Model Units definition

Model Units means a maximum of five (5) model units, private common recreation facilities and sales facilities constructed by OWNER prior to the construction of any Production units and not offered for sale and occupancy until after the issuance of the first certificate of occupancy for a Production Unit.
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Model Units means all Units which are initially used as models or sales offices to market a particular Project and that are not intended to be sold until all or substantially all other Units in such particular Project are sold.
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Model Units means a maximum of twelve (12) model units, private common recreation facilities and sales facilities constructed by OWNER prior to the construction of any Production Units and not offered for sale and occupancy for a period of time after the issuance of permits for Production Units.
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Examples of Model Units in a sentence

  • Model Units shall be considered Speculative Units for the purpose of these limitations and Borrower shall have no more than two (2) Model Units at any time during the term of the Loans.

  • Ongoing Sales Activities after Purchaser has Occupied Purchaser's Unit; Model Units.

  • The plan to be submitted by OWNER for CITY approval shall describe the utilities and other infrastructure necessary to provide sufficient fire protection and other public health and safety requirements for the Model Units and other facilities.

  • The issuance of building permits by CITY for Model Units and Production Units is, in general, contingent on OWNER’s completion of needed infrastructure improvements and the availability of improvements and services to serve the Property.

  • According to the Town of Emerald Isle Ordinances, all RVs/Park Model Units on Premises must be towable at any time.

  • Notwithstanding the foregoing, with the prior written consent of Lender, which consent shall not be unreasonably withheld by Lender, the Borrower may convert Model Units within a Project to Units held for sale at such time as the Borrower determines that it is appropriate to do so given the sales activity for such Project.

  • If Models are located in the Approved Subdivision, Borrower will grant to Lender a first priority Deed of Trust covering such Model Units which will not be subject to release, until all corresponding plan types are sold pursuant to Section 2.7.

  • The Model Units within each Project shall be used solely as a model display (including landscaping and walkways), as a sales office and for parking, all in connection with the marketing and sale of Homes within such Project.

  • Regardless of any other provision of this Loan Agreement, Lender shall not be required to release the Model Units within any Project or any of them from the lien of the Deed of Trust unless Borrower has provided, and Lender has accepted, a substituted Model Unit within such Project which Lender in its reasonable judgment considers to be comparable to the Model Unit to be released and suitable for the purposes and uses described above.

  • Borrower shall maintain the interiors and exteriors of the Model Units within such Project in good condition, repair and order, except for ordinary wear and tear.


More Definitions of Model Units

Model Units means Units to be constructed on Lots in accordance with the Unit Plans to be used by Borrower as models for the marketing of Units.
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Related to Model Units

  • Initial Units means, with respect to any Initial Limited Partner, the aggregate number of Class A Units owned by such Initial Limited Partner as of the date of this Agreement.

  • Core Units means such Units of the Trust that are issued to Core Investors with the condition that these are not redeemable for a period of two years from the close of the First Offer Period. Such Units are transferable with this condition, but otherwise shall rank pari passu with all other Units, save for this restriction. Any transfer of the Core Units, during the first two years of their issue as mentioned herein, shall be affected only on the receipt by the Registrar of a written acceptance of this condition by the transferee.

  • Units means the units of the Company, each comprised of one share of Common Stock and one-half of one Warrant.

  • Class B LP Units means, collectively, the Class B limited partnership units of the Partnership, and “Class B LP Unit” means any one of them.

  • Common Units is defined in the Partnership Agreement.