Spec Homes definition

Spec Homes. The sum of all Advances and Reserved Allocations committed but not disbursed for said Homes shall not exceed the lesser of (i) eighty-five percent (85%) of Total Project Costs, or (ii) seventy-five percent (75%) of the Base Appraisal for said Homes, subject to Lender’s approval.
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Spec Homes means Homes which are not subject to a Sales Agreement.
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Spec Homes means single-family homes (excluding Units, Models and foundations), whether attached or detached, which do not constitute Sold Homes.
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Examples of Spec Homes in a sentence

  • Notwithstanding whether Loan proceeds are used to acquire or construct a Spec Home, the number of Spec Homes that are not Model Homes (whether or not the construction thereof is financed by Lender) owned by Borrower in a particular section, division, phase or other portion of an Approved Subdivision (as determined by Lender) shall not exceed five (5).

  • 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.

  • 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.

  • 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.

  • Spec Homes Project 1 $ 0 $ 0 $ 0 Project 2 $ 0 $ 0 $ 0 Project 3 $ 0 $ 0 $ 0 Project 4 $ 0 $ 0 $ 0 Project 5 $ 0 $ 0 $ 0 Project 6 $ 0 $ 0 $ 0 SUB-TOTAL $ 0 $ 0 $ 0 II.

  • In the event a Speculative Home, Model Home or Vacant Lot is presented for inclusion in the Borrowing Base and the inclusion of said Borrowing Base Unit will cause the limitations specified in the Existing Loan Agreement to be exceeded, said Borrowing Base Unit may be included in the Borrowing Base and the Borrowing Base Value thereof shall be reduced so that such limitation on Spec Homes or Model Homes will not be exceeded.

  • Speculative Homes (Spec Homes) are those homes built in River Run Plantation with the intention of immediate sale before or upon completion of construction or placement.

  • Permit the aggregate number of Spec Homes owned by the Borrower and its Subsidiaries at any time to exceed 25% of the aggregate number of Housing Units sold by the Borrower and its Subsidiaries during the most recently ended Measurement Period.

  • START LIMITATIONS Construction of the Units will be limited to (i) an agreed upon number of Project Model Homes as set forth in the Project Commitment, plus (ii) 100% of Units for which there exists a Sales Agreement, plus (iii) an amount of Spec Homes equaling up to three (3) months of Unit absorption, based on the absorption rate projected in the Appraisal Report.

  • In the event a Speculative Home, Model Home or Vacant Lot is presented for inclusion in the Borrowing Base and the inclusion of said Borrowing Base Unit will cause the limitations specified in the Exhibit A to be exceeded, said Borrowing Base Unit may be included in the Borrowing Base and the Borrowing Base Value thereof shall be reduced so that such limitation on Spec Homes or Model Homes will not be exceeded.


More Definitions of Spec Homes

Spec Homes means, as of any date, Homes (including the Lots thereunder, if applicable) completed or under construction (i.e., on which construction of the slab or foundation has commenced on Entitled Land for which building permits have been issued), and for which Qualified Contracts (a) have not been entered into on or prior to such date, or (b) do not then remain in effect. Spec Homes shall not include Models or Homes which are intended for use as Models as designated by Borrower to Lender.
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Spec Homes. The sum of all Advances for Spec Homes (including Model Homes) shall not exceed (a) for all Qualified Projects other than the Model Homes within the Qualified Projects commonly known as ‘Gallery Walk’ and ‘Plaza Walk’ in Elk Grove, California, the lesser of (i) ninety percent (90%) of Total Project Costs, or (ii) eighty percent (80%) of the Base Appraised Value for such Homes, subject to Lender’s approval, and (b) for the Model Homes within the Qualified Projects commonly known as ‘Gallery Walk’ and ‘Plaza Walk’ in Elk Grove, California, the lesser of (i) eighty percent (80%) of Total Project Costs, or (ii) seventy percent (70%) of the Base Appraised Value for such Homes, subject to Lender’s approval.”
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Related to Spec Homes

  • Timberland means land, other than land owned by the federal government and land designated by the board as experimental forest land, which is available for, and capable of, growing a crop of trees of a commercial species used to produce lumber and other forest products, including Christmas trees. Commercial species shall be determined by the board on a district basis.

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Construction in Progress means, as of any date, the book value (determined in accordance with GAAP) of any Projects then under development; provided that a Project shall no longer be included in Construction in Progress and shall be deemed to be a stabilized project upon the earlier of (a) the expiration of the second full fiscal quarter after substantial completion (the earlier of receipt of a temporary certificate of occupancy or a final certificate of occupancy) of such Project and (b) the last day of the fiscal quarter in which the annualized Consolidated Net Operating Income attributable to such Project divided by the Capitalization Rate exceeds the book value of such Project.

  • Multifamily Property means a Property improved with, and from which at least 80% of the rental income is derived from, residential apartments, which may include a Property that is a part of a Mixed-Use Project.

  • Developed Land means non-vacant land that is likely to be redeveloped during the planning period.

  • funeral home means a building or structure with facilities for the preparation of dead persons for burial or cremation, for the viewing of the body and for funeral services;

  • Finished Lots Entitled Land with respect to which (a) development has been completed to such an extent that permits to allow use and construction, including building, sanitary sewer and water, are entitled to be obtained for a Unit on such Entitled Land and (b) start of construction has not occurred.

  • Timber means forest trees, standing or down, of a commercial species, including Christmas trees. However, "timber" does not include Christmas trees that are cultivated by agricultural methods, as that term is defined in RCW 84.33.035.

  • Timberlands means, as of any date of determination, all real property owned by or leased to the Borrower or any Subsidiary that is suitable for Timber production, natural resource development or real estate development. For the avoidance of doubt, “Timberlands” shall exclude property, plant and equipment of the Borrower and its Subsidiaries associated with their manufacturing activities.

  • Lots Under Development means all Land Held for Development with respect to which the Borrower or any Subsidiary Guarantor has obtained all necessary approvals for its subdivision for residential housing units (including condominium units), and which the Borrower or any Subsidiary Guarantor is actively developing into Finished Lots; provided, however, that the term “Lots Under Development” shall not include any land upon which the construction of a residential housing unit has commenced.

  • residential land means land used or capable of being used for residential purposes (but does not include land on which there is no residential dwelling).

  • Borrowing Base Properties means the Oil and Gas Properties of the Loan Parties included in the Initial Reserve Report and thereafter in the most recently delivered Reserve Report delivered pursuant to Section 8.12.

  • Residential facility means a home or facility that is licensed by the department of developmental disabilities under section 5123.19 of the Revised Code and in which a child with a developmental disability resides.

  • Assets Under Development means all Real Property, or phases thereof, that is under construction or development as an income-producing project in a diligent manner and in accordance with industry standard construction schedules, but for which a certificate of occupancy has not been issued.

  • Nursing home means that term as defined in section 20109 of the public health code, 1978 PA 368, MCL 333.20109.

  • Undeveloped Land means, (i) all Real Property set forth on Schedule 1.01D to the 2008 Credit Agreement, (ii) all undeveloped land acquired after the Closing Date and (iii) any operating property of the Borrower or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational.