Lot Draws definition
Lot Draws means those certain Draws approved by Lender and made hereunder for which the proceeds are used to purchase single-family, fully developed Lots. Borrower may not make a Lot Draw to purchase a Lot to be held as inventory (either by Borrower or Builder); Lot Draws are only allowed in connection with the construction of Improvements on that Lot immediately after purchase of the Lot.
Examples of Lot Draws in a sentence
As noted above, Borrower may not make a Lot Draw to purchase a Lot to be held as inventory (either by Borrower or Builder); Lot Draws are only allowed in connection with the construction of Improvements on that Lot immediately after purchase of the Lot.
Borrower may not make a Lot Draw to purchase a Lot to be held as inventory (either by Borrower or Builder); Lot Draws are only allowed in connection with the construction of Improvements on that Lot immediately after purchase of the Lot.
The term “Lot” shall refer to each of the single-family, fully developed, platted and subdivided lots, each within a single family residential subdivision, purchased with the proceeds of Lot Draws under this Loan Agreement.