Unencumbered Development Project definition
Unencumbered Development Project means a Project that (i) previously was the subject of a major redevelopment or renovation, involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring such Project to be vacated during such redevelopment or renovation, and (ii) meets the criteria of an Eligible Unencumbered Property, provided that any such Project will no longer be considered an Unencumbered Development Project following the date that is twelve (12) months after the first date on which a certificate of occupancy has been issued or reissued for such Unencumbered Development Project or the date such Unencumbered Development Project was otherwise lawfully occupied for its intended use.
Unencumbered Development Project means a Project that (i) (X) is under development or construction for which any member of the Consolidated Group is actively pursuing construction of one or more industrial buildings and which construction is proceeding to completion without undue delay from permit denial, construction delays or otherwise, all pursuant to such member’s ordinary course of business, (Y) is under redevelopment as a Drop Lot without undue delay from permit denial, construction or demolition delays or otherwise, all pursuant to such member’s ordinary course of business, or (Z) previously was the subject of a major redevelopment or renovation, involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring such Project to be vacated during such redevelopment or renovation, and (ii) meets the criteria of an Eligible Unencumbered Property (except for the requirement that each Unencumbered Property must be at least 65% occupied at the time it is added to the Unencumbered Property Pool), provided that any such Project will no longer be considered an Unencumbered Development Project following the date that is twelve (12) months after the first date on which a certificate of occupancy has been issued or reissued for such Unencumbered Development Project or the date such Unencumbered Development Project was otherwise lawfully occupied for its intended use.
Unencumbered Development Project means a Project that (i) previously was the subject of a major redevelopment or renovation, involving extensive capital expenditures beyond those normally incurred in connection with the installation of tenant improvements for a new tenant, to upgrade and reposition such Project to meet prevailing market standards and requiring such Project to be vacated during such redevelopment or renovation, and