Properties under Construction. Vertical Commercial Improvements located in the Woodlands Project under construction; provided that a property shall cease to be under construction and eligible for inclusion in the Borrowing Base as a Property Under Construction upon the earlier to occur of (a) eighteen months following the commencement of construction and (b) six (6) months after the issuance of a shell certificate of occupancy or an equivalent thereto for such improvements.
Properties under Construction. Seller represents to Purchaser that the improvements on the following Real Properties: The property in Canton (the “Canton Property”); the Birch Run Property and the property in Xxxxxxx (the “Xxxxxxx Property”) (collectively, the “Properties Under Construction”) are presently being constructed by Seller and, upon completion of construction, will be operated for the uses set forth on Exhibit E.
Properties under Construction. Vertical Commercial Improvements under construction; provided that a property shall cease to be under construction and eligible for inclusion in the Borrowing Base as a Property Under Construction upon the earlier to occur of (a) eighteen months following the commencement of construction and (b) six (6) months after the issuance of a shell certificate of occupancy or an equivalent thereto for such improvements. Quarterly Measurement Date. Each September 30, December 31, March 31 and June 30 during the term of the Agreement, with the first Quarterly Measurement Date occurring December 31, 1997. Real Estate. All real property at any time owned or leased (as lessee or sublessee) by the Borrowers, any of their respective Controlled Subsidiaries, a Guarantor or any of the Partnerships.
Properties under Construction. The Costs of Properties Under Construction shall not exceed twenty percent (20%) of Gross Asset Value. As used in this Section, "Costs of Properties Under Construction" means, as of the end of each fiscal quarter, the sum of: (i) the total budgeted cost of construction in progress for all Properties included on Borrower's consolidated balance sheet; plus
Properties under Construction. For properties under construction, the NFIP provides that a policy should be obtained on the proposed structure upon commencement of the construction phase. Evidence of adequate flood insurance must be furnished immediately upon issuance of the elevation certificate and completion of the slab/foundation for the building. · Residential Condominiums under Construction: A residential condo under construction will have to be insured under the "other residential" coverage. Once construction is complete and two units have been sold, the property must be covered by a Residential Condominium Building Association Policy (RCBAP) with maximum coverage of the lesser of $250,000 per unit, the total loan amount, or replacement cost of the building. The conversion to the RCBAP should occur after the issuance of the Certificate of Occupancy. Maximum deductible for the RCBAP is $25,000. A general assessment of the seismic risk level should be made. A Probable Maximum Loss study conducted by a qualified engineer will provide an estimate of direct earthquake insurance, if any, to be determined by Bank. Delay-Loss of Earning and Rents Insurance: Throughout the Project construction period until its completion, insurance against loss of earnings and rents as a result of delay (when delay is caused by an insured peril under the Builder's Risk Policy, Boiler and Machinery Policy and any other property insurance covering the Project) written in an "all risks" form, either as an endorsement to the insurance required under Paragraph I1(A), or under a separate policy, in an amount sufficient (in the Bank's opinion) to cover mortgage payments for a period of at least six months.
