Minimum Occupancy. Borrower covenants to make progress in occupancy of the Facility in accordance with the following schedule: An apartment Unit in the Facility shall be considered occupied when a Resident is in actual occupancy on a full rent-paying basis under a Residency Agreement in the form approved by Lender without material modification.
Appears in 2 contracts
Sources: Loan Agreement (Emeritus Corp\wa\), Loan Agreement (Emeritus Corp\wa\)