Unsold Lots definition

Unsold Lots. If a lot does not reach the reserve, it is bought-in. In other words, it remains unsold and is returned to the consignor. Payment: You are expected to pay for your purchases in full within seven calendar days of the sale or five calendar days from the invoice date, whichever is later, and to remove the property you have bought by that date. Shipping: After payment has been made in full, Profiles in History may, as a service to buyers, arrange to have property packed, insured and shipped at your request and expense. For shipping information, please contact Profiles in History at (000) 000-0000. In circumstances in which Profiles in History arranges and bills for such services via invoice or credit card, we will also include an administration charge. Packages shipped internationally will have full value declared on shipping form. Sales Results: Interested clients may obtain sale results for specific lots at least three business days after the auction by calling Profiles in History at (000) 000-0000.
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Unsold Lots. A Project (or a phase of a Project) consisting of Entitled Land on which a Borrower has initiated development in the form of grading, road or utility installation and as to which greater than fifty percent (50%) of the Total Applicable Development Costs have been expended, whether such Total Applicable Development Costs have been expended by such Borrower or a prior owner of the Land; PROVIDED, however, that such a Project (or phase of a Project) shall cease to be considered Unsold Lots if such development failed to continue in the ordinary course of such development or after the expiration of thirty (30) months from the acquisition date of same. Each phase of a Project must meet such fifty percent (50%) test separately to qualify as Unsold Lots, and not more than 100 lots in any "product type" (as hereinafter defined) within any Project shall be considered Unsold Lots. A "product type" is a distinct series of housing units marketed in a distinct price range by means of a separate complex of model homes. Unsold Lots shall not include Unsold Work in Progress. The fact that a Project becomes ineligible as Unsold Lots as provided above shall not prevent such Project from later qualifying as Unsold Lots, Sold Homes Under Construction or Unsold Work in Progress. UNSOLD HOMES UNDER CONSTRUCTION. At any date, Homes and lots thereunder under construction on Entitled Land for which building permits have been issued and for which Qualified Contracts have not been entered into on or prior to such date. Unsold Homes Under Construction shall not include models.
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Unsold Lots. If a lot does not reach the reserve, it is bought-in. In other words, it remains unsold and is returned to the consignor.
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Examples of Unsold Lots in a sentence

  • In the case of Unsold Lots, Loan to Value shall be calculated as per the methodology used by the Appraisal.

  • With respect to the sale of the $1,000,000 of Post 2017 Unsold Lots, the City of Oxbow represents and agrees that said sales must be market-value sales.

  • As to the sale of the remaining 33 unsold lots, a list of which is attached as Exhibit “A”, [hereinafter referred to asthe “Post 2017 Unsold Lots”], Paragraph 2.3 is hereby amended to add subparagraph 2.3.9, as follows: 2.3 Proceeds from the sale of the Replacement Lots, shall be allocated and paid- out as follows:* * *2.3.9Sale of the Post 2017 Unsold Lots.

  • The bond or irrevocable letter of credit shall state “Security for Maintenance of Unsold Lots as stated in Section 2.5 of the Development Agreement for Rolling Oaks”.

  • The City of Oxbow shall assume responsibility for the maintenance of the remaining unsold lots and shall be assume responsibility for the payment of all costs associated with such maintenance; however, at such time as the above-stated$1,000,000 of Post 2017 Unsold Lots has been achieved and the division of sales proceeds shifts to the 65%/35% split, then at that time the costs of such maintenance will also be shared in accordance with the same ratio.

  • Unsold Lots are remaining Lots after all the exit bids have been considered in the final round of the Clock Auction Rounds.

  • Unsold Lots owned by the Developer shall not be subject to Regular or Special Assessments; however, the Developer shall maintain all unsold Lots.

  • Notwithstanding the foregoing, so long as the Sponsor has Unsold Lots, the Sponsor shall have the right, but not the obligation, to appoint one (1) person to the Board.

  • The Option is granted in consideration of Optionee’s payment to Optionor of the sum of five (5%) percent of the aggregate Option Price of all Unsold Lots (which includes all Lots considered part of the Business as defined in the Management Services Agreement set forth in Section 8 hereinafter) as of the first day of the Effective Date and as of the first day of any successive Extension Period (hereinafter the “Option Consideration”).

  • Following the notice of termination, the Unsold Lots shall be sold and any other assets of the Joint Venture excluding the undeveloped Lands shall be realized and the proceeds therefrom shall be deposited into the River Park South Joint Venture Bank Account for distribution in accordance with the provisions of subparagraph 6(o) hereof.


More Definitions of Unsold Lots

Unsold Lots. If a lot does not reach the reserve, it is bought-in. In other words, it remains unsold and is returned to the consignor. Payment: You are expected to pay for your purchases in full within seven calendar days of the sale or five calendar days from the in- voice date, whichever is later, and to remove the property you have bought by that date. Shipping: After payment has been made in full, Profiles in History may, as a service to buyers, arrange to have property packed, insured and shipped at your request and expense. For shipping information, please contact Profiles in History at (000) 000-0000. In circumstanc- es in which Profiles in History arranges and bills for such services via invoice or credit card, we will also include an administration charge. Packages shipped internationally will have full value de- clared on shipping form. Sales Results: Interested clients may obtain sale results for specific lots at least three business days after the auction by calling Profiles in History at (000) 000-0000. Delivery of Property to Profiles in History: After you have con- signed property to us for sale, you can either bring your property to Profiles in History yourself, arrange with your own shipper to deliver it to us or Profiles in History can arrange for it to be shipped through their shipping department. We are always happy to assist you. For more information please contact us at (000) 000-0000. Property usually arrives at Profiles in History at least three months before the sale in order to allow time to research, catalog and pho- tograph the items. Prior to the auction your property is generally stored at Profiles in History’s facilities.
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Related to Unsold Lots

  • Finished Lots Entitled Land with respect to which (a) development has been completed to such an extent that permits to allow use and construction, including building, sanitary sewer and water, are entitled to be obtained for a Unit on such Entitled Land and (b) start of construction has not occurred.

  • Harvest lot means a specifically identified quantity of marijuana that is, cultivated utilizing the same growing practices and harvested within a 72 hour period at the same location and cured under uniform conditions.

  • Appraised Value The value set forth in an appraisal made in connection with the origination of the related Mortgage Loan as the value of the Mortgaged Property.

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Undeveloped Land means (i) all undeveloped land existing on or acquired after the Issue Date and (ii) any operating property of the Company or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational.

  • Construction in Progress means each Property that is either (a) new ground up construction or (b) under renovation in which (i) greater than thirty percent (30%) of the square footage of such Property is unavailable for occupancy due to renovation and (ii) no rents are being paid on such square footage. A Property will cease to be classified as “Construction in Progress” on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than eighty percent (80%), or (B) one hundred eighty (180) days after completion of construction or renovation of such Property, as applicable.

  • Borrowing Base Property means any one of the Borrowing Base Properties.

  • Automatic tabulating equipment means apparatus that automatically examines

  • Timber Sale Area means the area or areas designated as such on Exhibit A and located on the ground by reference to legal subdivisions, monuments, natural land features, improvements, or sale boundary signs. Down Timber is defined as timber that is down as of the date of this contract, as determined by STATE.

  • Unencumbered Asset means any Project which as of any date of determination, (a) is not subject to any Liens other than Permitted Liens set forth in Sections 9.5(i) through 9.5(v), (b) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which prohibits or limits the ability of the Borrower, or its Wholly-Owned Subsidiaries, as the case may be, to create, incur, assume or suffer to exist any Lien upon any assets or Capital Stock of the Borrower, or any of its Wholly-Owned Subsidiaries other than a Permitted Negative Pledge, (c) is not subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) which entitles any Person to the benefit of any Lien (but not subject to any Liens other than Permitted Liens set forth in Sections 9.5(i) through 9.5(v)) on any assets or Capital Stock of the Borrower or any of its Wholly-Owned Subsidiaries or would entitle any Person to the benefit of any Lien (but excluding the Permitted Liens set forth in Sections 9.5(i) through 9.5(v)) on such assets or Capital Stock upon the occurrence of any contingency (including, except in the case of a Material Credit Facility, pursuant to an “equal and ratable” clause), (d) is not the subject of any material architectural/engineering issue, as evidenced by a certification of the Borrower, and (e) is materially compliant with the representations and warranties in Article VI below. Notwithstanding the foregoing, if any Project is a “Superfund” site under federal law or a site identified in writing by the jurisdiction in which such Project is located as having significant environmental contamination under applicable state law, the Borrower shall so advise the Lenders in writing and the Required Lenders shall have the right to request from the Borrower a current detailed environmental assessment (or one which is not more than two years old for Unencumbered Assets owned as of the Agreement Execution Date), and, if applicable, a written estimate of any remediation costs from a recognized environmental contractor and to exclude any such Project from Unencumbered Assets at their election. No Project of a Wholly-Owned Subsidiary shall be deemed to be unencumbered unless such Project and all Capital Stock of such Wholly-Owned Subsidiary or any other intervening Wholly-Owned Subsidiary between the Borrower and such Wholly-Owned Subsidiary is unencumbered and neither such Wholly-Owned Subsidiary nor any other intervening Wholly-Owned Subsidiary between the Borrower and such Wholly-Owned Subsidiary has any Indebtedness for borrowed money (other than Indebtedness due to the Borrower).

  • Unencumbered Asset Value means, at any time for the Consolidated Group, without duplication, the sum of the following: (a) an amount equal to (i) Unencumbered NOI from all Unencumbered Properties (other than Non-Stabilized Properties and acquisition properties described in clause (b) below) that have been owned by the Consolidated Group for four full fiscal quarter periods or longer (which amount for each individual Unencumbered Property as well as the aggregate amount for all Unencumbered Properties shall not be less than zero) divided by (ii) the Capitalization Rate, plus (b) the aggregate acquisition cost of all Unencumbered Properties acquired during the then most recently ended four fiscal quarter period, plus (c) the undepreciated book value of Unencumbered Properties that are Non-Stabilized Properties; provided that if the Unencumbered Asset Value attributable to Non-Stabilized Properties accounts for more than 15% of Unencumbered Asset Value, the amount of undepreciated book value of such Non-Stabilized Properties that exceeds such limit shall be deducted from Unencumbered Asset Value, plus (d) cash from like-kind exchanges on deposit with a qualified intermediary (“1031 proceeds”), plus (e) the value of Mezzanine Debt Investments and Mortgage Receivables owned by the Consolidated Group that are not more than ninety (90) days past due determined in accordance with GAAP, in each case that are not subject to a Lien or Negative Pledge; provided that if the Unencumbered Asset Value attributable to Mezzanine Debt Investments and Mortgage Receivables accounts for more than 10% of Unencumbered Asset Value, the amount of Mezzanine Debt Investments and Mortgage Receivables that exceeds such limit shall be deducted from Unencumbered Asset Value, plus (f) the undepreciated book value of all Unimproved Land and Construction in Progress owned by the Consolidated Group to the extent any such assets are not subject to a Lien or Negative Pledge, plus (g) Balance Sheet Cash; provided that, to the extent that Unencumbered Asset Value attributable to investments in Mezzanine Debt Investments, Mortgage Receivables, 1031 proceeds, Unimproved Land, and Construction in Progress account for more than 25% of Unencumbered Asset Value, in the aggregate, the amount that exceeds such limit shall be deducted from Unencumbered Asset Value. For clarification purposes, in determining whether clause (a) or clause (b) above applies, the date a Property will be deemed to have been acquired is the date it was acquired by the Consolidated Group or any prior Affiliate of the Consolidated Group.

  • Unencumbered Property means any one of the Unencumbered Properties.

  • Eligible Property means property beneficially owned by a person or entity other than the Fund and held in a bank account maintained by BNYM for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting or escheat under an Unclaimed Property Law, (y) of a nature or type or classification reasonably related to the services performed by BNYM under this Agreement (such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts), and (z) under the control of BNYM.

  • Unencumbered means, with respect to any Hotel Property, at any date of determination, the circumstance that such Hotel Property on such date:

  • Stored value means monetary value that is evidenced by an electronic record.

  • Land Value means, at any time:-

  • Unencumbered Properties means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any one of the Unencumbered Properties.

  • Side lot line means a lot line other than a front or rear lot line.

  • Timber means forest trees, standing or down, of a commercial species, including Christmas trees. However, "timber" does not include Christmas trees that are cultivated by agricultural methods, as that term is defined in RCW 84.33.035.

  • Corner lot means a lot situated at the intersection of and abutting upon two streets, or upon two parts of the same street, the adjacent sides of which street or streets (or, in the case of a curved corner, the tangents at the street extremities of the side lot lines) contain an angle of not more than one hundred and thirty-five (135) degrees. In the case of a curved corner, the corner of the building lot shall be that point on the street line nearest to the point of intersection of the said tangents.

  • Assessed value means 1 of the following:

  • Unencumbered Total Asset Value as of any date means the sum of (1) those Undepreciated Real Estate Assets not encumbered by any mortgage, lien, charge, pledge or security interest and (2) all of Issuer’s and its Subsidiaries’ other assets on a consolidated basis determined in accordance with generally accepted accounting principles (but excluding intangibles), in each case which are unencumbered by any mortgage, lien, charge, pledge or security interest; provided, however, that, in determining Unencumbered Total Asset Value for purposes of Section 4.09(d) hereof, all investments by the Issuer and any of its Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities accounted for financial reporting purposes using the equity method of accounting in accordance with generally accepted accounting principles shall be excluded from Unencumbered Total Asset Value.

  • Asset Pool means a pool of cash-flow generating assets in which an issuer of a securitized product has a direct or indirect ownership or security interest;

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

  • Unencumbered Assets means assets which are not subject to a Security Interest.

  • Single-family dwelling unit means a structure that is usually occupied by just one household or family and for the purposes of this Policy is expected to generate an average of 250 gallons per day of wastewater.