Presold Housing Unit definition

Presold Housing Unit means a Housing Unit which is subject to an Approved Sales Contract.
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Presold Housing Unit means a Housing Unit as to which the Loan Party that owns such Housing Unit has a bona fide contract of sale, in a form customarily employed by such Loan Party, entered into with a Person who is not an Affiliate of a Loan Party, and: (a) under which contract no defaults then exist; (b) under which contract the purchaser has made the customary xxxxxxx money deposit; and (c) under which contract there are no contingencies (other than ordinary and customary contingencies to the purchaser’s obligation to buy such Housing Unit entered into in the ordinary course of business).
Sample 1Sample 2
Presold Housing Unit means a Housing Unit as to which the Loan Party that owns such Housing Unit has a bona fide contract of sale, in a form customarily employed by such Loan Party, entered into with a Person who is not an Affiliate of a Loan Party, and: (a) under which contract no defaults then exist; (b) under which contract the purchaser has made the customary earnest money deposit; and (c) under which contract there are no contingencies (other than ordinary and customary contingencies to the purchaser’s obligation to buy such Housing Unit entered into in the ordinary course of business).
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More Definitions of Presold Housing Unit

Presold Housing Unit means a Housing Unit as to which the Company or a Guarantor that owns such Housing Unit has a bona fide contract of sale, in customary form, entered into with a Person who is not an Affiliate of the Company or any Guarantor, and: (a) under which contract no defaults then exist; (b) under which contract the purchaser has made the customary earnest money deposit; and (c) under which contract there are no contingencies (other than ordinary and customary contingencies to the purchaser’s obligation to buy such Housing Unit entered into in the ordinary course of business).
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Presold Housing Unit means a Housing Unit which is subject to a valid, bona-fide agreement of sale that (a) is with an unrelated third-party purchaser, for fair market value, (b) provides for a cash deposit of an amount comparable with market standards for a percentage of the purchase price (if required by state law, deposits will be held either (i) by an independent third party (i.e. a real estate broker) or (ii) in an escrow account of Borrower placed with a Lender), (c) is not subject to, or conditioned upon, the sale or lease by the purchaser of any existing real property owned by the purchaser, and (d) contains no contingency other than for a mortgage commitment which is not to exceed ninety-five percent (95%) of the gross sales price of the Housing Unit (but any mortgage contingency for a loan in excess of ninety-five percent (95%) of the sales price, if permitted by Agent, shall require certification of pre-approval from a mortgage lender acceptable to Agent), and which is not contingent upon the sale or lease of any other real estate (although if the financing commitment does include such sale or lease contingency, such contingency must be specifically excluded in the agreement of sale relating to such Housing Unit).
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Presold Housing Unit means a Housing Unit which is subject to an Approved Sales Contract. “Principal Office” means the office of the Administrative Agent located at 000 Xxxxx 0xx Xxxxxx, 0xx Xxxxx, Xxxxxxxxxxx, Xxxxxxxxx 00000, or any other subsequent office that the Administrative Agent shall have specified as the Principal Office by written notice to the Borrower and the Lenders.
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Presold Housing Unit shall continue to determine when it is excluded from the Borrowing Base pursuant to clause (v) of this definition, plus
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Presold Housing Unit means a Housing Unit which is subject to a valid, bona-fide agreement of sale that (a) is with an unrelated third-party purchaser, for fair market value, (b) provides for a cash deposit of an amount comparable with market standards for a percentage of the purchase price (if required by state law, deposits will be held either (i) by an independent third party (i.e. a real estate broker) or (ii) in an escrow account of Borrower placed with a Lender), (c) is not subject to, or conditioned upon, the sale or lease by the purchaser of any existing real property owned by the purchaser, and (d) contains no contingency other than for a mortgage commitment which is not to exceed ninety-five percent (95%) of the gross sales price of the Housing Unit (or, if permitted by Agent in its reasonable discretion, any mortgage contingency for a loan in excess of ninety-five percent (95%) of the sales price so long as certification of pre-approval from a mortgage lender reasonably acceptable to Agent has been obtained), and which is not contingent upon the sale or lease of any other real estate (although if the financing commitment does include such sale or lease contingency, such contingency must be specifically excluded in the agreement of sale relating to such Housing Unit).
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Related to Presold Housing Unit

  • Housing Unit is either a Presold Unit, a Spec Unit or a Model Unit.

  • Affordable Housing Unit means a rental unit in an affordable housing building that rents for an amount that is affordable to households at or below 60 percent of area median income, as median income was most recently determined by the United States Department of Housing and Urban Development for the Minneapolis- St. Paul- Bloomington, Minnesota-Wisconsin Metropolitan Statistical Area, as adjusted for household size and number of bedrooms.

  • Affordable Housing Units – means the Affordable Housing to be provided as part of the Development in accordance with the application and/or any subsequent reserved matters approval.

  • Residential Dwelling Unit means any portion of a building that contains living facilities, including a room or rooms in a facility that have shared cooking, bathing, toilet, or laundry facilities such as dormitories, shelters, assisted living facilities, and boarding homes. "Residential dwelling unit" also means facilities that include provisions for sleeping, cooking, bathing, and toilet facilities for one or more persons and are used for extended stays, such as time-shares and extended-stay motels. "Residential dwelling unit" does not mean a guest room in a motel or hotel.

  • Deficient housing unit means a housing unit with health and safety code violations that require the repair or replacement of a major system. A major system includes weatherization, roofing, plumbing (including wells), heating, electricity, sanitary plumbing (including septic systems), lead paint abatement and/or load bearing structural systems.

  • Dwelling unit means a single unit providing complete, independent living facilities for one or more persons, including permanent provisions for living, sleeping, eating, cooking and sanitation.

  • 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.

  • Housing project means a project, or distinct portion of a

  • 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).

  • Rooming unit means any room or group of rooms forming a single habitable unit used or intended to be used for living and sleeping, but not for cooking or eating purposes.

  • Generating Unit means one or more generating equipment combinations typically consisting of prime mover(s), electric generator(s), electric transformer(s), steam generator(s) and air emission control devices.

  • Multifamily housing means housing accommodations designed as a residence for more than 1 family.

  • Multifamily dwelling means a structure that contains more than one separate residential dwelling unit, which is used or occupied, or is intended to be used or occupied, in whole or in part, as the home or residence of one or more persons.

  • Operating Unit means, for purposes of this part, primary and constituent operating units designated as such in the Department Order Series of the De- partment of Commerce and, in addi- tion, the Office of the Secretary.

  • Tube housing assembly means the tube housing with tube installed. It includes high-voltage and/or filament transformers and other appropriate elements when such are contained within the tube housing.

  • Electric generating unit means an individual electric generator and its associated plant and apparatus whose electrical output is capable of being separately identified and metered. Emergency Condition shall mean a condition or situation: (1) that in the judgment of the Party making the claim is imminently likely to endanger life or property; or (2) that, in the case of the CAISO, is imminently likely (as determined in a non-discriminatory manner) to cause a material adverse effect on the security of, or damage to, the CAISO Controlled Grid or the electric systems of others to which the CAISO Controlled Grid is directly connected; (3) that, in the case of the Participating TO, is imminently likely (as determined in a non-discriminatory manner) to cause a material adverse effect on the security of, or damage to, the Participating TO’s Transmission System, Participating TO’s Interconnection Facilities, Distribution System, or the electric systems of others to which the Participating TO’s electric system is directly connected; or

  • Affordable housing project means, for purposes of this part, title fourteen of article twenty seven of the environmental conservation law and section twenty-one of the tax law only, a project that is developed for residential use or mixed residential use that must include affordable residential rental units and/or affordable home ownership units.

  • Apartment Dwelling means any dwelling unit within a building containing more than four dwelling units where the units are connected by an interior corridor;

  • Residential Dwelling Any one of the following: (i) a detached one-family dwelling, (ii) a detached two- to four-family dwelling, (iii) a one-family dwelling unit in a Xxxxxx Xxx eligible condominium project, (iv) a manufactured home, or (v) a detached one-family dwelling in a planned unit development, none of which is a co-operative or mobile home.

  • Residential Lot means a lot, the use of which is limited by law, covenant,

  • Multi-family dwelling means a structure that contains more than one separate dwelling unit, which is used, or occupied, or intended to be used or occupied, in whole, or in part as the home or residence of one or more persons.

  • Spending unit means the department, bureau, division, office, board, commission,

  • Supportive housing means housing with no limit on length of stay, that is occupied by the target population, and that is linked to an onsite or offsite service that assists the supportive housing resident in retaining the housing, improving his or her health status, and maximizing his or her ability to live and, when possible, work in the community.

  • Target housing means any housing constructed prior to 1978, except housing for the elderly or persons with disabilities (unless any one or more children age 6 years or under resides or is expected to reside in such housing for the elderly or persons with disabilities) or any 0-bedroom dwelling.

  • Accessory dwelling unit means a habitable living unit added to, created within, or detached from a primary single-family dwelling and contained on one lot.

  • Family day care home means a unit registered under Title 5, Subtitle 5 of the Family Law Article.