Ratified Contract definition
Ratified Contract means any Contract that, within a reasonable period of time following the election of at least two independent directors of the Company, is ratified by such independent directors.
Ratified Contract means a bona fide contract for the purchase of a Unit by a Person that is not the Borrower or a Subsidiary or an Affiliate of the Borrower or a Subsidiary, (1) which contract has been executed and delivered by the parties and is in the form customarily used by the Borrower; (2) with respect to which contract no default exists; (3) under which contract there are no remaining contingencies other than a customary mortgage contingency, provided that the Borrower has reasonably determined that the applicable buyer is qualified to obtain a mortgage loan on the terms described in such mortgage contingency; and (4) under which contract the purchaser has made a ▇▇▇▇ ▇▇▇▇▇▇▇ money deposit or down payment in an amount that is customary.
Ratified Contract means a bona fide contract for the purchase of a Unit by a Person that is not the Borrower or a Subsidiary or an Affiliate of the
Examples of Ratified Contract in a sentence
LOAN APPLICATION: Purchaser agrees to make written loan application with Lender within Five (5) days of Ratified Contract date.
Purchaser agrees to make written loan application with designated 44 Lender within five (5) days of Ratified Contract date.
If DMC accepts this proposal in writing, this instrument shall become a ("Ratified") Contract between the Purchaser and DMC.
If such loan commitment cannot be obtained within forty-five (45) days of the Ratified Contract Date, then this Contract shall become null and void at the option of DMC only.