Common use of Development Property Clause in Contracts

Development Property. Any Real Estate owned or acquired by the REIT, any Subsidiary of REIT or any Unconsolidated Affiliate and on which such Person is pursuing construction of one or more buildings for use as a Hotel Property of the type permitted by §8.3(h)(i) and for which construction is proceeding to completion without undue delay from permit denial, construction delays or otherwise, all pursuant to the ordinary course of business of the REIT, any Subsidiary of REIT or any Unconsolidated Affiliate; provided that any Real Estate will no longer be considered to be a Development Property at the date on which all improvements related to the development of such Development Property have been substantially completed and a certificate of occupancy has been issued for twelve (12) months (provided that following such substantial completion, the REIT may by delivering written notice to Agent elect to no longer treat such property as a Development Property).

Development Property. Any Real Estate owned or acquired by the REIT, any Subsidiary of REIT or any Unconsolidated Affiliate and on which such Person is pursuing construction of one or more buildings for use as a Hotel Property of the type permitted by §8.3(h)(i) of the Senior Credit Facility Loan Agreement and for which construction is proceeding to completion without undue delay from permit denial, construction delays or otherwise, all pursuant to the ordinary course of business of the REIT, any Subsidiary of REIT or any Unconsolidated Affiliate; provided that any Real Estate will no longer be considered to be a Development Property at the date on which all improvements related to the development of such Development Property have been substantially completed and a certificate of occupancy has been issued for twelve (12) months (provided that following such substantial completion, the REIT may by delivering written notice to Agent elect to no longer treat such property as a Development Property).