Condominium Property Value definition
Condominium Property Value means the sum of the following: (a) the Consolidated Net Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to such conversion divided by 7.50%, plus (b) the cost of capital improvements made to such Property in connection with such conversion not to exceed 35% of the amount determined in accordance with the preceding clause (a), minus (c) 90% of the actual contractual sales price of each individual condominium unit sale prior to any deductions for commissions, fees and any other expenses; provided, however, no value will be attributed to such a Condominium Property 24 months after its conversion. In addition, no value shall be attributable to a Condominium Property at any time following the earlier of (x) all condominium units of such Property having been sold or otherwise conveyed, (y) the management of such Property having been turned over to such Property’s homeowners’ association and (z) less than 10% of the units remain unsold.
Condominium Property Value. (a) the Consolidated Net Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to such conversion divided by 6.0%, …
Condominium Property Value means (i) for a Multifamily Property converted into residential condominium units, the sum of the following: (a) the Net Operating Income for such Property for the four quarter period ending immediately prior to such conversion divided by 8.00%, plus (b) 80% of cost of capital improvements made to such Property in connection with such conversion not to exceed 25% of the amount determined in accordance with the preceding clause (a), minus (c) with respect to each individual condominium unit sale, 85% of the net sale proceeds (defined as the actual sales price less commissions, fees and any other related expenses not to exceed 5% of the actual sales price) from such sale; provided, however, no value will be attributed to such a Property 24 months after its conversion, and (ii) for a Property being developed with multiple residential condominiums on a “ground up” basis, (a) the Construction-In-Process of such Property minus (b) with respect to each individual condominium unit sale, 85% of the net sale proceeds (defined as the actual sales price less commissions, fees and any other related expenses not to exceed 5% of the actual sales price) from such sale; provided, however, no value will be attributed to such a Property 36 months after actual construction on, or other physical development of, such Property has commenced (other than pre-development site work related to remediation and other limited construction or development in advance of actual project construction). For purposes of determining Condominium Property Value, Capital Reserves shall not be deducted from Net Operating Income. In addition, no value shall be attributable to a Condominium Property at any time following the earlier of (x) all condominium units of such Property having been sold or otherwise conveyed and (y) the management of such Property having been turned over to such Property’s homeowner’s association.
More Definitions of Condominium Property Value
Condominium Property Value means at any time and for any Person, the GAAP book value of all Condominium Properties.
Condominium Property Value means, as of the date of conversion to a Condominium Property, the sum of the following: (a) the Consolidated Net Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to such conversion divided by 6.75%, plus (b) the of cost of capital improvements made to such Property in connection with such conversion not to exceed 35% of the amount determined in accordance with the preceding clause (a), minus (c) 90% of the actual contractual sales price of each individual condominium unit sale prior to any deductions for commissions, fees and any other expenses; provided, however, no value will be attributed to such Condominium Property twenty-four (24) months after its conversion. In addition, no value shall be attributable to a Condominium Property at any time following the earlier of (x) all condominium units of such Property having been sold or otherwise conveyed, (y) the management of such Property having been turned over to such Property’s homeowners’ association and (z) less than 10% of the units remain unsold.
Condominium Property Value means, as of any date of determination, the sum of the following: (a) the sum of (i) the Net Operating Income attributable to such Condominium Property for the fiscal quarter ending immediately prior to the conversion of such Condominium Property multiplied by four (4) and divided by the Capitalization Rate, plus (ii) the cost of capital improvements made to such Condominium Property in connection with such conversion, which amount pursuant to this clause (ii) shall not as to any Condominium Property exceed twenty‑five percent (25%) of the amount determined in accordance with the preceding clause (a) (i) with respect to such Condominium Property, minus (b) ninety percent (90%) of the gross actual contractual sales price of each individual condominium unit sale from such Condominium Property prior to any deductions for commissions, fees and any other expenses. Notwithstanding the foregoing, no value will be attributed to any Condominium Property twenty‑four (24) months after the Condominium Conversion. In addition, no value shall be attributable to a Condominium Property at any time following the earlier of the date on which (x) all condominium units within such Condominium Property have been sold or otherwise conveyed, (y) the management of such Condominium Property has been turned over to such Condominium Property's homeowner's association or similar entity or (z) less than ten percent (10%) of the residential units with such Condominium Property remain unsold.