Construction Threshold definition

Construction Threshold means, during the initial Lease Year, Two Hundred Fifty Thousand Dollars ($250,000) and, for each subsequent Lease Year, shall mean the product of (x) the Construction Threshold for the immediately preceding Lease Year multiplied by (y) the quotient of (i) the CPI for the month preceding by two months the first month of the then- current Lease Year divided by (ii) the CPI for the month preceding by two months the first month of the immediately preceding Lease Year.
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Examples of Construction Threshold in a sentence

  • At Tenant’s sole cost and expense, Tenant may perform any Construction not otherwise required under this Lease as Tenant shall consider necessary or appropriate, (x) with Notice to Landlord but without Landlord’s consent if the cost of such Construction is equal to or less than the Construction Threshold, and (y) otherwise with Landlord’s prior written consent, which consent Landlord shall not unreasonably withhold.

  • Construction of the Unit shall have commenced at least to the Unit Construction Threshold.

  • All plans and specifications for Alterations exceeding the Construction Threshold Amount in hard construction costs (such Alterations, “Substantial Projects”) shall be submitted by the Foundation to the Director for review and approval prior to the commencement of any work thereon.

  • Borrower may reclassify an A&D Lot or Finished Lot as a Unit subject to the provisions of this Agreement relating to Units; provided, however, that before any A&D Lot or Finished Lot is included in Eligible Assets as a Unit, the conditions precedent set forth in Section 4.4 must have been satisfied with respect to such A&D Lot or Finished Lot, including, without limitation, the provisions of Section 4.4(f) imposing the requirement that the Unit Construction Threshold must be met.

  • Borrower may reclassify an A&D Lot or Finished Lot as a Unit subject to the provisions of this Agreement relating to Units; provided, however, that before any A&D Lot or Finished Lot is included in Eligible Collateral as a Unit, the conditions precedent set forth in Section 4.4 must have been satisfied with respect to such A&D Lot or Finished Lot, including, without limitation, the provisions of Section 4.4(l) imposing the requirement that the Unit Construction Threshold must be met.