Examples of Spec 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).
Such request and all other documents and instruments described in this Section 4.3 shall be submitted with the Borrowing Base Certificate in which Borrower intends to include such Finished Lots in the Borrowing Base as Presold and/or Spec Homes.
Borrower shall have submitted to Lender a request in the form of Exhibit “E” that Finished Lots be included in the Borrowing Base as Presold and/or Spec 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.
Spec Homes Project 1 $ 0 $ 0 $ 0 Project 2 $ 0 $ 0 $ 0 Project 3 $ 0 $ 0 $ 0 Project 4 $ 0 $ 0 $ 0 Project 5 $ 0 $ 0 $ 0 Project 6 $ 0 $ 0 $ 0 SUB-TOTAL $ 0 $ 0 $ 0 II.
In the event a Speculative Home, Model Home or Vacant Lot is presented for inclusion in the Borrowing Base and the inclusion of said Borrowing Base Unit will cause the limitations specified in the Existing Loan Agreement to be exceeded, said Borrowing Base Unit may be included in the Borrowing Base and the Borrowing Base Value thereof shall be reduced so that such limitation on Spec Homes or Model Homes will not be exceeded.
Speculative Homes (Spec Homes) are those homes built in River Run Plantation with the intention of immediate sale before or upon completion of construction or placement.
Permit the aggregate number of Spec Homes owned by the Borrower and its Subsidiaries at any time to exceed 25% of the aggregate number of Housing Units sold by the Borrower and its Subsidiaries during the most recently ended Measurement Period.
START LIMITATIONS Construction of the Units will be limited to (i) an agreed upon number of Project Model Homes as set forth in the Project Commitment, plus (ii) 100% of Units for which there exists a Sales Agreement, plus (iii) an amount of Spec Homes equaling up to three (3) months of Unit absorption, based on the absorption rate projected in the Appraisal Report.
In the event a Speculative Home, Model Home or Vacant Lot is presented for inclusion in the Borrowing Base and the inclusion of said Borrowing Base Unit will cause the limitations specified in the Exhibit A to be exceeded, said Borrowing Base Unit may be included in the Borrowing Base and the Borrowing Base Value thereof shall be reduced so that such limitation on Spec Homes or Model Homes will not be exceeded.