Unencumbered Development Project definition

Unencumbered Development Project means a Project that (i) previously was the subject of a major redevelopment or renovation, involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring such Project to be vacated during such redevelopment or renovation, and (ii) meets the criteria of an Eligible Unencumbered Property, provided that any such Project will no longer be considered an Unencumbered Development Project following the date that is twelve (12) months after the first date on which a certificate of occupancy has been issued or reissued for such Unencumbered Development Project or the date such Unencumbered Development Project was otherwise lawfully occupied for its intended use.
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Unencumbered Development Project means a Project that (i) (X) is under development or construction for which any member of the Consolidated Group is actively pursuing construction of one or more industrial buildings and which construction is proceeding to completion without undue delay from permit denial, construction delays or otherwise, all pursuant to such member’s ordinary course of business, (Y) is under redevelopment as a Drop Lot without undue delay from permit denial, construction or demolition delays or otherwise, all pursuant to such member’s ordinary course of business, or (Z) previously was the subject of a major redevelopment or renovation, involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring such Project to be vacated during such redevelopment or renovation, and (ii) meets the criteria of an Eligible Unencumbered Property (except for the requirement that each Unencumbered Property must be at least 65% occupied at the time it is added to the Unencumbered Property Pool), provided that any such Project will no longer be considered an Unencumbered Development Project following the date that is twelve (12) months after the first date on which a certificate of occupancy has been issued or reissued for such Unencumbered Development Project or the date such Unencumbered Development Project was otherwise lawfully occupied for its intended use.
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Unencumbered Development Project means a Project that (i) previously was the subject of a major redevelopment or renovation, involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring such Project to be vacated during such redevelopment or renovation, and
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Related to Unencumbered Development Project

  • Economic development project means land and existing or planned improvements suitable for use by an industrial or commercial enterprise, or housing development, or the protection of the environment, including, but not limited to, groundwater or surface water. Economic development project includes necessary buildings, improvements, or structures suitable for and intended for or incidental to use as an industrial or commercial enterprise or housing development; and includes industrial park or industrial site improvements and port improvements or housing development incidental to an industrial or commercial enterprise; and includes the machinery, furnishings, and equipment necessary, suitable, intended for, or incidental to a commercial, industrial, or residential use in connection with the buildings or structures.

  • Economic Development Property means those items of real and tangible personal property of the Project which are eligible for inclusion as economic development property under the FILOT Act and this Fee Agreement, and selected and identified by the Company or any Sponsor Affiliate in its annual filing of a SCDOR PT-300S or comparable form with the Department (as such filing may be amended from time to time) for each year within the Investment Period.

  • Unencumbered Properties means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any one of the Unencumbered Properties.

  • Unencumbered Property means any one of the Unencumbered Properties.

  • Unencumbered Pool means the pool of Unencumbered Assets.