Development Assets definition

Development Assets means all Real Property acquired for development into Hotel Assets that, in accordance with GAAP, would be classified as development property on a Consolidated balance sheet of the Parent Guarantor and its Subsidiaries.

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Development Assets means Individual Properties as to which construction of the associated or contemplated improvements has commenced (either new construction or substantial renovation) but has not yet been completed such that a certificate of occupancy (or the local equivalent) for a substantial portion of the intended improvements has not yet been issued or, for any completed project, until one hundred eighty (180) days after completion.

Development Assets means (a) any Real Property as to which construction of the associated or contemplated improvement has commenced (either new construction or substantial renovation) but has not yet been completed such that a certificate of occupancy (or the local equivalent) for a substantial portion of the intended improvements has not yet been issued, or (b) any Real Property as to which a project has been completed, until the earlier to occur of (i) such Real Property achieving an Occupancy Rate of at least 80% and (ii) one (1) year after completion of such project.

Examples of Development Assets in a sentence

• It is clarified that the Developer shall remain liable and responsible for any acts, omissions or defaults of any Sub-Contractor for construction or any of the End Users for use of spaces inside Commercial Development Assets and shall indemnify Authority in respect thereof.

• Further the Lease Rights granted to the Developer in respect of the Commercial Development Assets shall be incapable of conversion into freehold rights.

• If the aggregate budgeted costs attributable to all Development Assets exceeds 15% of Total Asset Value, commence the development of any Development Asset as to which development has not yet commenced.

• The Developer shall not, at any time during the Term, assert any ownership rights and/or lease rights over the Project Land or the Assets and Project Utilities developed thereupon, and/ or any other interests in the Project Land (save and except the Lease Rights to the Commercial Development Assets as set out under the Agreement), and/or any built-up structures and all other assets erected on the Project Land and/or shops etc., in /at the Station.

• There are no outstanding judgments, injunctions, orders or rulings relating to or affecting the Project Company Development Assets.

More Definitions of Development Assets

Development Assets means all Real Property acquired for development into Campus Housing Assets that, in accordance with GAAP, would be classified as development property on a Consolidated balance sheet of the Parent Guarantor and its Subsidiaries.

Development Assets means Individual Properties as to which construction of the associated or contemplated improvements has commenced (either new construction or substantial renovation) but has not yet been completed such that a certificate of occupancy (or the local equivalent) for a substantial portion of the intended improvements has not yet been issued or, for any completed project, until the earlier to occur of (a) such Individual Property becoming a Stabilized Asset, or (b) one hundred eighty (180) days after completion.

Development Assets means the Leases, the Easements, the Transferred Permits, any Contracts to be transferred as part of the Development Assets on Closing, and any Improvements, including the Equipment, Materials or any other component of the Facility, at the Site as of the Closing Date.

Development Assets means, as of any date of determination, raw land, vacant out parcels or real property or any portion thereof owned by a Person and which, as of such date, is in whole or material part the subject of Construction/Renovation; provided, that such real property or any portion thereof will be included in “Development Assets” only until the earlier of (a) the date on which the property or any portion thereof achieves a stabilized occupancy level of at least 85% for the most recent complete quarter, and (b) six months after the date of completion of Construction/Renovation such that the property or any portion thereof may legally be occupied for its intended purpose.

Development Assets means the development projects set forth on Schedule VI.

Development Assets means (a) ground up construction projects; and (b) redevelopment projects that result in the complete cessation of operations at the applicable property.

Development Assets means the assets set forth on Schedule XX hereto (provided that at the time of any contribution by the Parent to the Borrower of a Development Asset pursuant to Section 8.06(xiv), such Schedule shall be automatically amended to delete therefrom the Development Asset so contributed).