Spec Home definition

Spec Home means any Home in a Qualified Project that is not a Presold Home or Model Home.

Spec Home means a single family residence constructed or to be constructed in an Approved Subdivision which is not the subject of an Approved Sales Contract, whether or not the construction thereof is funded by Lender, including a Model Home. With respect to Spec Homes financed hereunder, the term “Spec Home” includes the Lot upon which such Home is located.

Spec Home means any Home in the Project for which a Purchase Contract does not exist.

Examples of Spec Home 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).

• Borrower is currently not in compliance with the Spec Home limitation as set forth in Section 1.3(a) of Exhibit “C” to the Loan Agreement (“Spec Home Limitation Violation”).

• Borrower further agrees that if a Spec Home is financed by Lender hereunder and purchased pursuant to an Approved Sales Contract, then upon delivery to Lender of the Approved Sales Contract and such other supporting documents and evidence satisfactory to Lender in its sole discretion, such Home shall no longer be designated as a Spec Home and shall instead be designated as a standard Home.

• Subject to the terms governing the return of the Xxxxxxx Money Deposit set forth in Sections 9 (Completion/Closing Date), Section 11.3 (Right to Cure), Section 11.5 (Common Interest Community), Section 14.1.2 (If Seller is in Default), and Section 18 (Termination by Seller), the Xxxxxxx Money Deposit is subject to one of the two paragraphs below: Spec Home.

• A Qualified Builder's request for a disbursement of Grant funds upon the completion of construction of a Spec Home.

More Definitions of Spec Home

Spec Home means a Unit immediately available for sale, but for which a purchase contract reasonably satisfactory to the Administrative Agent has not been signed.

Spec Home means a type of new home already constructed by a contractor with the intent to sell. It includes the lot on which the home is built.

Spec Home any Housing Unit which is not a Model Home and which is not subject to a bona fide written agreement for sale and purchase, between the Borrower or any of its Subsidiaries which is a Loan Party, as seller, and a Person, other than an Affiliate of the Borrower or any such Subsidiary, as buyer, entered into in the ordinary course of business, under which a cash xxxxxxx xxxey deposit or down payment in an amount customary for the locale has been paid, and that is subject only to customary contingencies to the closing of the agreement and the buyer's purchase obligation.

Spec Home means a Home that is not a Pre-Sold Home (and shall not include a Model Home).

Spec Home means a Home constructed for the purpose of adding to Borrower's inventory, and which Home is not subject to a Purchase Contract.

Spec Home means a home that is built without a current contract or sales agreement with a homebuyer, as approved by lender in its sole discretion.

Spec Home means a private single-family residence constructed by a builder or individual for sale on the open market and not built for an individual for immediate occupancy.