Property Under Development definition

Property Under Development means a Property under development (in accordance with GAAP) on which construction of the hotel has commenced but which has not been substantially completed and occupied and which is subject to a Permitted Operating Lease and an Approved Management Agreement that will be effective upon opening.
View Source
Property Under Development means all property still being constructed and intended to provide, upon comple­ tion, an income to its owner in the form of rents or profits from its sale; it does not include demolition of buildings or sites being cleared for possible development in the future;
View Source
Property Under Development or “PUD” means any real property undergoing development or redevelopment that is designated as such by Allied.
View Source

Examples of Property Under Development in a sentence

  • To the knowledge of MART, each Property Under Development has obtained all certificates, permits and licenses which are required to be obtained and MART has no reason to believe that any future certificate, permit or license required for the lawful use and operation of the improvements being constructed thereon will not be issued in the ordinary course of business.

  • No REA Agreements or other easements (other than customary utility easements which can be obtained in the ordinary course of business) are required from third parties for any Property Under Development which has not already been obtained.

  • Section 7.22(a) is deleted in its entirety and shall be replaced as follows: The Borrower's Investment in Real Property Under Development (with each asset valued in accordance with GAAP at cost, as incurred through the reporting date for construction in progress in the most recent quarter of the Consolidated Group for which financial results have been reported) shall not at any time exceed fifteen percent (15%) of Total Asset Value.

  • Company shall use reasonable efforts to cause any lender/seller providing the acquisition and/or project financing on Subsidiary Property Under Development to permit the subordination of Collateral Agent's Liens on such Subsidiary Property Under Development, and thereby to eliminate the need for Collateral Agent to release its Liens on such Subsidiary Property Under Development.

  • 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").

  • Notwithstanding the above, the Managing Member may make modifications to the Development Budgets, Development Schedules and Development Plans and Specifications for a single Property Under Development or New Project which are not “Material” without the approval of the Management Committee.

  • If such lender/seller will permit such subordination, then, notwithstanding the foregoing provisions of this Section 3.4(c), Collateral Agent's Liens on such Subsidiary Property Under Development will not be released and will become subordinate Liens pursuant to documentation in form and substance satisfactory to Agent.

  • Except for the hard costs and soft costs identified as “Tenant’s Costs” on the Construction Budget, none of RHC, RHP or any of the Acquired Companies is aware of any costs or expenses that will need to be paid or incurred by any Acquired Company in order to cause completion of the Outstanding Work and the opening of the Leased Real Property Under Development to the public, in each case, in accordance with the terms of the Lease.

  • If such lender/seller will permit such subordination, then, notwithstanding the foregoing provisions of this Section 3.5(c), Collateral Agent's Liens on such Subsidiary Property Under Development will not be released and will become subordinate Liens pursuant to documentation in form and substance satisfactory to Agent.

  • Notwithstanding the above, the Managing Member may make modifications to the Development Budgets, Development Schedules and Development Plans and Specifications for a single Property Under Development or New Project which are not "Material" without the approval of the Management Committee.

Related to Property Under Development

  • Lots Under Development means all Land Held for Development with respect to which the Borrower or any Subsidiary Guarantor has obtained all necessary approvals for its subdivision for residential housing units (including condominium units), and which the Borrower or any Subsidiary Guarantor is actively developing into Finished Lots; provided, however, that the term “Lots Under Development” shall not include any land upon which the construction of a residential housing unit has commenced.

  • Assets Under Development means any real property under construction (excluding any completed Property under minor renovation) until such property has received a certificate of occupancy.

  • Cluster development means a subdivision with lots clustered in a group of five or more lots that is

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Construction in Progress means each Property that is either (a) new ground up construction or (b) under renovation in which (i) greater than thirty percent (30%) of the square footage of such Property is unavailable for occupancy due to renovation and (ii) no rents are being paid on such square footage. A Property will cease to be classified as “Construction in Progress” on the earlier to occur of (A) the time that such Property has an Occupancy Rate of greater than eighty percent (80%), or (B) one hundred eighty (180) days after completion of construction or renovation of such Property, as applicable.