Model Houses definition

Model Houses means (a) all Housing Units owned by Borrower or any Guarantor which are being used as sales models and (b) all Housing Units owned by Borrower or any Guarantor for which there has been a Start of Construction which upon completion will be used as sales models.
Sample 1Sample 2Sample 3

Examples of Model Houses in a sentence

  • Eligible Production Inventory shall mean all detached or attached (including townhouse condominiums and condominiums) single family houses which are completed (including Speculative Houses but excluding Eligible Model Houses and Rental Houses, if any) or for which there has been a Start of Construction (including Speculative Houses but excluding Eligible Model Houses and Rental Houses, if any), and the lots on which such houses are located.

  • Eligible Raw Land and Land Under Development shall mean all land other than land included in the definition of Eligible Model Houses, Rental Houses (if any), Eligible Production Inventory, Eligible Developed Lots Sold or Eligible Developed Lots Unsold.

  • Borrower shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, enter into any arrangement with any Person pursuant to which it leases from such Person real or personal property that has been or is to be sold or transferred, directly or indirectly, by it to such Person, except for the sale and leaseback of Model Houses in the ordinary course of business.

  • The maturity of each Loan for the construction of Model Houses shall be eighteen (18) months from the date of the execution of the Individual Deed of Trust.

  • Eligible Model Houses shall mean (a) all completed detached or attached single family houses (including townhouse condominiums and condominiums) which are being used by the Borrower, M/I Homes, Inc.

  • Eligible Model Houses shall mean (a) all completed detached or attached single family houses (including townhouse condominiums and condominiums) which are being used by the Company as sales models, and the lots on which such houses are located, and (b) detached or attached (including townhouse condominiums and condominiums) single family houses for which there has been a Start of Construction which upon completion will be used by Company as sales models, and the lots on which such houses are located.

  • Lender shall have no obligation to effectuate Acceptance of any new proposed Model House if the effect of such Acceptance would be to cause the number of all Model Houses within the Mortgaged Property to exceed the Model House Limit.

  • Notwithstanding the number of Subdivisions in which Borrower is constructing Houses, Borrower shall not have more than twelve (12) Loans outstanding at any time for the construction of Model Houses.

  • Further, the total outstanding committed balance of the Loans outstanding under the Line Speculative and Model Houses shall not exceed Ten Million and No/100 Dollars ($10,000,000.00) from the date of this Agreement until April 30, 1997 or Seven Million Five Hundred Thousand and No/100th Dollars ($7,500,000.00) from May 1, 1997 until the termination date as set out in Section 2.3 under this Agreement.

  • Further, the total outstanding committed balance of the Loans outstanding under the Line on Speculative and Model Houses shall not exceed Ten Million and No/100 Dollars ($10,000,000.00) at any time.

Related to Model Houses

  • dwelling house means any residential property assessed as real

  • water meter means any apparatus for measuring or showing the volume of water supplied to, or of effluent discharged from any premises;

  • Airports means Chicago O’Hare International Airport and Chicago Midway International Airport.

  • Fire alarm system means a system designed to detect and annunciate the presence of fire, or by-products of fire. Fire alarm system includes smoke detectors.

  • Mobile home park means a parcel of land, or two or more

  • Sites means the area(s) upon or in which the construction work is carried on, and such other areas adjacent thereto as may be designated by the Commissioner.

  • Airport System means two or more airports grouped together and serving the same city or conurbation, as indicated in Annex II to Regulation (EEC) No 2408/92;

  • Market Operations Center means the equipment, facilities and personnel used by or on behalf of a Market Participant to communicate and coordinate with the Office of the Interconnection in connection with transactions in the PJM Interchange Energy Market or the operation of the PJM Region.

  • Energy storage system means a system which stores energy and releases it in the same form as was input.

  • Resort Complex means the hotel, convention centre/theatre restaurant, exhibition centre, recreation facilities and Burswood Casino to be constructed on the Site pursuant to and in accordance with the provisions of this Agreement and includes, if and when constructed, Stage 2;

  • Property management system means the Contractor’s system or systems for managing and controlling Government property.