Speculative Development. Redeveloper represents its undertakings pursuant to this Redevelopment Agreement are for the purpose of redevelopment of the Property and not for speculation in land holding. Redeveloper shall not use the Property, or any part thereof, as secured collateral for an unrelated transaction.
Speculative Development. Development of Commercial Land or Residential Land, if applicable, for office, retail or research/industrial uses which is less than eighty percent (80%) (sixty percent (60%) for a supermarket, grocery store, food market or drug store anchored retail development) leased pursuant to a bona-fide arm's length lease to third parties that are not an Affiliate of any Borrower, any of the General Partners, any Guarantor, or any of their Controlled Subsidiaries or Non- Controlled Subsidiaries at the time construction commences. A lease shall not be deemed a lease with an Affiliated Person in the event that a Borrower, any of the General Partners, any Guarantor, or any of their Controlled Subsidiaries or Non-Controlled Subsidiaries enters into a joint venture with a third party unaffiliated with any of such Persons which in turn leases a portion of such property to such unaffiliated Person. In the event that any of such property is to be leased to an Affiliate of a Borrower, any of the General Partners, any Guarantor, or any of their Controlled Subsidiaries or Non-Controlled Subsidiaries, the square footage subject to such lease shall be deducted from the overall square footage of the project and excluded in calculating compliance with the foregoing tests. Once a particular development is leased at or above such level, such development shall cease to be a Speculative Development.
Speculative Development. None of the Borrowers nor any of their respective Controlled Subsidiaries or Non-Controlled Subsidiaries shall engage, directly or indirectly, in the development or construction of real estate other than land development and the construction by Commercial Company of golf courses and the construction by Commercial Company and its Controlled Subsidiaries and Non-Controlled Subsidiaries of Vertical Commercial Improvements; provided, however, that neither Commercial Company nor any of its Controlled Subsidiaries or Non- Controlled Subsidiaries shall engage directly or indirectly in any Vertical Commercial Improvements that would constitute a Speculative Development which causes at any time (a) the cost of completing such development (on a fully developed basis including land) of Commercial Company and its Controlled Subsidiaries and Non-Controlled Subsidiaries (from borrowings and equity) to exceed $35,000,000.00 in the aggregate at any time, and (b) the aggregate square footage of all Speculative Development (whether under construction or complete) to exceed 375,000 square feet (provided that Commercial Company's percentage ownership interest in its Controlled Subsidiaries and Non-Controlled Subsidiaries shall not be considered in testing Commercial Company's compliance with the limitations contained in this Section 8.9).
Speculative Development. Development of Commercial Land or Residential Land for (a) hotel, (b) multifamily or (c) office, retail or research/industrial use which is less than sixty-five percent (65%) leased pursuant to Third Party Leases. A lease shall not be deemed a lease with an Affiliated Person in the event that a Borrower, any of the General Partners, any Second Tier Partner, any of the Third Tier Partners, any Guarantor, or any of their Restricted Subsidiaries or Unrestricted Subsidiaries enters into a joint venture with a third party unaffiliated with any of such Persons which in turn leases a portion of such property to such unaffiliated Person. In the event that any of such property is to be leased to an Affiliate of a Borrower, any of the General Partners, any Second Tier Partner, any of the Third Tier Partners, any Guarantor, or any of their Restricted Subsidiaries or Unrestricted Subsidiaries, the square footage subject to such lease shall be deducted from the overall square footage of the project and excluded in calculating compliance with the foregoing tests. Once a particular development is leased at or above such level, such development shall cease to be a Speculative Development, and shall be an Income Producing Property. Stated Rate. See §4.14(b). Stibbs. Xxxx X. Xxxxxx, Xx., as Trustee for a Borrower.
Speculative Development. Development of Commercial Land or Residential Land for office, retail or research/industrial use which is less than seventy percent (70%) leased (or sixty percent (60%) leased for a grocery anchored retail development) pursuant to a bona-fide arm’s length lease to third parties that are not an Affiliate of any Borrower, any of the General Partners, any Second Tier Partner, any of the Third Tier Partners, any Guarantor, or any of their Restricted Subsidiaries or Unrestricted Subsidiaries at the time construction commences. A lease shall not be deemed a lease with an Affiliated Person in the event that a Borrower, any of the General Partners, any Second Tier Partner, any of the Third Tier Partners, any Guarantor, or any of their Restricted Subsidiaries or Unrestricted Subsidiaries enters into a joint venture with a third party unaffiliated with any of such Persons which in turn leases a portion of such property to such unaffiliated Person. In the event that any of such property is to be leased to an Affiliate of a Borrower, any of the General Partners, any Second Tier Partner, any of the Third Tier Partners, any Guarantor, or any of their Restricted Subsidiaries or Unrestricted Subsidiaries, the square footage subject to such lease shall be deducted from the overall square footage of the project and excluded in calculating compliance with the foregoing tests. Once a particular development is leased at or above such level, such development shall cease to be a Speculative Development. Stibbs. Xxxx X. Xxxxxx, Xx., as Trustee for a Borrower.
