Development Restrictions. MSLS is a party to operating ------------------------ agreements with respect to all Senior Living Facilities owned indirectly by FGI on the date hereof and listed on Schedule 1 to this Agreement (the "Forum Operating Agreements"), and, in accordance therewith, the parties thereto have agreed upon certain restrictions regarding development of Similar Properties within specified regions. These regions are referred to as "Area A" and "Area B" in each Forum Operating Agreement. As used herein, "Similar Property" means a then-existing full service retirement community offering the full care continuum of independent living (predominantly), assisted living, and health care services, and "Assisted Living Facility" means a retirement community or facility dedicated in its entirety to assisted living accommodations and services, Alzheimer's facilities and nursing care facilities, so long as the Alzheimer's and nursing care facilities constitute less than half of such community or facility.
Appears in 2 contracts
Sources: Noncompetition Agreement (Crestline Capital Corp), Noncompetition Agreement (HMC Merger Corp)