Homesite definition
Examples of Homesite in a sentence
Amend, modify or waive any of its rights under the Master Homesite Lease Documentation, provided that Borrower shall, not less frequently than once each six months, enter into amendments contemplated under paragraph 1 of the Master Homesite Lease, in form reasonably satisfactory to Lender and provide the same to Lender.
Borrower shall enforce its rights under the Master Homesite Lease Documentation in a commercially reasonably manner, including its right to collect and retain additional Master Lease Deposits from time to time as provided in the Master Lease, which Borrower shall promptly deposit into the Master Lease Deposit Account.
Any disbursement of Master Lease Deposits shall in each case be subject to Lender’s prior approval and direction, provided that Lender shall authorize, upon Borrower’s request made not more frequently than on a monthly basis, disbursements reflecting any reduction in Master Lease Deposits to which the tenant under the applicable Master Homesite Lease Documentation is entitled.
If Builder fails to purchase all Homesites within ninety (90) days after termination of the Option, Builder shall upon Owner’s request promptly remove all Vertical Construction and restore the applicable Homesite to the condition existing prior to Builder’s commencement of Vertical Construction.
Builder acknowledges that it is acquiring each Homesite for resale.