Common use of Model Units Clause in Contracts

Model Units. Each Model Unit may be included in Eligible Collateral for a period of not more than twenty-four (24) Calendar Months from the original Unit Eligibility Date for such Unit as determined by Lender in connection with any approval of the applicable Subdivision as an Approved Subdivision (which may be extended at Lender’s sole discretion for an additional twelve (12) Calendar Months upon Borrower’s written request to Lender made no earlier than ninety (90) days and no later than thirty (30) days following the expiration of such eligibility period). After the expiration of such approved period, the Model Units will not be considered Eligible Collateral but shall continue to be included as Collateral unless and until reclassified as Presold Units and sold and released pursuant to Section 2.7.

Model Units. Each Model Unit that is a Detached Unit may be included in Eligible Collateral for a period of not more than thirty- six (36) Calendar Months from the original Unit Eligibility Date for such Unit as determined by Lender in connection with any approval of the applicable Subdivision as an Approved Subdivision. Each Model Unit that is an Attached Unit may be included in Eligible Collateral for a period of not more than twenty-four (24) Calendar Months from the original Unit Eligibility Date for such Unit as determined by Lender in connection with any approval of the applicable Subdivision as an Approved Subdivision (which may be extended at Lender’s sole discretion for an additional twelve (12) Calendar Months upon Borrower’s written request to Lender made no earlier than ninety (90) days and no later than thirty (30) days following the expiration of such eligibility period)Subdivision. After the expiration of such approved period, the Model Units will not be considered Eligible Collateral but shall continue to be included as Collateral unless and until reclassified as Presold Units and sold and released pursuant to Section 2.7.