Spec House definition

Spec House means a House which is to be, has been or is in the process of being, constructed, and which (i) is not the subject of an Approved Sales Contract, (ii) is not a Model House, and (iii) any House which was subject to an Approved Sales Contract, but which Approved Sales Contract has subsequently been terminated, cancelled, voided or breached by the purchaser or which otherwise no longer qualifies as an Approved Sales Contract.
Spec House means a House which is not the subject of an Approved Sales Contract. The term "Spec House" includes the Lot upon which it is located.
Spec House. A Lot and the Improvement which is to be, has been or is in the process of being, constructed thereon, and which at the time of Acceptance is not the subject of an Approved Sales Contract and is not Model House. A Model House shall not be deemed to be a Spec House. A Spec House will become and constitute a Pre-Sold House when, and for so long as, such Spec House becomes subject to an Approved Sales Contract.

Examples of Spec House in a sentence

  • Notwithstanding anything to the contrary contained herein, the number of Spec Houses included as Borrowing Base Property, at any one time, shall not exceed the Spec House Sublimit.

  • Twenty-four (24) months after any Spec House has been included as Borrowing Base Property, the Maximum Credit Amount for such Spec House shall further decrease to amount equal to fifty percent (50%) of the Total Cost of such Spec House.

  • The amount equal to ninety percent (90%) of the Total Cost of such Spec House; provided, that, from and after the date on which a Spec House has been included as Borrowing Base Property for a period of twenty four (24) consecutive months, the Maximum Credit Amount for such Spec House shall decrease to amount equal to zero percent (0%) of the Total Cost of such Spec House.

  • Upon Administrative Agent’s request, in connection with any Borrowing Base Report, Borrower shall furnish to Administrative Agent evidence of the Total Cost for each parcel of Entitled Land, LUD, Lot, Model House, Pre-Sold House and Spec House, in form and substance acceptable to Administrative Agent.

  • The amount equal to ninety percent (90%) of the Total Cost of such Spec House.

  • Upon the Administrative Agent’s reasonable request, in connection with any Borrowing Base Certificate, the Borrower shall furnish to the Administrative Agent evidence of the Total Cost for the Entitled Land, LUD, Lot, Model House, Pre-Sold House and Spec House, in form and substance reasonably acceptable to the Administrative Agent.

  • Eighteen (18) months after any Spec House has been included as Borrowing Base Property, the Maximum Credit Amount for such Spec House shall decrease to amount equal to seventy-five percent (75%) of the Total Cost of such Spec House.


More Definitions of Spec House

Spec House means a House which is to be, has been or is in the process of being, constructed, and which at the date of recordation of the Security Instrument covering such House, (i) is not the subject of an Approved Sales Contract, (ii) is not a Model House, and (iii) any House which, at the date of recordation of the Security Instrument covering such House, was subject to an Approved Sales Contract, but which Approved Sales Contract has subsequently been terminated, cancelled, voided or breached by the purchaser or which otherwise no longer qualifies as an Approved Sales Contract.

Related to Spec House

  • 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.

  • 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 lodg- ing 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;

  • dwelling house means any residential property assessed as real

  • Trinity House means the Corporation of Trinity House of Deptford Strond;

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

  • Public highway means a public highway, road, street, avenue, alley, or thoroughfare of any kind, or a bridge, tunnel, or subway used by the public.

  • Median household income (MHI) means the calculation computed by the U.S. Census Bureau - Income of Households - This includes the income of the householder and all other individuals 15 years old and over in the household, whether they are related to the householder or not. Because many households consist of only one-person, average household income is usually less than average family income. The median divides the income distribution into two equal parts with 50% of the cases falling below the median income and 50% above the median. For households and families, the median income is based on the distribution of the total number of households and families, including those with no income. The median income for individuals is based on individuals 15 years old and over with income. Median income for households, families, and individuals is computed on the basis of a standard distribution.

  • Clubhouse means a community-based program that provides

  • Birth center means a facility or institution, which is not an ambulatory surgical center or a hospital or in a hospital, in which births are planned to occur following a normal, uncomplicated, low-risk pregnancy.

  • one-way street means a street upon which vehicular traffic is limited to movement in one direction.

  • Boarding home means a privately owned and operated home for the boarding and lodging of individuals which is approved by the Department of Juvenile Justice or the cabinet for the placement of children committed to the department or the cabinet;

  • Site Visit means a visit to the Site; and

  • Multi-family housing means a building or structure that is designed to house two (2) or more different households in separate housing Units which have full kitchen facilities including oven/range, refrigerator, kitchen sink with hot and cold water supply and food storage facilities and at least one (1) full bathroom facility(s), one (1) full bedroom and one (1) living area (including a combination thereof such as studio arrangements).

  • communal land means land under the jurisdiction of a traditional council determined in terms of section 6 of the Eastern Cape Traditional Leadership and Governance Act, (Act 4 of 2005) and which was at any time vested in -

  • 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;

  • State highway means a state route or portion of a state

  • Michigan state housing development authority means the public body corporate and politic created by Section 21 of the State Housing Development Authority Act of 1966, 1966 PA 346, MCL 125.1421.