Real Property Under Development definition

Real Property Under Development is defined as any Project which either is under construction or completed and has not yet achieved a leasing level of 85% or more; provided that a Project shall continue to be a Real Property Under Development until the end of the fiscal quarter during which it achieves 85% leasing and provided further that a Project shall cease to be a Real Property Under Development no later than the end of the sixth fiscal quarter following the fiscal quarter during which its final certificate of occupancy was issued.
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Examples of Real Property Under Development in a sentence

  • Section 7.22(a) is deleted in its entirety and shall be replaced as follows: The Borrower's Investment in Real Property Under Development (with each asset valued in accordance with GAAP at cost, as incurred through the reporting date for construction in progress in the most recent quarter of the Consolidated Group for which financial results have been reported) shall not at any time exceed fifteen percent (15%) of Total Asset Value.

  • Except for the hard costs and soft costs identified as “Tenant’s Costs” on the Construction Budget, none of RHC, RHP or any of the Acquired Companies is aware of any costs or expenses that will need to be paid or incurred by any Acquired Company in order to cause completion of the Outstanding Work and the opening of the Leased Real Property Under Development to the public, in each case, in accordance with the terms of the Lease.

Related to Real Property Under Development

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Lots Under Development means all Land Held for Development with respect to which the Borrower or any Subsidiary Guarantor has obtained all necessary approvals for its subdivision for residential housing units (including condominium units), and which the Borrower or any Subsidiary Guarantor is actively developing into Finished Lots; provided, however, that the term “Lots Under Development” shall not include any land upon which the construction of a residential housing unit has commenced.

  • Unimproved Real Property means Property in which the Company has an equity interest that was not acquired for the purpose of producing rental or other operating income, that has no development or construction in process and for which no development or construction is planned, in good faith, to commence within one (1) year.

  • Assets Under Development means any real property under construction (excluding any completed Property under minor renovation) until such property has received a certificate of occupancy.

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 5.11(c) or 4.02.