Model Unit definition

Model Unit means a Completed Unit to be used as a model home in connection with the sale of Units in a residential housing project.

Model Unit means a Housing Unit constructed initially for inspection by prospective purchasers that is not intended to be sold until all or substantially all other Housing Units in the applicable subdivision are sold.

Model Unit means a residential dwelling located in a Subdivision which is open to the general public for viewing purposes and which is not typically available for sale until substantially all units in such Subdivision are sold.

Examples of Model Unit in a sentence

• If Licensor disapproves any portion of any Model Unit, Licensor shall provide detailed written objections and describe the required changes to such Model Unit that would be required to satisfy the Design Standards and obtain the approval of Licensor.

• Prior to construction of the Project, Licensee shall construct a model unit (“Model Unit”) for review and approval by Licensor, such review and approval to include: (i) compliance with the Design Standards; (ii) the level of fit, finish and quality appearing in the units and the general arrangement of the unit; and (iii) FF&E installed in the Model Unit.

• Upon receipt by Licensee of written notice from Licensor that the Model Unit has been approved, Licensee shall construct, furnish and equip (or cause to be constructed, furnished and equipped) the Project in accordance with the level of fit, finish and quality appearing in, the general arrangement of, and the FF&E installed in, the approved Model Unit.

• Upon receipt by Licensor of written notice from Licensee of completion of the Model Unit, Licensor shall have thirty (30) days in which to review and approve the Model Unit.

• Speculative Units means any residential unit that is not a Sold Unit or a Model Unit.

More Definitions of Model Unit

Model Unit shall have the meaning ascribed to it in Section 2.4.2.

Model Unit means a Unit that is being used as or is designated for use as a model home in connection with the sale of Units; provided, however, that, a lot that constituted a Finished Lot shall be deemed a Model Unit prior to the Commencement of Construction if so designated by the Borrower in the ordinary course of its marketing of Units.

Model Unit means a Unit constructed and furnished initially for inspection by prospective purchasers that is not intended to be sold until all or substantially all of the other Units in the Subdivision are sold.

Model Unit means a Unit which is open to the general public for viewing purposes and which is not available for sale until all of its corresponding plan type in the applicable Subdivision have been sold.

Model Unit means any Unit which is not a Sold Unit and which is intended to be used as a model or sales office to conduct the business of marketing and selling homes.

Model Unit means a Completed Unit to be used as a model home in connection with the sale of Units in a residential housing project. “Moody’s” means Moody’s Investors Service, Inc.

Model Unit means a Unit constructed and furnished initially for inspection by prospective purchasers.