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We present opacity sampling model atmospheres, synthetic spectra and colors for brown dwarfs and very low mass stars in two limiting case of dust grain formation: 1) inefficient gravitational settling i.e. the dust is distributed according to the chemical equilibrium predictions, 2) efficient gravitational settling i.e. the dust forms and depletes refractory elements from the gas, but their opacity does not affect the thermal structure. The models include the formation of over 600 gas phase species, and 1000 liquids and crystals, and the opacities of 30 different types of grains including corundum (Al$_2$O$_3$), the magnesium aluminum spinel MgAl$_2$O$_4$, iron, enstatite (MgSiO$_3$), forsterite (Mg$_2$SiO$_4$), amorphous carbon, SiC, and a number of calcium silicates. The models extend from the beginning of the grain formation regime well into the condensation regime of water ice ($\teff= 3000 - 100$ K) and encompasses the range of $\log g= 2.5 - 6.0$ at solar metallicity. We find that silicate dust grains can form abundantly in the outer atmospheric layers of red and brown dwarfs with spectral type later than M8. The greenhouse effects of dust opacities provide a natural explanation for the peculiarly red spectroscopic distribution of the latest M dwarfs and young brown dwarfs. The grainless (Cond) models on the other hand, correspond closely to methane brown dwarfs such as Gliese 229B. We also recover that the $\lambda$5891,5897\AA Na I D and $\lambda$7687,7701\AA K I resonance doublets plays a critical role in T dwarfs where their red wing define the pseudo-continuum from the $I$ to the $Z$ bandpass.