Common use of Assets Under Development Clause in Contracts

Assets Under Development. The Borrower shall not permit the sum of (a) the aggregate remaining Budgeted Project Costs to complete all Real Estate Assets under Development plus (b) Consolidated Outstanding Recourse Indebtedness to exceed 75% of the aggregate Asset Value of all Unencumbered Assets. For purposes of determining the Asset Value of all Unencumbered Assets for this ss.9.7, the Net Operating Income of any Unencumbered Asset acquired during such prior fiscal quarter shall be adjusted on a pro-forma basis by projecting the Net Operating Income generated by each such acquired Unencumbered Asset for the portion of the quarter during which it was owned or ground-leased by the Borrower over the entire quarter.

Assets Under Development. The Borrower shall not permit the sum of ------------------------ of (a) the aggregate remaining Budgeted Project Costs to complete all Real Estate Assets under Development plus (b) Consolidated Outstanding Recourse ---- Indebtedness to exceed 75% of the aggregate Asset Value of all Unencumbered Assets. For purposes of determining the Asset Value of all Unencumbered Assets for this ss.9.7(S)9.7, the Net Operating Income of any Unencumbered Asset acquired during such prior fiscal quarter shall be adjusted on a pro-forma basis by projecting the Net Operating Income generated by each such acquired Unencumbered Asset for the portion of the quarter during which it was owned or ground-leased by the Borrower over the entire quarter.