Unit Construction Cost definition
Unit Construction Cost as set forth in the Unit Budget approved by Lender in its sole discretion, means, with respect to each Unit, the sum of (i) the “hard costs” associated with the construction of the Unit, (ii) the “soft costs” associated with the construction of the Unit, including property taxes, appraisal costs, architects and engineers fees, entitlement costs, project supervision costs and review and inspection fees, (iii) Up Front Costs, specifically approved by Lender, in it’s sole discretion and (iv) an amount approved by Lender representing the allocated financing costs with respect to such Unit.
Unit Construction Cost means, with respect to each Unit, the sum of (i) the “hard costs” associated with the construction of the Unit; (ii) the “soft costs” associated with the construction of the Unit, including property taxes, appraisal costs, architects, and engineers fees, entitlement costs, project supervision costs and review and inspection fees; (iii) “up-front fees” with respect to such Unit including building permit fees, tap fees and fees of Governmental Authorities which are required to be paid prior to the start of the construction of the Unit; and (iv) any amount representing the allocated financing costs and other costs with respect to such Unit (determined in accordance with GAAP). With respect to Model Homes, the Unit Construction Cost shall also include upgrades associated with the use of such Unit as a Model Home.
Unit Construction Cost means, with respect to each Unit, the sum of (a) the “hard costs” associated with the construction of the Unit, (b) the “soft costs” associated with the construction of the Unit, including property taxes, appraisal costs, architects and engineers fees, entitlement costs, project supervision costs and review and inspection fees, (c) “up-front fees” with respect to such Unit, including building permit fees, tap fees and fees of Governmental Authorities which are required to be paid prior to the start of the construction of the Unit, and (d) an amount approved by Administrative Agent representing the allocated financing costs with respect to such Unit.
More Definitions of Unit Construction Cost
Unit Construction Cost as set forth in the Unit Budget approved by Bank in its sole discretion, means, with respect to each Unit, the sum of (i) the “hard costs” associated with the construction of the Unit, (ii) the “soft costs” associated with the construction of the Unit, including property taxes, appraisal costs, architects and engineers fees, entitlement costs, project supervision costs and review and inspection fees, (iii) Up Front Costs, specifically approved by Bank, in its sole discretion, and (iv) an amount approved by Bank representing the allocated financing costs with respect to such Unit. In the case of Model Units, the Unit Construction Cost shall also include upgrades associated with the use of such Unit as a Model Unit.