Common use of Model Units Clause in Contracts

Model Units. The total amount to be funded for the costs of construction of a Unit, as approved and allocated by Bank pursuant to Subparagraphs 2.5(a) through (e), inclusive, less the allocable loan amount per lot, above shall be called the "Committed Unit Amount." Upon Bank's approval of the commencement of construction of a Unit and the Bank's approval of the Committed Unit Amount for said Unit, the Committed Unit Amount shall be reserved under the Construction Line, and shall not be available for disbursement for construction of any other Units until such time as the Unit Release Prices repaid create amounts available under the Construction Line. After making the initial disbursement under the Committed Unit Amount, the remaining unfunded Committed Unit Amount shall be disbursed on a percentage basis in accordance with the terms of this Agreement. Bank shall not in any case be obligated to approve or fund the construction of a new Unit unless there are sufficient "available" Construction Line proceeds as noted below to complete construction of that Unit. For purposes of this Agreement, the term "available" Construction Line proceeds shall mean the amount derived by subtracting the total Committed Unit Amounts from the Maximum Committed Funding Amount of THREE MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($3,400,000.00) as described below in subparagraph (m).

Model Units. The total amount to be funded for the costs of construction of a Unit, as approved and allocated by Bank pursuant to Subparagraphs 2.5(a) through (e), inclusive, less the allocable loan amount per lot, above shall be called the "Committed Unit Amount." Upon Bank's approval of the commencement of construction of a Unit and the Bank's approval of the Committed Unit Amount for said Unit, the Committed Unit Amount shall be reserved under the Construction Line, and shall not be available for disbursement for construction of any other Units until such time as the Unit Release Prices repaid create amounts available under the Construction Line. After making the initial disbursement under the Committed Unit Amount, the remaining unfunded Committed Unit Amount shall be disbursed on a percentage basis in accordance with the terms of this Agreement. Bank shall not in any case be obligated to approve or fund the construction of a new Unit unless there are sufficient "available" Construction Line proceeds as noted below to complete construction of that Unit. For purposes of this Agreement, the term "available" Construction Line proceeds shall mean the amount derived by subtracting the total Committed Unit Amounts from the Maximum Committed Funding Amount of THREE MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($3,400,000.003,000,000.00) as described below in subparagraph (m).