Pre-Sold Home definition
Examples of Pre-Sold Home in a sentence
Lender may, in its sole discretion, deny approval for any Construction Project which is not a Pre-Sold Home, which has an appraised value in excess of $450,000.00.
In the event the Pre-Sold Home sale does not close by the date specified in such purchase agreement, then Lender will require that the home be appraised and that the Loan to Value Ratio be reduced by Borrower to seventy percent (70%) of the appraised value.
If a Construction Project Loan of $250,000.00 or less is secured by a Pre-Sold Home, then no Appraisal will be required.
Upon compliance with the applicable Extension Conditions, Lender shall extend the Home Loan Due Date (each, the “Home Extended Due Date”) for each Spec or Pre-Sold Home for additional 3-month periods (not to exceed a total of two (2) such three-month extension periods); provided, however, that the Advance Rate for such Home shall be reduced by ten percent (10%) of the Home Loan Allocation for such Spec or Pre-Sold Home for each 3-month extension.
If the Spec and Model Cap and/or the Spec Sublimit are violated as a result of a Pre-Sold Home becoming a Spec Home, Borrower shall have the time period set forth in Section 12.1.2 to bring the Line of Credit into compliance with the Spec and Model Cap and the Spec Sublimit, during which period no new Spec Homes may be started in the Project by Borrower.
If the contract for a Pre-Sold Home is rescinded or canceled for any reason, the Home shall become a Spec Home.
Upon Completion of each of the Project Improvements included within each Project, and, unless the Project Improvement is a Construction Project Improvement which is a Pre-Sold Home, prior to the final advance of Project Loan proceeds to pay for Construction Costs thereof including, but not limited to, any retainage therefor, and as a condition of the same, Borrower shall furnish Lender with all items required to evidence Completion.
The Borrower shall have executed and delivered to the Lender a mortgage, security agreement, fixture financing statement and assignment of leases and rents pursuant to which the Borrower shall have granted a mortgage and security interest in and to, and an assignment of leases and rents with respect to, the Acceptable Pre-Sold Home and the property on which it is situated (the Acceptable Pre-Sold Home together with the property on which it is situated are hereinafter referred to as the "Project").
As a condition precedent to the making by the Lender of the initial (or any subsequent) advance under the Credit Facility with respect to any Acceptable Pre-Sold Home or Project (as defined below), the following agreements, documents and other items shall have been executed and/or delivered to the Lender, each of which agreements, documents and other items shall be in form and substance acceptable to the Lender.
The Approved Purchase Agreement, duly executed by the Borrower and the purchaser of such Acceptable Pre-Sold Home.