Common use of Certain Permitted Investments Clause in Contracts

Certain Permitted Investments. The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, make any Investment in or otherwise own or hold the following items which would cause the aggregate value of all such holdings of the Borrower, such other Subsidiaries and other Loan Parties (without duplication) to exceed 25.0% of Total Asset Value at any time: (a) Investments in Persons which are not Subsidiaries, including without limitation Unencumbered Mortgage Notes and other Indebtedness owed to the Borrower or any Subsidiary and secured by real property; (b) Assets Under Development measured by the aggregate Construction Budget for all such Assets Under Development. For purposes of this subsection, (i) “Construction Budget” means the fully-budgeted costs for the acquisition and construction of a given piece of real property (including without limitation, the cost of acquiring such piece of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Borrower in good faith and (ii) real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as a condition precedent to, such acquisition, shall be subject to this subsection; and

Certain Permitted Investments. The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, make any Investment in or otherwise own or hold the following items which would cause the aggregate value of all such holdings of the Borrower, Borrower and such other Subsidiaries and other Loan Parties (without duplication) to exceed 25.020.0% of Total Asset Value at any time: (a) Investments in Persons which are not Subsidiaries, including without limitation Unencumbered Mortgage Notes and other Indebtedness owed to the Borrower or any Subsidiary and secured by real property; (b) Assets Under Development measured by the aggregate Construction Budget for all such Assets Under Development. For purposes of this subsection, (i) “"Construction Budget” " means the fully-budgeted costs for the acquisition and construction of a given piece of real property (including without limitation, the cost of acquiring such piece of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Borrower in good faith and (ii) real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as a condition precedent to, such acquisition, shall be subject to this subsection; and;

Certain Permitted Investments. The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, make any Investment in or otherwise own or hold the following items which would cause the aggregate value of all such holdings of the Borrower, Borrower and such other Subsidiaries and other Loan Parties (without duplication) to exceed 25.0% of Total Asset Value the applicable limits set forth below at any such time: (a) Investments in Persons which are not Subsidiaries, Subsidiaries (including without limitation Unencumbered Mortgage Notes and other ownership of Indebtedness owed to the Borrower or any Subsidiary and secured by real propertyproperty but excluding the Borrower’s Investments in SNH and HPT), such that the aggregate book value of such Investments exceeds 25.0% of Total Asset Value at any time; (b) Developable Property, such that the aggregate book value of all such Developable Property exceeds 7.5% of Total Asset Value at any time; (c) Assets Under Development measured by such that the aggregate Construction Budget for all such Assets Under DevelopmentDevelopment exceeds 15.0% of Total Asset Value at any time. For purposes of this subsection, (i) “”Construction Budget” means the fully-budgeted costs for the acquisition and construction of a given piece of real property (including without limitation, the cost of acquiring such piece of real propertyproperty (except to the extent any portion thereof is Developable Property included in the immediately preceding subsection (b)), reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Borrower in good faith and (ii) real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as a condition precedent to, such acquisition, shall be subject to this subsection; and

Certain Permitted Investments. The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, make any Investment in or otherwise own or hold the following items which would cause the aggregate value of all such holdings of the Borrower, such other Subsidiaries and other Loan Parties (without duplication) to exceed 25.0% of Total Asset Value at any time: (a) Investments in Persons which are not Subsidiaries, including without limitation Unencumbered Mortgage Notes and other Indebtedness owed to the Borrower or any Subsidiary and secured by real property; (b) Assets Under Development measured by the aggregate Construction Budget for all such Assets Under Development. For purposes of this subsection, (i) “Construction Budget” means the fully-fully budgeted costs for the acquisition and construction of a given piece of real property (including without limitation, the cost of acquiring such piece of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Borrower in good faith and (ii) real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as a condition precedent to, such acquisition, shall be subject to this subsection; and

Certain Permitted Investments. The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, make any Investment in or otherwise own or hold the following items which would cause the aggregate value of all such holdings of the Borrower, Borrower and such other Subsidiaries and other Loan Parties (without duplication) to exceed 25.040.0% of Total Asset Value at any time: (a) Investments in Persons which are not Subsidiaries, Subsidiaries (including without limitation Unencumbered Mortgage Notes and other ownership of Indebtedness owed to the Borrower or any Subsidiary and secured by real propertyproperty but excluding the Borrower’s Investments in SNH and HPT); (b) Developable Property; and (c) Assets Under Development Development, measured by the aggregate Construction Budget for all such Assets Under Development. For ; for purposes of this subsection, (i) “”Construction Budget” means the fully-budgeted costs for the acquisition and construction of a given piece of real property (including without limitation, the cost of acquiring such piece of real propertyproperty (except to the extent any portion thereof is Developable Property included in the immediately preceding subsection (b)), reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) ), as reasonably determined by the Borrower in good faith and (ii) real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as a condition precedent to, such acquisition, shall be subject to this subsection; and.

Certain Permitted Investments. The Borrower shall not, and shall not permit any Subsidiary or any other Loan Party to, make any Investment in or otherwise own or hold the following items which would cause the aggregate value of all such holdings of the Borrower, Borrower and such other Subsidiaries and other Loan Parties (without duplication) to exceed 25.0% of Total Asset Value the applicable limits set forth below at any such time: (a) Investments in Persons which are not Subsidiaries, Subsidiaries (including without limitation Unencumbered Mortgage Notes and other ownership of Indebtedness owed to the Borrower or any Subsidiary and secured by real propertyproperty but excluding the Borrower's Investments in SNH and HPT), such that the aggregate book value of such Investments exceeds 25.0% of Total Asset Value at any time; (b) Developable Property, such that the aggregate book value of all such Developable Property exceeds 7.5% of Total Asset Value at any time; (c) Assets Under Development measured by such that the aggregate Construction Budget for all such Assets Under DevelopmentDevelopment exceeds 15.0% of Total Asset Value at any time. For purposes of this subsection, (i) “"Construction Budget” " means the fully-budgeted costs for the acquisition and construction of a given piece of real property (including without limitation, the cost of acquiring such piece of real propertyproperty (except to the extent any portion thereof is Developable Property included in the immediately preceding subsection (b)), reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Borrower in good faith and (ii) real property under construction to be (but not yet) acquired by the Borrower or a Subsidiary upon completion of construction pursuant to a contract in which the seller of such real property is required to complete construction prior to, and as a condition precedent to, such acquisition, shall be subject to this subsection; and