Common use of HOUSING UNIT Clause in Contracts

HOUSING UNIT. Permit the total number of Housing Units owned by the Borrower, including Housing Units under construction, but excluding model housing units and Housing Units Under Contract, at any time to exceed 35% of the total number of Housing Unit Closings during the immediately preceding 12-month period; PROVIDED, HOWEVER, that the total number of Housing Unit Closings during the twelve-month period immediately preceding the Closing Date shall include Housing Unit Closings of Greystone during such period.

HOUSING UNIT. Permit the total number of Housing Units owned by the Borrower, including Housing Units under construction, construction but excluding model housing units and Housing Units Under Contract, at any time to exceed 35the greater of (i) 50% of the total number of Housing Unit Closings during the immediately preceding 12-month period; PROVIDED, HOWEVER, that or (ii) 110% of the total number of Housing Unit Closings during the twelveimmediately preceding six-month period immediately preceding the Closing Date shall include Housing Unit Closings of Greystone during such period.