Lot Release Price definition

Lot Release Price means the agreed-upon release price for each Lot under each Guidance Loan. The Lot Release Price for existing Projects is shown on each Guidance Loan Addendum and incorporated herein by this reference.

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Lot Release Price means the partial release price for each lot improved with Note proceeds as set forth in EXHIBITS "B-1" AND "B-2" attached hereto and incorporated herein.

Lot Release Price. See Paragraph 4.

Examples of Lot Release Price in a sentence

Such change in Lot Release Price will be based on relative value of the collateral subject to the originally contemplated average Lot Release Price set forth above based on one hundred twenty percent (120%) accelerated lot release pricing.
Contemporaneously with the delivery to Borrower of each partial release, Borrower shall prepay principal equal to THIRTY ONE THOUSAND SIX HUNDRED FIFTY THREE AND NO/100 DOLLARS ($31,653.00) per developed lot (the "Lot Release Price").
Each Lot Release Price received in connection with the Loan shall be applied as a prepayment of the outstanding principal balance under the Note in the manner provided therein for prepayments of principal.
Loan Amount, and Lot Release Price, all as allocated to each individual lot.
The Deed of Trust provides for the partial release of subdivided lots constituting the Real Property upon the terms and conditions contained herein and in the Deed of Trust, including the payment of a lot release price in the amount of $121,500.00 for each lot (each such release price hereinafter called, the "Lot Release Price").
Further, provided there exists no default of the terms and conditions of the Loan, Lender shall release any Lot from the lien of the Mortgage, provided construction of improvements has not commenced on the Lot for which a partial release is requested, upon Lender's receipt of an amount equal to one hundred twenty percent (120%) of the amount funded per Lot which is estimated to be $51,166.00 ("Lot Release Price").
Notwithstanding the foregoing, in the event that the Home Construction Budget for the Home in question exceeds the Maximum Allowed Advance for such Home, then to the extent of such excess, Borrower shall pay from its own funds and not from proceeds of the loan, first the A & D Loan Lot Release Price and then prior to any advance of the Construction Loan with respect to the Home in question.
Contemporaneously with the delivery to Borrower of each partial release, Borrower shall prepay principal equal to NINETEEN THOUSAND THREE HUNDRED FORTY FIVE AND NO/100 DOLLARS ($19,345.00) per developed lot (the "Lot Release Price").
Minimum Lot Release Price: Individual lots will be released at the greater of 55% of the sales price or $30,000.00 (approximately 60 lots).
On the date of the initial advance for each Home Loan, Lender will disburse ninety-two percent (92%) of the applicable A & D Loan Lot Release Price (which is equivalent to 115% of Par as defined herein) or any portion thereof in accordance with the Home Construction Budget (the balance of the A & D Loan Lot Release Price of 10% of Par shall be paid by Borrower at the closing and sale of any Home to a purchaser).

More Definitions of Lot Release Price

Lot Release Price means, with respect to any Lot or group of Lots to be released from the lien of the Mortgage pursuant to Section 2.6, (a) with respect to Lot Parcels subject to a Sales Contract as of the Closing Date, 85% of Net Closing Proceeds, (b) with respect to Lot Parcels that were subject to a Sales Contract as of the Closing Date, 100% of Net Closing Proceeds, and (c) with respect to Condominium Units, regardless of whether or not they were subject to a Sales Contract as of the Closing Date, 85% of the amount by which the sum of Net Contract Proceeds and Net Closing Proceeds for all Condominium Units; provided, however, that the Lot Release Price for any Lot shall not exceed the sum of (i) all unpaid interest (if any) due under Sections 2.2(a), 2.2(b) and 2.2(c) of this Agreement, (ii) the unpaid principal amount (if any) of the Loan, (iii) the sum of the Minimum Additional Interest Payments on all Lots owned by Borrower and not subject to a Sales Contract at the time of determination and (iv) the amounts due to Lender under Section 2.2(d) with respect to all Lots that are or have been the subject of Sales Contracts at the time of determination (including, if applicable, the Lot with respect to which the Lot Release Price is being determined).

Lot Release Price means the partial release price as set forth in EXHIBIT "B" attached hereto and incorporated herein.