Housing Purchase Contract definition

Housing Purchase Contract means any legal, valid, binding and enforceable written agreement for the sale of individual Units, Tower Units, or Developed Lots to any bona-fide third-party purchaser entered into by a Property Owner in the ordinary course of its business with customary terms and conditions and that provides for a cash down payment of not less than the greater of $5,000 or such amount that is customary in the local market.
Sample 1Sample 2
Housing Purchase Contract means any legal, valid, binding and enforceable written agreement in substantially such form as has been approved in writing by Administrative Agent for the sale of individual Homes to any bona fide unaffiliated purchaser entered into by Borrower or any Guarantor in the ordinary course of its business, with customary terms and conditions and that provides for a cash down payment of not less than the lesser of (i) 3.0% of the purchase price or (ii) such smaller percentage as prevailing for that product type customary in the market where the Unit is located. Such contract shall contain no contingencies other than those that are customary in the market for which the Homes are located, including, without limitation, contingencies pertaining to the completion and inspection of the Home, purchaser’s financing, condition of title or the sale of the purchaser’s existing home (unless terminable at the request of Borrower within 72 hours of request), or as otherwise permitted in writing by Administrative Agent. At no time shall there exist more than 40 Housing Purchase Contracts that contain a contingency for the sale of a purchaser’s existing home.
Sample 1

Examples of Housing Purchase Contract in a sentence

  • Borrower may request in writing that Collateral Agent release its Lien on Mortgaged Properties or any portion thereof that Borrower or the applicable Grantor has entered into a Housing Purchase Contract to sell such Mortgaged Properties in the ordinary course of business, which provides a closing date that is within thirty (30) days of the requested release.

  • Units completed or under construction on Developed Lots for which the Borrower has entered into a Housing Purchase Contract.

  • A Lot on which vertical construction of a Home beyond the foundation has commenced and for which no Housing Purchase Contract has been executed by Signal Landmark and which remains in effect.

  • With respect to Units completed or under construction on Developed Lots that are not covered by a Housing Purchase Contract, eighty-five percent (85%) of the Unit Costs incurred by the Borrower with respect thereto.

  • Skid trail restrictions are to minimize damage to root systems and stems of residual trees.

  • At no time shall the sum of Spec Homes plus Homes subject to a Housing Purchase Contract but not closed exceed sixty (60).

  • A Unit owned by Borrower with respect to which construction has begun (measured by the commencement of the laying of a foundation for such Unit) and for which a Housing Purchase Contract has not been entered into.

  • Units on Developed Lots for which the Borrower has entered into a Housing Purchase Contract.

  • There shall be no more than seventeen (17) Spec Homes in the Brightwater Project at any one time; provided that such limit may be increased by up to eight (8) additional Spec Homes that were previously subject to a Housing Purchase Contract; and provided further that for purposes of this Section 8.13 Spec Homes shall not include Homes meeting the classification for inclusion as Model Homes herein.

  • All cash of the Consolidated Group which is not otherwise allocated for expenditure or Distribution or held as a deposit under a Housing Purchase Contract or otherwise characterized as a deposit.

Related to Housing Purchase Contract

  • Purchase Contract means, with respect to any Unit, the contract forming a part of such Unit and obligating the Company to (i) sell, and the Holder of such Unit to purchase, shares of Common Stock and (ii) pay the Holder thereof Contract Adjustment Payments, in each case on the terms and subject to the conditions set forth in Article 5 hereof.

  • PURCHASE CONTRACTCONTINUATIONPURCHASE CONTRACT 101018 REVISION: 220 Page 43 of 210ITEMEA 1034-0636-001DX-C9ORDNANCE CLOSEOUT INSTALLATION KITHQ0006-01-C-0001/HQ0006-01-C-00010081QUANTITY UM PART NUMBERVENDOR P/N DESCRIPTIONCUSTOMER / PRIME CONTRACT NUMBER PRIORITY RATING FUNDED UNIT PRICE FUNDED EXTENDED PRICE101111111111Quantity OrderedItem Reference: Definitized price included in Line Item 0078Ship This Item Only To: See Attachment A120,VHAP1H03*040PROJECT CCNTRUE MANUFACTURER675784Item Unit Value: $0.0000 Value Code: FItem Note: Kits for IDC-6, IDC-7, IDC-8, IDC-9, XXX-00, XXX-00, XXX-00, XXX-00, XXX-00, XXX-00$0.0000 $0.000015-SEP-0415-OCT-0415-NOV-0414-DEC-0414-JAN-0514-FEB-0514-MAR-0515-APR-0516-MAY-0514-JUN-05Scheduled Delivery Date

  • Purchase Contract Agreement has the meaning specified in the Recitals.

  • Sale Contract means a contract providing for the sale of one or more projects to one or more contracting parties and includes a contract providing for payment of the purchase price in one or more installments. If the sale contract permits title to the project to pass to the other contracting party or parties prior to payment in full of the entire purchase price, it shall also provide for the other contracting party or parties to deliver to the municipality or to the trustee under the indenture pursuant to which the bonds were issued one or more notes, debentures, bonds or other secured or unsecured debt obligations of such contractingparty or parties providing for timely payments, including without limitation, interest thereon for the balance of the purchase price at or prior to the passage of such title.

  • Mortgage Loan Purchase Agreement The agreement between the Seller and the Depositor, regarding the transfer of the Mortgage Loans by the Seller to or at the direction of the Depositor, substantially in the form of Exhibit D annexed hereto.

  • Subsequent Mortgage Loan Purchase Agreement The agreement between the Depositor and the Seller regarding the transfer of the Subsequent Mortgage Loans by the Seller to the Depositor.

  • Purchase Contract Settlement Date means ________________________, ____.]

  • Mortgage Loan Purchase Price The price, calculated as set forth in Section 10.01, to be paid in connection with the repurchase of the Mortgage Loans pursuant to Section 10.01.

  • Purchase Confirmation A letter agreement, substantially in the form of Exhibit B hereto, executed by Countrywide and the Purchaser in connection with the purchase and sale of each Mortgage Loan Package, which sets forth the terms relating thereto including a description of the related Mortgage Loans (including the Mortgage Loan Schedule), the purchase price for such Mortgage Loans, the Closing Date and the Servicing Fee Rate.

  • Mortgage-backed Securities means securities that are secured or otherwise backed by Mortgage Loans.

  • Option Closing Purchase Price shall have the meaning ascribed to such term in Section 2.2(b), which aggregate purchase price shall be net of the underwriting discounts and commissions.

  • Mortgage Loan Sale Agreement The mortgage loan sale and assignment agreement dated as of November 1, 2003, for the sale of the Mortgage Loans by the Seller to the Depositor.

  • Underlying Securities means any securities issuable on conversion, exchange or exercise of compensation securities.

  • Purchase Contract Settlement Fund has the meaning specified in Section 5.5.

  • Purchased Mortgage Loans means the collective reference to Mortgage Loans together with the Repurchase Assets related to such Mortgage Loans transferred by Seller to Buyer in a Transaction hereunder, listed on the related Mortgage Loan Schedule attached to the related Transaction Request, which such Mortgage Loans the Custodian has been instructed to hold pursuant to the Custodial Agreement.

  • Purchasing Portfolio has the meaning specified in Section 2.10;

  • Asset-Backed Securities means securities which:

  • Loan Purchase Agreement The Loan Purchase Agreement described in the Recitals to this Agreement, which Loan Purchase Agreement incorporates the terms of the Aurora Loan Services Seller Guide, as the same may be amended from time to time.

  • Equity-linked Securities means any debt or equity securities that are convertible, exercisable or exchangeable for Class A Shares issued in a financing transaction in connection with a Business Combination, including but not limited to a private placement of equity or debt.

  • Treasury Portfolio Purchase Price means the lowest aggregate price quoted by a primary U.S. government securities dealer in New York City to the Quotation Agent on the third Business Day immediately preceding the Tax Event Redemption Date for the purchase of the Treasury Portfolio for settlement on the Tax Event Redemption Date.

  • Rental-purchase agreement means an agreement for the use of personal property by a lessee primarily for personal, family, or household purposes, for an initial period of 4 months or less that is automatically renewable with each payment after the initial period and that permits the lessee to become the owner of the property. Rental-purchase agreements shall not include any of the following:

  • Lease-purchase agreement means an agreement for the use of personal property by an individual for personal, family or household purposes, for an initial period of four months or less, that is automatically renewable with each payment after the ini- tial period, but does not obligate or require the consumer to continue leasing or using the property beyond the initial period, and that permits the consumer to become the owner of the property.

  • Convertible Mortgage Loan Any individual Adjustable Rate Mortgage Loan purchased pursuant to this Agreement which contains a provision whereby the Mortgagor is permitted to convert the Adjustable Rate Mortgage Loan to a Fixed Rate Mortgage Loan in accordance with the terms of the related Mortgage Note.

  • Closing Purchase Price shall have the meaning ascribed to such term in Section 2.1(b), which aggregate purchase price shall be net of the underwriting discounts and commissions.