Core/Shell Completion definition
Core/Shell Completion means the time the Project Lender's inspecting architect certifies the completion of the core and shell of the building to the lender that the (i) Residential Units are substantially complete including installation of core/shell HVAC, plumbing and electrical systems and interior drywall, but not interior finishes such as flooring, paint, plumbing and electrical fixtures, appliances, and cabinets, and (ii) the Commercial Units are "white box" complete with major systems (electrical, plumbing, and HVAC) and interior drywall, but not bathrooms, interior finishes and fixtures nor Tenant improvements having been installed.