Spec House definition

Spec House means a House which is to be, has been or is in the process of being, constructed, and which (i) is not the subject of an Approved Sales Contract, (ii) is not a Model House, and (iii) any House which was subject to an Approved Sales Contract, but which Approved Sales Contract has subsequently been terminated, cancelled, voided or breached by the purchaser or which otherwise no longer qualifies as an Approved Sales Contract.

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Spec House means a House which is not the subject of an Approved Sales Contract. The term "Spec House" includes the Lot upon which it is located.

Spec House means a House which is to be, has been or is in the process of being, constructed, and which at the date of recordation of the Security Instrument covering such House, (i) is not the subject of an Approved Sales Contract, (ii) is not a Model House, and (iii) any House which, at the date of recordation of the Security Instrument covering such House, was subject to an Approved Sales Contract, but which Approved Sales Contract has subsequently been terminated, cancelled, voided or breached by the purchaser or which otherwise no longer qualifies as an Approved Sales Contract.

Examples of Spec House in a sentence

• Notwithstanding anything to the contrary contained herein, the number of Spec Houses included as Borrowing Base Property, at any one time, shall not exceed the Spec House Sublimit.

• Eighteen (18) months after any Spec House has been included as Borrowing Base Property, the Maximum Credit Amount for such Spec House shall decrease to amount equal to seventy-five percent (75%) of the Total Cost of such Spec House.

• Upon Administrative Agent’s request, in connection with any Borrowing Base Report, Borrower shall furnish to Administrative Agent evidence of the Total Cost for each parcel of Entitled Land, LUD, Lot, Model House, Pre-Sold House and Spec House, in form and substance acceptable to Administrative Agent.

• Twenty-four (24) months after any Spec House has been included as Borrowing Base Property, the Maximum Credit Amount for such Spec House shall further decrease to amount equal to fifty percent (50%) of the Total Cost of such Spec House.

• The amount equal to ninety percent (90%) of the Total Cost of such Spec House.

• Notwithstanding anything to the contrary contained herein, the number of Completed Spec Houses included as Borrowing Base Property, at any one time, shall not exceed the Completed Spec House Sublimit.

• Upon the Administrative Agent’s reasonable request, in connection with any Borrowing Base Certificate, the Borrower shall furnish to the Administrative Agent evidence of the Total Cost for the Entitled Land, LUD, Lot, Model House, Pre-Sold House and Spec House, in form and substance reasonably acceptable to the Administrative Agent.

• Bank shall have no obligation to effectuate Acceptance of any new proposed Spec House or Model House if the effect of such Acceptance would be to cause (i) the number of all Spec Houses under the Calera Court Construction Loan to exceed at any one time four (4) Spec Houses or (ii) the number of all Model Houses under the Calera Court Construction Loan to exceed at any one time two (2) Model Houses.

• The Maximum Aggregate Advances Per House for each House that is not a Spec House nor a Model House must be eliminated altogether (i.e., given a value of zero) by payment to Lender of the outstanding Maximum Aggregate Advances Per House for the applicable House upon the earlier to occur of (i) the date which is twelve (12) months from the Acceptance of such House, or (ii) the Maturity Date.

• The amount which is the lesser of (i) seventy-five percent (75%) of the Appraised Value thereof, or (ii) one hundred percent (100%) of Total Cost of such Spec House.

More Definitions of Spec House

Spec House. A Lot and the Improvement which is to be, has been or is in the process of being, constructed thereon, and which at the time of Acceptance is not the subject of an Approved Sales Contract and is not Model House. A Model House shall not be deemed to be a Spec House. A Spec House will become and constitute a Pre-Sold House when, and for so long as, such Spec House becomes subject to an Approved Sales Contract.