Construction Properties definition

Construction Properties. Properties that (a) are subject to ground up construction of new improvements, involving, without limitation, new foundations, new structural steel or wood frame, and new mechanical, electrical and plumbing systems and (b) secure a future advance loan or Revolving Loan, and which either (x) the related future funding obligation represented more than 30% of the total committed amount of the underlying loan as of the date the Seller acquired such future advance loan or Revolving Loan or (y) the related future funding obligation represented more than 40% of the total committed amount of the underlying loan as of the date of origination of such future advance loan or Revolving Loan.

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Construction Properties means each of (1) Village at Temple, the property owned by ACT-Village at Temple, LLC (“ACT Temple”), (2) Village at Fresno State, the property owned by ACT-Village at Fresno State, LLC (“ACT Fresno”) and (3) Village at CSU, the property owned by ACT-Village at CSU, LLC (“ACT CSU”); the term “Completion Funds” means the difference between (1) the aggregate amount of the original development budgets for the Construction Properties approved by American-Campus Titan LLC and American Campus-Titan II LLC that have not been paid to date and (2) the Escrowed Funds; the term “Escrowed Funds” means $824,011 as of the Closing, together with any amounts to be deposited by the Company with Escrow Agent (hereinafter defined) as and when received from Apex Construction Company with respect the Construction Properties owned by ACT Fresno and ACT CSU (estimated as of today to be approximately $400,000), representing the aggregate estimated amount of savings with respect to the Construction Properties; and the term “Escrow Agent” shall mean LandAmerica Title Insurance Company.

Construction Properties means those Company Properties that are under construction and not yet part of the Collateral Pool (as that term is defined in the Credit Facility) at the time that CalEast makes a Capital Contribution pursuant to Section 3.4(E) hereof.

Examples of Construction Properties in a sentence

• The Company and Sponsors shall cooperate, and use commercially reasonable efforts to collect, as promptly as possible following the date hereof, the balance of the insurance proceeds claimed by ACT Fresno in connection with the fire that occurred at its Construction Properties in 2003 (the “Fresno Fire”).

• Notwithstanding anything to the contrary contained in this Agreement, the Partnership and the Company recognize that the two properties listed in SCHEDULE 1.2 to this Agreement as Property No. 5 and Property No. 6 (collectively, the "Under Construction Properties") are presently being improved pursuant to the construction contracts listed on EXHIBIT 2.11(a) hereto and the plans and specifications listed on EXHIBIT 2.11(b) hereto.

• All public utilities necessary to the continued use and enjoyment of a Property as presently used and enjoyed are located in the public right-of-way abutting the Property, and all such utilities are, or, with respect to the Construction Properties, after obtaining permanent Certificates of Occupancy will be, connected so as to serve the Property without passing over other property, or if the same passes over other property, easements or other agreements provide for rights of use covering the same.

• The Borrower will only use the proceeds of Construction Advances to finance acquisition costs, pre-development and development costs incurred in connection with Construction Properties, in each case, as set forth in the Cost Breakdown for the applicable Construction Property.

• If Buyer wants to view an unlisted property (Unlisted property shall include: New Construction Properties that are unlisted; For Sale By Owner (FSBO) properties; and any other property not on the MLS) then, Buyer agrees to first contact Agent about the property and not contact the unlisted Seller.

• Upon any such termination, the Construction Agent shall immediately pay to the Lessor, as and for liquidated damages, an amount equal to the Lease Balance as of the date of such payment for all Construction Properties for which the Lease Term has not commenced (whereupon the Lessor shall convey title to such Properties to the Construction Agent or its designee in accordance with ARTICLES XXII and XXV of the Lease).

• As of August 13, 2004, set forth on Schedule 3.14 is (a) a list of all Properties (with street address, county and state where located) and the owner of such Property and (b) a list of all Unencumbered Properties and all Unencumbered Construction Properties.

• All such Unencumbered Properties and Unencumbered Construction Properties satisfy the requirements for an Unencumbered Property or Unencumbered Construction Property, as applicable, set forth in the definition thereof.

• The Property has adequate rights of access to public ways and is, or, with respect to the Construction Properties, after obtaining a permanent Certificate of Occupancy will be, served by adequate water, sewer, sanitary sewer and storm drain facilities.

• Construction Properties: Those individual Leased Properties set forth on Schedule 1.4(a).

More Definitions of Construction Properties

Construction Properties means each Property that has not achieved Construction Completion.

Construction Properties means the Reston property identified on Exhibit A-20, and the ▇▇▇▇▇▇▇▇▇▇ property identified on Exhibit A-21.

Construction Properties means, unless the Issuer receives a confirmation from Moody’s indicating otherwise, properties that are both (1) subject to ground up construction of new improvements, involving, without limitation, new foundations, new structural steel or wood frame, and new mechanical, electrical and plumbing systems and (2) that secure a Future Advance Loan or Revolving Loan and which either (a) the related future funding obligation represented more than 30% of the total committed amount of the underlying loan as of the date the Issuer acquired such Future Advance Loan or Revolving Loan or (b) the related future funding obligation represented more than 40% of the total committed amount of the underlying loan as of the date of origination of such Future Advance Loan or Revolving Loan; and

Construction Properties means, collectively, the Bluegrass Valley II Property and the Lehigh Valley II Property. “Contractor” - means a contractor, acceptable to Lender, who will construct all or any portion of the Tenant Improvements.

Construction Properties means (a) Hotel Properties under ----------------------- construction, (b) newly acquired Hotel Properties which require and are undergoing substantial refurbishment and which are not open for business and (c) vacant land.

Construction Properties means, unless the Issuer receives a confirmation from Moody’s indicating otherwise, properties that are both (a) subject to ground up construction of new improvements, involving, without limitation, new foundations, new structural steel or wood frame, and new mechanical, electrical and plumbing systems and (b) that secure a Related Future Advance Loan or a Delayed Draw Term Loan and which either (1) the related future funding obligation represented more than 35% of the total committed amount of the underlying loan as of the date the Issuer acquired such Related Future Advance Loan or Delayed Draw Term Loan or (2) the related future funding obligation represented more than 40% of the total committed amount of the underlying loan as of the date of origination of such Related Future Advance Loan or Delayed Draw Term Loan;