Properties Under Development definition

Properties Under Development means, as of any date of determination, all Properties, the primary purpose of which is to be leased in the ordinary course of business or to be sold upon completion and on which any Subject Party has commenced construction of a building or other improvements; provided that any such Property will no longer be considered a Property Under Development when, (a) such Property qualifies as an Income Producing Property or (b) prior to substantial completion of the construction work with respect to the property, such construction work has ceased for a period of thirty (30) days, in which case such Property shall be considered Speculative Land until such time as construction has resumed.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Properties Under Development means any real property that is undergoing development or redevelopment necessary to function as high quality office, retail or residential property that is carried as such in the financial statements of the Trust or has been designated as such by the Trustees;

Properties Under Development means Properties the primary purpose of ---------------------------- which is to be residential rental owned by the Borrower or a Consolidated Subsidiary and on which the Borrower or a Consolidated Subsidiary has commenced and continues to pursue construction of a building or other improvements; provided that any such Property will no longer be considered a Property under Development when seventy-five percent (75%) of the rental units contained therein are occupied by tenants under leases.

Examples of Properties Under Development in a sentence

• The Management Committee shall approve all future Development Budgets, Development Schedules and Development Plans and Specifications relating to the Properties Under Development or New Projects.

• All Properties currently under development or material construction by MART or the MART Subsidiaries and all properties for which MART or any of the MART Subsidiaries has entered into a commitment for acquisition, development or commencement of material construction prior to the Effective Time are listed in Section 5.23 of the MART Disclosure Letter (each, a "Property Under Development" and collectively, the "Properties Under Development").

• Likewise, Properties Under Development which are completed shall henceforth be considered Developed Properties for all intents and purposes of this Agreement.

• The Managing Member shall monitor all development of the Properties Under Development, the Undeveloped Properties and New Projects pursuant to the Development Agreements and shall keep the Management Committee informed of all development activities with regard thereto.

• The Management Committee must approve any Material modifications to the Development Budgets, the Development Schedules or the Development Plans and Specifications for the Undeveloped Properties, the Properties Under Development and New Projects.

More Definitions of Properties Under Development

Properties Under Development means that portion of any (i) Development Property, (ii) Properties undergoing intensification activities, consisting of the construction of additional buildings on existing assets and modifications to existing buildings, and (iii) mixed use properties being developed or redeveloped.

Properties Under Development means that portion of any (i) Development Property, (ii) Intensification, and (iii) mixed-use properties being developed or redeveloped.

Properties Under Development. : means properties in the construction phase;

Properties Under Development means those properties being developed and includes: (i) the development of vacant land and construction; (ii) intensification activities, consisting of the construction of additional buildings on existing assets and modifications to existing stores; and (iii) the redevelopment of a property.

Properties Under Development means Properties, the primary purpose ---------------------------- of which is to be leased in the ordinary course of business and on which any Borrower, any Consolidated Party or any unconsolidated affiliate thereof has commenced construction of a building or other improvements; provided that any such Property will no longer be considered a Property -------- Under Development when, (i) seventy-five percent (75%) of the gross leasable space to be contained therein upon completion in accordance with then existing plans and specifications with respect to such Property is occupied by tenants under fully executed leases, in which case such Property shall be considered a Transition Property or (ii) construction work with respect to property has ceased for a period of 30 days, in which case such Property shall be considered Speculative Land until such time as construction has resumed.

Properties Under Development means all Real Properties or Excluded Properties, the primary purpose of which is to be leased in the ordinary course of business and on which the applicable Credit Party has commenced construction of a building or other improvements; provided, that any such Real Property or Excluded Property will no longer be considered a Property Under Development when, as of the beginning of any fiscal quarter, eighty-five percent (85%) of the gross leasable space contained therein is occupied by tenants under leases pursuant to which all free rent periods have expired and rent payments have commenced.

Properties Under Development means Properties primarily used for residential rental purposes owned by CESLP, a Consolidated Subsidiary or an Investment Affiliate and on which CESLP, a Consolidated Subsidiary or an Investment Affiliate has commenced and continues to pursue construction of a building or other improvements, provided that any such Property will no longer be considered a Property under Development when seventy-five percent (75%) of the rental units contained therein are occupied by tenants under leases.