Common use of Qualification of Units as Eligible Collateral Clause in Contracts

Qualification of Units as Eligible Collateral. Borrower may, from time to time, request the Lender to approve a Unit as Eligible Collateral. Lender is under no obligation to accept into Eligible Collateral any Units proposed by Borrower more frequently than twice in each Calendar Month. When requesting consideration of a new Unit, Borrower, at Borrower's sole cost and expense, shall deliver to the Lender each of the following items. Each of the items required by this Section must be satisfactory to the Lender in its reasonable discretion and each of the conditions precedent required to be satisfied pursuant to this Section must be satisfied, as determined by the Lender in its reasonable discretion, at all times that such Unit is included in Eligible Collateral: (a) Inclusion in an Approved Subdivision. Such Lot is legally described as a Lot on a final subdivision plat or map or subdivision filing.

Qualification of Units as Eligible Collateral. Borrower may, from time to time, request the Lender to approve a Unit as Eligible Collateral. Lender is under no obligation to accept into Eligible Collateral any Units proposed by Borrower more frequently than twice in each Calendar Month. When requesting consideration of a new Unit, Borrower, at Borrower's sole cost and expense, shall deliver to the Lender each of the following items. Each of the items required by this Section must be satisfactory to the Lender in its reasonable discretion and each of the conditions precedent required to be satisfied pursuant to this Section must be satisfied, as determined by the Lender in its reasonable discretion, at all times that such Unit is included in Eligible Collateral: (a) Inclusion in an Approved Subdivision. Such Lot is legally described as a Lot on a final subdivision plat or map or subdivision filing.