Minimum Occupancy. The Aggregate Occupancy Rate of the Unencumbered Properties shall not be less than eighty five percent (85%) at any time; provided that no Event of Default shall be deemed to have occurred under this §8.9(a) unless the Borrower shall have failed to cure such breach within ninety (90) days of the occurrence thereof, including, without limitation, by adding Unencumbered Properties pursuant to §5.1 or releasing Unencumbered Properties in accordance with §5.2;
Minimum Occupancy. At all times, the Borrower Parties will cause Qualified Assets in the Unencumbered Asset Pool to have an aggregate weighted occupancy of greater than 80%.
Minimum Occupancy. All Buildings located on the Real Estate, collectively, shall at all times be at least eighty-five percent (85.0%) leased pursuant to arms-length leases to tenants that are not an Affiliate of Borrower and that are not in default under their leases.
Minimum Occupancy. Borrowers shall not permit the aggregate Occupancy level for the Projects to be less than eighty-five percent (85%) based upon the average monthly trailing twelve (12) month resident occupancy per available unit in the Project. Such covenant shall be tested on a quarterly basis commencing on March 31, 2013, and continuing on the last day of each quarter thereafter until the Final Maturity Date.
Minimum Occupancy. The Occupancy Rate for the entire facility of the Borrower, on a combined basis, shall be no less than 87%. This covenant shall be tested semi- annually on each February 28 and August 30 during the term of this Agreement. Provided, however, that Borrower may choose a consecutive six (6) month period of time during the Construction period whereby the Occupancy Rate may be no less than 85%.
Minimum Occupancy. Potential tenants will not be eligible for a vacant Affordable Unit if the anticipated occupancy is less than one person per bedroom. One person shall be eligible for an Affordable Unit not larger than a one bedroom, two persons for an Affordable Unit not larger than two bedrooms, and so on.
Minimum Occupancy. As of August 31, 2008, the average Occupancy of all of the Facilities shall have been at least eighty percent (80%).
Minimum Occupancy. Clause (i) of Section 7.1(b) of the Master Lease is hereby amended and restated in its entirety as follows:
Minimum Occupancy. The Aggregate Occupancy Rate of the Collateral Properties shall exceed 85% at all times.
Minimum Occupancy. Borrower covenants to make progress in occupancy of the Facility in accordance with the following schedule: An apartment Unit in the Facility shall be considered occupied when a Resident is in actual occupancy on a full rent-paying basis under a Residency Agreement in the form approved by Lender without material modification. Covenant Test Date Required No. of Units Occupied June 30, 2008 30 September 30, 2008 31 December 31, 2008 31 March 31, 2009 31 June 30, 2009 36 September 30, 2009 40 December 31, 2009 43 March 31, 2010 48 June 30, 2010 51 September 30, 2010 56 December 31, 2010 61 March 31, 2011 66
