Eligible Lots definition
Examples of Eligible Lots in a sentence
A Lot shall be deemed to be acquired "out of order" if Optionee has not previously closed the acquisition of seventy-five percent (75%) of the "Eligible Lots" (as such term is defined on Exhibit "B") of the same Lot Type in the immediately prior Purchase Segment for such Lot Type within such Project and all of the "Eligible Lots" of the same Lot Type (as such term is defined on Exhibit "B") in all other prior Purchase Segments for such Lot Type within such Project.
If any of the limitations on Eligible Collateral, Collateral Value, Outstanding Borrowings, or outstanding Borrowing Base Advances set forth in this SECTION 3.3 or elsewhere in this Agreement are exceeded, the Lender may at its option either delete Units and Eligible Lots from Eligible Collateral until such requirements are met or require Borrower to make a remargining payment pursuant to SECTION 2.9.
Borrower has, and will continue to have, the full right and authority to encumber all of the Collateral, including each of the Units and Eligible Lots included or to be included in Eligible Collateral.
Except for normal construction corrections occasioning temporary noncompliance which are corrected by Borrower with diligence and without substantial expense, Borrower will comply with all laws, ordinances, regulations, and rules (federal, state, and local) and all judgments, orders, and decrees of any arbitrator, other private adjudicator, or Governmental Authority relating to Borrower, any Approved Subdivisions, any Eligible Lots, or any Units or the other assets, business, or operations of Borrower.
Borrower will comply in all material respects with all material agreements, documents, and instruments to which Borrower is a party or by which Borrower, any Approved Subdivisions, any Eligible Lots or any Units, or any of the other assets of Borrower are bound or affected.
After an Event of Default, the Lender may take all action necessary to complete the construction of any Off-Site Improvements or Units and expend all sums necessary therefor including, without limitation, to cause an independent contractor selected by Lender to enter into possession of any Approved Subdivision and to perform any and all work and labor necessary for the completion of the Units and Eligible Lots thereon and to perform Borrower's obligations under this Agreement.
Such policy will be written on an all-risks basis, with no coinsurance requirement, and will contain a provision granting the insured permission to complete and/or occupy the Units or Eligible Lots, as applicable.
Units and Eligible Lots may be added as Eligible Collateral only upon receipt of the Collateral Inventory Report and Collateral Certificate and upon satisfaction of all other provisions of this Agreement.
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.
However, the restrictions in this SECTION 8.2 do not preclude the Liens and Encumbrances created pursuant to the Loan Documents or the sale of Eligible Lots and Units in the ordinary course of Borrower's business and in compliance with the requirements of this Agreement.