Properties Under Renovation definition
Properties Under Renovation means, previously completed Properties that (i) are undergoing substantial renovations that cause at least twenty percent (20%) of the net rentable area of such Property to be vacant or vacated, (ii) in respect of which not more than twelve (12) months have elapsed from the date such renovations were commenced, and (iii) Borrower has elected, at its option, for purposes of this Agreement, to value at book value plus depreciation. “Properties Under Renovation” shall not include ground-up development construction recently completed, it being understood that Borrower may change its election pursuant to this clause (iii) at any time.