Spec Units. With respect to each Spec Unit, the sum of (i) seventy-five percent (75%) of the Finished Lot Acquisition Cost for the subject Lot plus (ii) (A) seventy-five percent (75%) of the Appraised Value of the Spec Unit (less (i) noted above), multiplied by (B) the Completion Percentage for the Spec Unit; and
Appears in 3 contracts
Sources: Loan Agreement (Stanley-Martin Communities, LLC), First Modification Agreement (Neighborhoods V, LLC), Loan Agreement (Stanley-Martin Communities, LLC)