Common use of Minimum Occupancy Clause in Contracts

Minimum Occupancy. Commencing on September 30, 2012, and continuing at all times thereafter, Borrowers shall not permit the aggregate Occupancy level for the Projects to be less than that set forth on Schedule II based upon the average monthly trailing twelve (12) month resident occupancy per available unit in the Project. Such covenant shall be tested on a quarterly basis commencing on September 30, 2012, and continuing on the last day of each quarter thereafter until the Final Maturity Date.

Minimum Occupancy. Commencing on September 30March 31, 2012, and continuing at all times thereafter, Borrowers shall not permit the aggregate Occupancy level for the Projects to be less than that set forth on Schedule II eighty-five percent (85%) based upon the average monthly trailing twelve (12) month resident occupancy per available unit in the Project. Such covenant shall be tested on a quarterly basis commencing on September 30March 31, 2012, and continuing on the last day of each quarter thereafter until the Final Maturity Date.