Restricted Development Area Sample Clauses

Restricted Development Area. (a) Sunrise shall not, without the Federal Member's prior written consent (which consent may be withheld in the Federal Member's sole and absolute discretion), develop or construct any new Senior Housing Facility or substantially redevelop or expand any existing Senior Housing Facility located within any Restricted Development Area unless each Property located within the applicable Restricted Development Area has had an average occupancy level of at least ninety-five percent (95%) of the total occupancy level for such Property during the prior twelve (12) month period ending on the later of (i) the date that a commercially reasonable earnxxx-xxxey deposit posted by Sunrise with respect to the acquisition of the land upon which the Senior Housing Facility is proposed to be developed or redeveloped becomes non-refundable under the terms of the applicable acquisition agreement if Sunrise does not own such land as of the date hereof, (ii) the date that Sunrise obtains a building permit for the development or redevelopment of the proposed Senior Housing Facility if Sunrise owns the land upon which same is proposed to be developed or redeveloped as of the date hereof, or (iii) the one (1) year anniversary of the date of acquisition of such Property by the LLC. For purposes of this Section 6.6.8(a), no unit or bed in any property shall be deemed to be occupied for purposes of determining occupancy levels if the applicable resident is occupying his unit or bed at a rental rate which is not consistent with the rental rate for such unit or bed set forth in the then applicable Annual Business Plan for the Property or if the resident has received rent or other concessions not consistent with the then applicable Annual Business Plan.