Lot Closing definition

Lot Closing means the closing of the sale of a Lot under Contract by Borrower or a Guarantor to a bona fide purchaser for value that is not a Subsidiary or Affiliate.
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Examples of Lot Closing in a sentence

  • By way of example and not of limitation, in the event that the Model Lot Closing Date is July 15, 2015, then the following dates shall apply: First quarter thereafter October 16, 2015 — January 31, 2016 Second quarter thereafter February 1, 2016 - April 30, 2016 Third quarter thereafter May 1, 2016 - July 31, 2016 Purchase Price increases by 0.75% on May 1, 2016 On the first day of each quarter thereafter the Purchase Price shall increase by 0.75%.

  • The "first quarter" shall commence ninety (90) days after the Model Lot Closing Date and end on the last day of the third full calendar month thereafter.

  • The first Completion Notice delivered by Seller after the Model Lot Closing Date may be referred to herein as the "Initial Completion Notice" and shall be delivered on or before December 31, 2016.

  • The date upon which Purchaser acquires the Model Lot shall be referred to herein as the "Model Lot Closing Date".

  • Purchase Price credits for Lender Release Surcharges are subject to strict compliance with the Lot Closing requirements of Section 3.3.1.

  • Such warranties shall survive for a period of one year following each Lot Closing as to the effected Lots.

  • The purchase price for the Lots shall be Sixty One Thousand Dollars ($61,000.00) per Lot for any Lots closed within the first twelve (12) months after the Initial Closing, increasing at an annual rate of three percent (3%) commencing on the date which is twelve (12) months after the Initial Lot Closing.

  • Delivery of the deed for the Exercised Lot which is the subject of such Lot Closing Escrow, and the other closing documents, shall be made through such Lot Closing Escrow.

  • Seller agrees to use reasonable efforts to delay development of additional competitive lot inventory (defined as any lot in Fawn Lake intended to be priced for sale at purchase price less than or equal to the Purchase Price for the Initial Lot Closing plus one hundred and twenty-five percent (125%) for a period not to exceed twelve (12) months from the date of the Initial Lot Closing to focus marketing and sales efforts on Purchaser’s Section 15 inventory and listing obligations.

  • At a Lot Closing, Seller shall deliver ---------- to Purchaser possession of the Exercised Lot that is the subject of such Lot Closing.