Eligible Lot definition

Eligible Lot means: (i) a specific, identified lot in Sanctuary Belize (as defined herein), or is identified as being in Sanctuary Belize (as defined herein); (ii) a specific, identified lot in Kanantik (as defined herein), or identified as being in Kanantik (as defined herein); (iii) a specific, identified lot purchased from Subject Sellers through a transaction in which the buyer reasonably believed it acquired a specific, identified lot from Subject Sellers for consideration (regardless of whether the specific, identified lot actually exists); or (iv) a Contingent Lot. For purposes of this definition, a “lot” includes both real property as well as a specific, identified interest in a residence, such a condominium, apartment or townhome, regardless of whether the residence actually exists or existed. Notwithstanding the foregoing, “Eligible Lots” do not include New Sanctuary Inventory.
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Eligible Lot means a Lot in an Approved Subdivision that has satisfied the requirements in SECTION 4.3 for inclusion in Eligible Collateral as an Eligible Lot.
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Eligible Lot has the corresponding singular meaning;
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Examples of Eligible Lot in a sentence

  • The Base Prospectus includes all information required by the 1933 Act and the rules and regulations of the Commission thereunder to be included therein as of the Effective Date.

  • At such time as any lot or condominium unit within the Unplatted Property becomes an "Eligible Lot" (as such term is defined in Exhibit "B" to this Agreement) such lot or condominium unit shall automatically constitute Lots under this Agreement.

  • Lender is under no obligation to accept into Eligible Collateral any Eligible Lot proposed by Borrower more frequently than twice in each Calendar Month.

  • If any Unit or Eligible Lot included in Eligible Collateral is materially damaged, destroyed, or becomes subject to any condemnation proceeding, such item may be declared by the Lender to no longer be Eligible Collateral.

  • Borrower will provide or cause to be provided all telephone service, electric power, storm sewer (if required), sanitary sewer (if required) and water facilities for each Eligible Lot and each Unit included in Eligible Collateral, and such utilities will be adequate to serve such Units and Eligible Lots.

  • Once the Maximum Allowed Borrowing Base Advance is initially established for a particular Eligible Lot, that Maximum Allowed Borrowing Base Advance is subject to either increase or decrease based on subsequent events, such as updated Appraisals or change orders.

  • If for any reason at any time the total of Outstanding Borrowings under the Borrowing Base Loan exceeds the Available Borrowing Base Commitment (including, without limitation, by reason of Borrowing Base Commitment Amount reductions, changes in Unit Appraised Values or Eligible Lot Appraised Values, adjustments to the Borrowing Base or Collateral Value, or otherwise), Borrower will make a principal payment to the Lender in an amount equal to such excess amount.

  • Borrower will notify the Lender in writing that Borrower desires to obtain approval of a Subdivision or include a Unit or an Eligible Lot in Eligible Collateral for which no Appraisal then exists and will provide to the Lender all information necessary to allow an Appraisal to be ordered by the Lender.

  • Any required adjustments to the Unit Collateral Value or the Eligible Lot Collateral Value as a result of such updated Appraisals will be made effective upon 30 days written notice from the Lender to Borrower setting forth the adjusted Unit Appraised Values or Eligible Lot Appraised Values based on the Lender's review of such reappraisals or valuations.

  • After giving effect to the addition of such Lots to Eligible Collateral as an Eligible Lot, the limitations and restrictions on Eligible Collateral in ARTICLE 3 are not violated.


More Definitions of Eligible Lot

Eligible Lot means any Finished Building Lot on which Lender has a first priority Lien and no other party has a Lien (other than Permitted Encumbrances) and which constitutes Eligible Collateral and part of the Borrowing Base.
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