Pre-Sold Unit definition

Pre-Sold Unit means a Unit that is subject to a Ratified Contract; provided, however, that a lot that constituted a Finished Lot shall be deemed a Pre-Sold Unit prior to the Commencement of Construction if such lot is subject to a Ratified Contract.
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Pre-Sold Unit. A Unit with respect to which a Contract of Sale has been entered into with a purchaser who has qualified for a mortgage loan to purchase such Unit or, who has been determined by Lender to be qualified pursuant to Lender’s customary underwriting criteria, and which Contract of Sale is subject only to completion of the Unit, final inspection of the Unit and closing.
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Pre-Sold Unit means a Unit owned by Borrower and covered by a Firm Contract.
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Examples of Pre-Sold Unit in a sentence

  • Notwithstanding anything contained in this Agreement or any other Loan Document to the contrary, the portion of any Loan advance which pertains to a Lot comprising a Pre-Sold Unit shall not exceed one hundred percent (100%) of the lesser of (i) the price paid for such Lot by Borrower, or (ii) the Appraised Value for such Lot.

  • Manufacturer's obligation under this Agreement to repurchase any Pre-Sold Unit shall terminate as of the 366th day after the date of delivery of the Pre-Sold Unit by Manufacturer; provided, however, that Green Tree shall be allowed an additional thirty (30) day period for administrative processing.

  • If Green Tree is unable to obtain possession of any Pre-Sold Unit prior to the expiration of said 365 days because of pending legal or governmental proceedings, Manufacturer shall be obligated to repurchase the Pre-Sold Unit(s) within fifteen (15) days after Green Tree has obtained legal possession thereof.

  • Green Tree may, but shall be under no obligation to, finance any Pre-Sold Unit shipped to Dealer without Manufacturer first obtaining such Commitment.

  • Notwithstanding the above, in the event the Lender does not agree in its sole and absolute discretion to extend the Maturity Date prior to September 30, 2004, the principal amount outstanding under the Loan on the Maturity Date with respect to any Pre-Sold Unit, Speculative Unit or Inventory Lot shall be due and payable on the earlier of (i) the date calculated in accordance with Paragraph 2.2(g) of the Loan Agreement as amended or (ii) the Maturity Date.

  • Notwithstanding the above, in the event the Lender does not agree in its sole and absolute discretion to extend the Maturity Date prior to June 30, 2003, the principal amount outstanding under the Loan on the Maturity Date with respect to any Pre-Sold Unit, Speculative Unit or Inventory Lot shall be due and payable on the earlier of (i) the date calculated in accordance with Paragraph 2.2(g) of the Loan Agreement as amended or (ii) the Maturity Date.

  • If any standard item(s) supplied by Manufacturer with such Pre-Sold Unit or any specifically identified optional accessory item(s) listed in the Manufacturer's invoice and supplied by Manufacturer with such Pre-Sold Unit is missing, the Repurchase Price shall be reduced by the cost of replacement of such item(s).

  • Notwithstanding the above, in the event the Lender does not agree in its sole and absolute discretion to extend the Maturity Date prior to the date thereof, the principal amount outstanding under the Loan on the Maturity Date with respect to any Pre-Sold Unit, Speculative Unit or Inventory Lot shall be due and payable on the earlier of (i) the date calculated in accordance with Paragraph 2.2(g) of the Loan Agreement as amended or (ii) October 30, 2001.

  • A Unit, other than a Model Unit, that is not a Pre-Sold Unit or which at one time was a Pre-Sold Unit, but the Contract of Sale with respect thereto has lapsed or has been terminated, and is available for sale on the open market.

  • Notwithstanding anything to the contrary set forth hereinabove (including Courtesy Extensions), at such time and in the event the first advance of Loan proceeds allocated for a Unit repays the principal amount outstanding with respect to an Inventory Lot, then the funds advanced for such Unit shall have a maturity date calculated from the date of the initial advance of Loan proceeds as a Pre-Sold Unit or a Speculative Unit, as applicable.


More Definitions of Pre-Sold Unit

Pre-Sold Unit means a Unit that is subject to a Sale Contract and does not constitute a Spec Unit.
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Pre-Sold Unit means a Unit with respect to which there exists a Qualified Contract, subject only to completion, final inspection and closing.
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Related to Pre-Sold Unit

  • FTPS Unit means Units which are purchased through the Fund/SERV(R) trading system or on a manual basis through FTP Services LLC or for which FTP Services LLC is acting as FTPS Unit Servicing Agent.

  • Said Unit means the said Flat, the said Vehicle Parking Space, (if any), and the right of common use of the Common Portions and wherever the context so intends or permits, shall also include the Said Undivided Share.

  • Time-share unit means a condominium unit in which a time-share estate or a time-share license exists.

  • Target Share means any share of the Common Stock of the Target.

  • sub-unit means, with respect to any currency other than euro, the lowest amount of such currency that is available as legal tender in the country of such currency and, with respect to euro, means one cent.