Qualified Development Properties definition
Qualified Development Properties means any Real Property Assets -------------------------------- which are 100% owned in fee (or leasehold pursuant to a Financeable Ground Lease) by the Borrower, the General Partner or any of their Consolidated Subsidiaries and which are not subject to any Lien (other than Permitted Liens), and which are under construction and which, in accordance with GAAP, have not yet been placed into service, provided, however, that if 66.67% or more of the net rentable area of any Qualified Development Property has not been leased to tenants other than tenants that are affiliates of the Borrower on or before the earlier to occur of (x) the date which is six (6) months after the Completion of Construction thereof, and (y) the eighteen month anniversary of the commencement of construction thereof, then the same will cease to be a Qualified Development Property.
Qualified Development Properties means any of the ▇▇▇▇ ▇▇ Unencumbered Asset Pool Properties or the ▇▇▇▇ Unencumbered Asset Pool Properties which are under construction and which, in accordance with GAAP, has not yet been placed into service, but as to which not less than 66.67% of net rentable leaseable area has been pre-leased to tenants other than tenants that are affiliates of the Borrowers or ▇▇▇▇ ▇▇, unless the same are approved by the Required Banks.
Examples of Qualified Development Properties in a sentence
Each of the Stabilized Retail Operating Properties, Qualified Development Properties and Pre-Stabilized Retail Operating Properties satisfies all of the requirements of a Stabilized Retail Operating Property, Qualified Development Property and Pre-Stabilized Retail Operating Property, respectively.
Percentage of Line VI.C.4. derived from Unencumbered Eligible Properties that constitute Qualified Development Properties: 9 $ 8.