Completed Unsold Homes definition

Completed Unsold Homes means all condominium units and one-to-four family residences (including Model Homes) owned by the Borrower or its Subsidiaries as part of their respective real estate development business, for which construction has been "completed" less than 180 days before such date, but for which there is in existence no written Contract for Sale. Construction will be considered "completed" for a condominium unit when the temporary certificate of occupancy for such unit has been issued; construction will be considered "completed" for a one-to-four family residence when all electrical and plumbing fixtures have been installed and utility services in connection therewith have been connected. Notwithstanding the foregoing, Model Homes will continue to be considered Completed Unsold Homes until the date which is 180 days after the last production unit in the particular real estate project (for which such Model Home is used as a model) has been sold.
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Completed Unsold Homes means all Units (including all Model Homes) for which construction has been “completed” but for which there is in existence no written Contract for Sale, the value of which is the lesser of (x) value determined in conformity with GAAP and (y) the Appraised Value. Construction will be considered “completed” when a temporary certificate of occupancy, certificate of occupancy or similar certificate has been issued by the applicable Governmental Authority or, if the applicable Governmental Authority does not issue such a certificate until a purchaser has been identified or no Governmental Authority issues such a certificate with respect to such Unit, when construction of such Unit has been substantially completed (exclusive of items of a punchlist nature) in compliance with all applicable building codes and other Requirements of Law, and such Unit has satisfied the Administrative Borrower’s criteria for and has been classified by the Administrative Borrower as “complete” in its accounting system.
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Completed Unsold Homes means, as of any date, all Units (including all Model Homes), for which construction has been "completed", but for which there is in existence no written Contract for Sale, the value of which is determined in conformity with GAAP. Construction will be considered "completed" when a temporary certificate of occupancy or a certificate of occupancy has been issued.
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Examples of Completed Unsold Homes in a sentence

  • An Unsold Home Under Construction that is included in the Borrowing Base will automatically continue in the Borrowing Base as a Completed Unsold Home upon being “completed” (within the meaning of the definition of Completed Unsold Home), provided that any Mortgage Requirements for Completed Unsold Homes not then satisfied must be satisfied within 30 days of such Unsold Home Under Construction becoming a Completed Unsold Home in order for such Completed Unsold Home to remain in the Borrowing Base.

  • Mortgages on Completed Unsold Homes as of the Amendment Effective Date, including all related Mortgage Requirements, will be delivered no later than December 22, 2006.


More Definitions of Completed Unsold Homes

Completed Unsold Homes means, as of any date, all Units (including all Model Homes), for which construction has been “completed”, but for which there is in existence no written Contract for Sale, the value of which is the lesser of (x) value determined in conformity with GAAP and (y) the appraised value determined in accordance with the Mortgage Requirements. Construction will be considered “completed” when a temporary certificate of occupancy, certificate of occupancy or similar certificate has been issued by the Applicable Governmental Authority or, if the applicable Governmental Authority does not issue such a certificate until a purchaser has been identified or no Governmental Authority issues such a certificate with respect to such Unit, other evidence of completion (exclusive of items of a punchlist nature) reasonably satisfactory to the Administrative Agent.
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Related to Completed Unsold Homes

  • completed vehicle means a vehicle, resulting from the process of multi-stage type-approval, which meets the relevant technical requirements of this Directive;

  • 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.

  • Family day home means a child day program offered in the residence of the provider or the home of any of the children in care for one through 12 children under the age of 13, exclusive of the provider's own children and any children who reside in the home, when at least one child receives care for compensation. The provider of a licensed or registered family day home shall disclose to the parents or guardians of children in their care the percentage of time per week that persons other than the provider will care for the children. Family day homes serving five through 12 children, exclusive of the provider's own children and any children who reside in the home, shall be licensed. However, no family day home shall care for more than four children under the age of two, including the provider's own children and any children who reside in the home, unless the family day home is licensed or voluntarily registered. However, a family day home where the children in care are all related to the provider by blood or marriage shall not be required to be licensed.

  • Adult family home means a home licensed under chapter 70.128

  • Completed Transaction in a CFD shall mean two counter deals of the same size (opening a position and closing a position): buy then sell and vice versa.

  • 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.

  • Large project means, for purposes of the Soft Cost Ratio limitation in Section 3.F, a Project with more than 24 Housing Credit units.

  • 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.

  • Motor home means every private motor vehicle with a normal seating capacity of not more than 10

  • Single-family dwelling means a private residence provided with sleeping and cooking facilities intended for domestic use and in which the occupants live as a single housekeeping unit that is not part of a multiple dwelling;

  • Registered family day home means any family day home that has met the standards for voluntary registration for such homes pursuant to regulations adopted by the Board and that has obtained a certificate of registration from the Commissioner.

  • Cutback asphalt means asphalt cement which has been liquefied by blending with petroleum solvents (diluents). Upon exposure to atmospheric conditions, the diluents evaporate, leaving the asphalt cement to perform its function.

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

  • Abbeyfield Home means an establishment run by the Abbeyfield Society including all bodies corporate or unincorporated which are affiliated to that society;

  • Completed application means an application in the form and number and containing all the information required pursuant to 34 Administrative Code 9.1053 (Entity Requesting Agreement to Limit Appraised Value), that has been determined by the district and the comptroller to include all minimum requirements for consideration.

  • designated sporting event generally means any association football match, whether national or international. The full legal definition of the different classes of designated sporting events may be found in the Sports Grounds and Sporting Events (Designation) (Amendment) Order 2011, under Article 2(1) and 2(2) of Schedule 2.

  • Multifamily Property means a Property improved with, and from which at least 80% of the rental income is derived from, residential apartments, which may include a Property that is a part of a Mixed-Use Project.

  • Family home or "family residence" means the location or portion of a location where the applicant and his or her family reside, and may include basements and attics. It does not include other structures that are separate from the home but are considered part of the overall premises, such as adjacent apartments, unattached basements in multi-unit buildings, unattached garages, and other unattached buildings.

  • Rehabilitation facility means a non-residential facility that provides therapy and training rehabilitation services at a single location in a coordinated fashion, by or under the supervision of a physician pursuant to the law of the jurisdiction in which treatment is provided. The center may offer occupational therapy, physical therapy, vocational training, and special training such as speech therapy. The facility may be either of the following:

  • complete vehicle means any vehicle which need not be completed in order to meet the relevant technical requirements of this Directive;

  • Animal shelter means a facility operated by a humane society or any society organized under Chapter 1717. of the Revised Code or a dog pound operated pursuant to Chapter 955. of the Revised Code.

  • Modular home means a modular unit as defined in Section 15A-1-302.

  • New manufactured home park or subdivision means a manufactured home park or subdivision for which the construction of facilities for servicing the lots on which the manufactured homes are to be affixed (including at a minimum, the installation of utilities, the construction of streets, and either final site grading or the pouring of concrete pads) is completed on or after the effective date of this ordinance or the effective date of the initial floodplain management ordinance and includes any subsequent improvements to such structure.

  • Qualified Property has the meaning set forth in Section 313.021(2) of the TEXAS TAX CODE and as interpreted by the Comptroller’s Rules and the Texas Attorney General, as these provisions existed on the Application Review Start Date.

  • Qualified project means the construction or expansion of any capital project of the Borrower or any of its Restricted Subsidiaries, the aggregate actual or budgeted capital cost of which (in each case, including capital costs expended by the Borrower or any such Restricted Subsidiaries prior to the construction or expansion of such project) exceeds $50,000,000.

  • Stabilized Property means, any Property that is not a Development Property.