Properties Under Development Sample Clauses
Properties Under Development. Except as disclosed to Lender in writing, no Collateral Pool Property shall be raw land or property under construction or development with respect to which property construction or reconstruction will be needed before the property can be leased to tenants paying rent.
Properties Under Development. (i) The Borrower shall not permit the aggregate Budgeted Project Costs of Properties under Development at any time to exceed twenty-five percent (25%) of Market Value.
(ii) The Borrower shall not permit the Property Purchase Contract Obligations at any time to exceed fifteen percent (15%) of Market Value.
Properties Under Development. Phase One of the Changzhou project is scheduled for completion in the second half of 2011. The State Guest House, a 5-star hotel and serviced apartments are scheduled to be completed in 2012. Construction of Shanghai Xiyuan, which offers 510 fitted-out residential units in 11 medium-rise towers and a club house, is progressing well with completion targeted in 2012. The first phases of Ambassador Villa in Suzhou and Glory of Time in Wuxi are scheduled for completion in December 2011.