Speculative House definition
Examples of Speculative House in a sentence
The term "Speculative House" shall mean a House which is not subject to an Approved Purchase Agreement, and is not a Model House.
The proceeds of the Construction Note shall be disbursed for the Models and the Speculative House on the basis of a draw schedule to be approved by Lender prior to the execution hereof, up to certain maximum amounts per model type on a standard (non-premium) lot to be established by Lender prior to the execution hereof upon its review of plans and budgets submitted to Lender by Borrower.
Funding under the Construction Note on a per House basis for a Speculative House and/or one of the five (5) Models shall, in no event, exceed the lesser of : (a) 65% of the appraised value of a completed House less the Acquisition Note basis per lot of $28,846.00; or (b) 65% of the sales price for the House, less the Acquisition Note basis per lot of $28,846.00; or (c) 100% of the approved vertical hard and soft costs per House.
Should any Contract be canceled, Borrower shall have ninety (90) days to replace such canceled Contract with a new Contract or pay off the amount disbursed by Lender related to such Contract, unless considered one of the Models or a permitted Speculative House.