Spec Units Clause Samples

Spec Units. Each Spec Unit may be included in Eligible Collateral for not more than twelve (12) Calendar Months from the original Unit Eligibility Date for such Unit.

Spec Units. Each Spec Unit may be included in Eligible Assets for not more than twelve (12) months from the original Unit Eligibility Date for such Unit; provided, however, that so long as no Event of Default has occurred and is continuing, Spec Units may be included in Eligible Assets for two (2) additional consecutive periods of three (3) months each (i.e., for a total Unit Term of eighteen (18) months from the original Unit Eligibility Date); provided further, however, that during the second such three (3) month period the Asset Value for each such Unit will be reduced to 70% of Cost. No Unit may be included in the Eligible Assets as a Spec Unit (including by reclassification of a Presold Unit as a Spec Unit) if after giving effect to such inclusion any of the provisions of Section 3.1(b) would be exceeded or such inclusion is otherwise not permitted pursuant to this Agreement.

Spec Units. Each Spec Unit which constitutes a SFR Unit or an MFR Unit may be included in Eligible Collateral for not more than twelve (12) Calendar Months from the original Unit Eligibility Date for such Unit. Each Spec Unit which constitutes a High Density Unit may be included in Eligible Collateral for not more than twenty-four (24) Calendar Months from the original Unit Eligibility Date for such Unit.

Spec Units. A Spec Unit may constitute Eligible Collateral for not more than twelve (12) Calendar Months after the date on which the Unit and its related Lot first became Eligible Collateral.

Spec Units. Subject to Sections 3.3(d), 3.4 and 3.5, each Spec Unit may be included in Eligible Assets for not more than twelve (12) months from the original Unit Eligibility Date for such Unit; provided, however, that so long as no Event of Default has occurred and is continuing, Spec Units may be included in Eligible Assets for two (2) additional consecutive periods of three (3) months each (i.e., for a total Unit Term of eighteen (18) months from the original Unit Eligibility Date); provided further, however, that during the second such three (3) month period the Margin Value for each such Unit will be reduced in accordance with Section 3.1(c). No Unit may be included in the Eligible Assets as a Spec Unit (including by reclassification of a Presold Unit as a Spec Unit) if after giving effect to such inclusion any of the provisions of Section 3.4 would be exceed or such inclusion is otherwise not permitted pursuant to this Agreement.

Spec Units. INSPECTOR INSPECTOR, or such other inspector(s) or engineer(s) engaged by the Lender, at the expense of the Borrower, to provide to Lender consultation services in connection with the Project. -------------------------------------------------------------------------------- CONSTRUCTION PROGRESS SCHEDULE Construction of the Project will commence no later than ninety (90) days from the date of this Project Commitment and will continue in accordance with the Construction Progress Schedule provided to Lender. -------------------------------------------------------------------------------- PROJECT DOCUMENTS -------------------------------------------------------------------------------- PROJECT DOCUMENTS Project Commitment Deed of Trust UCC Financing Statements (one for filing with PROJECT STATE Secretary of State and one for filing with PROJECT COUNTY County Title Policy or Title Policy Endorsement Plans and Specifications -------------------------------------------------------------------------------- OTHER REQUIRED DOCUMENTS Prior to closing this transaction, Borrower shall deliver to Lender the following: KEYBOARD(SPECIFY) -------------------------------------------------------------------------------- This Project Commitment is conditioned upon the absence of (i) any Material Adverse Change since the date of the most recent financial statements delivered to Lender, (ii) any material adverse change in the financial condition or projected operations of the Project since the date of the most recent information delivered to the Lender with respect to the Project, (iii) any material action, suit or proceeding (including, without limitation, any inquiry or investigation) pending or threatened with respect to Borrower, the Guarantor or the Project that could have a material adverse affect on the Borrower, the Guarantor or the Project and (iv) the occurrence of any Event of Default or Potential Default prior to the execution and delivery of the Project Documents. The Project Documents shall be prepared by counsel to the Lender and shall be satisfactory to the Lender. Borrower shall be obligated to pay all costs and expenses incurred to satisfy all conditions precedent, whether or not any funds of the Loan are advanced with respect to the Project. The Lender shall not be responsible or liable for consequential damages which may be alleged as a result of the issuance of this Project Commitment. Borrower agrees to indemnify and hold harmless Lender from liabilities (...