Properties Under Development. (i) The Borrower shall not permit the aggregate Budgeted Project Costs of Properties under Development at any time to exceed twenty-five percent (25%) of Market Value. (ii) The Borrower shall not permit the Property Purchase Contract Obligations at any time to exceed twenty percent (20%) of Market Value. (iii) The Borrower shall not permit the sum of the Budgeted Project Costs of Properties under Development and the Property Purchase Contract Obligations at any time to exceed thirty-five percent (35%) of Market Value.
Appears in 2 contracts
Samples: Credit Agreement (Smith Charles E Residential Realty Lp), Credit Agreement (Smith Charles E Residential Realty Lp)
Properties Under Development. (i) The Borrower shall not permit the aggregate Budgeted Project Costs of Properties under Development at any time to exceed twenty-five percent (25%) of Market Value.
(ii) The Borrower shall not permit the Property Purchase Contract Obligations at any time to exceed twenty fifteen percent (2015%) of Market Value.
(iii) The Borrower shall not permit the sum of the Budgeted Project Costs of Properties under Development and the Property Purchase Contract Obligations at any time to exceed thirty-five percent (35%) of Market Value.
Appears in 2 contracts
Samples: Credit Agreement (Smith Charles E Residential Realty Lp), Credit Agreement (Smith Charles E Residential Realty Inc)
