Presold definition

Presold means a Residential Unit subject to a Purchase Contract as of the date of determination.
View Source

Examples of Presold in a sentence

  • Seller shall not be required to reimburse Buyer for any Pre-sold Tickets used by customers after the date that is twelve (12) months following the Closing Date.

  • Such request and all other documents and instruments described in this Section 4.5 shall be submitted with the Borrowing Base Certificate in which Borrower intends to include such portion of the Land in the Borrowing Base as Presold, Spec and/or Model Homes.

  • The Borrower shall not permit Speculative Housing Units to collectively exceed 2.50x the number of Presold Housing Units remaining in inventory at any time.

  • Borrower shall have submitted to Lender a request in the form of Exhibit “E” that Finished Lots be included in the Borrowing Base as Presold and/or Spec Homes.

  • Such request and all other documents and instruments described in this Section 4.3 shall be submitted with the Borrowing Base Certificate in which Borrower intends to include such Finished Lots in the Borrowing Base as Presold and/or Spec Homes.

  • Notwithstanding any contrary provision of this Agreement or the Loan Documents, a Unit will not be considered to be a Presold Unit unless and until a final public report (if a public report is required by applicable Requirements) has been obtained by Borrower (or the applicable Project Owner) and delivered to the purchaser of such Unit and all cancellation periods in favor of such purchaser with respect to such public report have expired.

  • A Presold Unit no longer subject to a Purchase Contract will be deemed to be a Spec Unit as of the date the Unit is no longer subject to a Purchase Contract.

  • Pursuant to Section 4.3 of the Loan Agreement, Borrower hereby requests that the portion of the Land consisting of [ ] Lots Under Development, [ ] Finished Lots, [ ] Model Homes, [ ] Spec Homes and/or [ ] Presold Homes be included in the Borrowing Base.

  • Reclassification of Units (for example, from Spec Units to Presold Units) will not change the Unit Eligibility Date for the Unit in question.

  • A Unit will not be considered to be a Presold Unit unless and until a final public report (if a public report is required by applicable Requirements) has been obtained by Borrower and delivered to the purchaser of such Unit and all cancellation periods in favor of such purchaser with respect to such public report have expired.