ascribed to such term in the Master Loan Agreement.
Residential Unit Net Sale Proceeds means the difference between (a) the actual gross sales price for the sale of the Subdivided Residential Unit in question to a third party in an arm’s length transaction (or subject to Lender’s approval rights in Section 16.2(b)(x), to an Affiliate of Borrower, Indemnitor or a Principal), which gross sales price shall not be less than the Residential Unit Minimum Sales Price and (b) the reasonable and customary expenses incurred by Borrower and paid to unaffiliated third parties (or subject to Lender’s approval rights in Section 16.2(b)(x), to an Affiliate of Borrower, Indemnitor or a Principal) in connection with the sale of the Subdivided Residential Unit and any credit given to unaffiliated arm’s length third party purchaser in connection with the sale of the applicable Subdivided Residential Unit (i) shall not exceed eight percent (8%) of the gross sales price for said Subdivided Residential Unit, (ii) may include items such as transfer taxes, attorney’s fees and commissions to salespersons or brokers, if such items are customarily paid by seller, and (iii) shall exclude any costs in excess of those customarily and reasonably incurred by sellers in connection with the sale of residential condominium units in Comparable Condominium Projects.
Examples of Residential Unit Net Sale Proceeds in a sentence
Further, until full repayment of the Indebtedness, neither Borrower nor any Upstream Owner shall receive any Residential Unit Net Sale Proceeds.
Further, subject to [***] Section 2.7(e), until full repayment of the Indebtedness, neither Borrower nor any Upstream Owner shall receive any Residential Unit Net Sale Proceeds.
Further, until full repayment of the Indebtedness, none of Borrower, Mortgage Pledgor or Mortgage Borrower or any Upstream Owner shall receive any Residential Unit Net Sale Proceeds.