Multifamily Property. The term “Multifamily Property” for purposes of this Agreement and any renewal of this Agreement shall mean any real property on which an upscale multifamily residential-use development has been constructed or is under construction as of the date of this or any renewal of this Agreement.
Multifamily Property. A residential property that contains five or more dwelling units, including five or more single unit residential properties that are managed as rental units by or for the same Borrower.
Multifamily Property. As defined in the Specified Senior Secured Credit Agreement. Net Equity Issuance Proceeds. See §3.2(a). Net Proceeds. Means (a) with respect to any Refinanced Indebtedness in respect of any Real Estate or Material Assets, one hundred percent (100%) of any Excess Refinanced Principal Amount in connection with any Refinancing by a Loan Party or its Subsidiaries of Real Estate or Material Assets and (b) with respect to the sale of any Real Estate or Material Assets of a Loan Party or its Subsidiaries, one hundred percent (100%) of the actual gross sales price under the applicable purchase and sale agreement with respect to such Real Estate or such Material Assets less (c) in each case, for clause (a) and (b) above, actual customary, reasonable, and documented closing costs and expenses (including reasonable and documented sales costs, commissions, legal fees and transfer taxes), less (d) in the case of clause (b) above, the payment of principal, premium, penalty interest or other amounts in respect of Indebtedness secured by the Real Property or Material Asset that is the subject of such sale, less (e) in the case of clause (b) above, the amount of any reasonable reserve established in accordance with GAAP against any liabilities associated with the Real Estate or Material Asset that is the subject of such sale, less (f) in the case of clause (b) in respect of any Material Asset, any proceeds of such sale reinvested in fixed, capital, or similar assets of Parent Guarantor and its Subsidiaries.
Multifamily Property. Real Estate that is primarily a multifamily residential project for lease, such as an apartment building or garden style apartment project. Negative Pledge. See §7.19(a)(i). Net Income (or Loss). With respect to any Person (or any asset of any Person) with respect to any period, the net income (or loss) of such Person (or attributable to such asset), determined in accordance with GAAP. Net Offering Proceeds. Without duplication, the gross cash proceeds received by the REIT, the General Partner, the Limited Partner or the Borrower as a result of an Equity Offering less the customary and reasonable costs, expenses and discounts paid by the REIT, the General Partner, the Limited Partner or the Borrower, as applicable, in connection therewith. Net Operating Income. For any Real Estate and for a given period, an amount equal to the sum of (a) the gross revenues accrued from such Real Estate for such period in the ordinary course of business from tenants (excluding pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of tenants’ obligations for rent) minus (b) all expenses paid or accrued and related to the ownership, operation or maintenance of such Real Estate for such period, including, but not limited to, taxes, assessments and the like, insurance, utilities, payroll costs, maintenance, repair and landscaping expenses, marketing expenses, and general and administrative expenses (including an appropriate allocation for legal, accounting, advertising, marketing and other expenses incurred in connection with such Real Estate, but specifically excluding general overhead expenses of the REIT and its Subsidiaries, any property management fees, debt service charges, income taxes, depreciation, amortization, other non-cash expenses, and any extraordinary, non-recurring expense associated with any financing, merger, acquisition, divestiture or other capital transaction) in each case, in connection with such Real Estate), minus (c) the greater of (i) actual property management fees paid to a third party for such Real Estate for such period, and (ii) an amount equal to three percent (3%) of the gross rental revenues from such Real Estate for such period, minus (d) all revenues from such Real Estate which have not been paid within thirty (30) days of the date due.
Multifamily Property. Any real property that contains or that will contain more than one hundred (100) dwelling units and in which no more than five percent (5%) of the Net Rentable Area is rented to, or to be rented to, non-residential tenants.
Multifamily Property. Real Estate that is primarily a multifamily residential project for lease, such as an apartment building or garden style apartment project. Net Income (or Loss). With respect to any Person (or any asset of any Person) with respect to any period, the net income (or loss) of such Person (or attributable to such asset), determined in accordance with GAAP.
Multifamily Property. Real Estate containing a residential structure with five or more dwelling units in the same structure.
