Condominium Property Value definition

Condominium Property Value means the sum of the following: (a) the Consolidated Net Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to such conversion divided by 7.50%, plus (b) the cost of capital improvements made to such Property in connection with such conversion not to exceed 35% of the amount determined in accordance with the preceding clause (a), minus (c) 90% of the actual contractual sales price of each individual condominium unit sale prior to any deductions for commissions, fees and any other expenses; provided, however, no value will be attributed to such a Condominium Property 24 months after its conversion. In addition, no value shall be attributable to a Condominium Property at any time following the earlier of (x) all condominium units of such Property having been sold or otherwise conveyed, (y) the management of such Property having been turned over to such Property’s homeowners’ association and (z) less than 10% of the units remain unsold.
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Condominium Property Value. (a) the Consolidated Net Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to such conversion divided by 6.0%, …
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Condominium Property Value means (a) for a Multifamily Property converted into residential condominium units, the sum of the following: (i) the Net Operating Income for such Property for the four quarter period ending immediately prior to such conversion divided by 7.50%, plus (ii) 80% of cost of capital improvements made to such Property in connection with such conversion not to exceed 25% of the amount determined in accordance with the preceding clause (i), minus (iii) with respect to each individual condominium unit sale, 85% of the net sale proceeds (defined as the actual sales price less commissions, fees and any other related expenses not to exceed 5% of the actual sales price) from such sale; provided, however, no value will be attributed to such a Property 24 months after its conversion, and (b) for a Property being developed with multiple residential condominiums on a "ground up" basis, (i) the sum of all cash expenditures for land and improvements (including indirect costs internally allocated and development costs) of such Property minus (ii) with respect to each individual condominium unit sale, 85% of the net sale proceeds (defined as the actual sales price less commissions, fees and any other related expenses not to exceed 5% of the actual sales price) from such sale; provided, however, no value will be attributed to such a Property 36 months after actual construction on, or other physical development of, such Property has commenced (other than pre-development site work related to remediation and other limited construction or development in advance of actual project construction). In addition, no value shall be attributable to a Condominium Property at any time following the earlier of (x) all condominium units of such Property having been sold or otherwise conveyed and (y) the management of such Property having been turned over to such Property's homeowner's association.
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More Definitions of Condominium Property Value

Condominium Property Value means at any time and for any Person, the GAAP book value of all Condominium Properties.
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Condominium Property Value means, as of any date of determination, the sum of the following: (a) the sum of (i) the Net Operating Income attributable to such Condominium Property for the fiscal quarter ending immediately prior to the conversion of such Condominium Property multiplied by four (4) and divided by the Capitalization Rate, plus (ii) the cost of capital improvements made to such Condominium Property in connection with such conversion, which amount pursuant to this clause (ii) shall not as to any Condominium Property exceed twenty‑five percent (25%) of the amount determined in accordance with the preceding clause (a) (i) with respect to such Condominium Property, minus (b) ninety percent (90%) of the gross actual contractual sales price of each individual condominium unit sale from such Condominium Property prior to any deductions for commissions, fees and any other expenses. Notwithstanding the foregoing, no value will be attributed to any Condominium Property twenty‑four (24) months after the Condominium Conversion. In addition, no value shall be attributable to a Condominium Property at any time following the earlier of the date on which (x) all condominium units within such Condominium Property have been sold or otherwise conveyed, (y) the management of such Condominium Property has been turned over to such Condominium Property's homeowner's association or similar entity or (z) less than ten percent (10%) of the residential units with such Condominium Property remain unsold.
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Condominium Property Value means, as of the date of conversion to a Condominium Property, the sum of the following: (a) the Consolidated Net Operating Income attributable to such Property for the two quarter period annualized ending immediately prior to such conversion divided by 6.75%, plus (b) the of cost of capital improvements made to such Property in connection with such conversion not to exceed 35% of the amount determined in accordance with the preceding clause (a), minus (c) 90% of the actual contractual sales price of each individual condominium unit sale prior to any deductions for commissions, fees and any other expenses; provided, however, no value will be attributed to such Condominium Property twenty-four (24) months after its conversion. In addition, no value shall be attributable to a Condominium Property at any time following the earlier of (x) all condominium units of such Property having been sold or otherwise conveyed, (y) the management of such Property having been turned over to such Property’s homeowners’ association and (z) less than 10% of the units remain unsold.
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Related to Condominium Property Value

  • Condominium Property means the lands, leaseholds, and personal property that are subjected to condominium ownership, whether or not contiguous, and all improvements thereon and all easements and rights appurtenant thereto intended for use in connection with the condominium.

  • Condominium Project Real estate including the separate ownership in fee, or on a satisfactory leasehold estate, of a particular residential unit with an indivisible interest in the real estate designated for common ownership strictly by unit owners.

  • Condominium unit A Single Family Property within a Condominium Project.

  • Property Value means the aggregate fair value of the properties (land and buildings) held by the Group according to the latest consolidated Financial Report, adjusted for any investments in and depreciations of the properties, respectively, during the period starting on the day falling immediately after the last day of the period covered by the latest consolidated Financial Report and ending on the relevant Record Date.

  • Undeveloped Property means all Assessor’s Parcels of Taxable Property which are not Developed Property.

  • Condominium means a common interest community in which portions of the real estate are designated for separate ownership and the remainder of the real estate is designated for common ownership solely by the owners of those portions. A common interest community is not a condominium unless the undivided interests in the common elements are vested in the unit owners.

  • Condominium Plan means a plan described in Section 4285.

  • Condominium Act means Article 9-B of the New York Real Property Law (339-d et seq.) of the State of New York and all modifications, supplements and replacements thereof and all regulations with respect thereto, now or hereafter enacted or promulgated.

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.

  • Undeveloped Land means, (i) all Real Property set forth on Schedule 1.01D to the 2008 Credit Agreement, (ii) all undeveloped land acquired after the Closing Date and (iii) any operating property of the Borrower or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational.

  • Rental Property means a hotel room, vacation home, or other rental property You booked for Your stay during Your Trip.

  • Hotel Property means a Property on which there is located an operating hotel.

  • Substitute Property shall have the meaning set forth in Section 2.6 hereof.

  • Unimproved Land means land on which no development (other than improvements that are not material and are temporary in nature) has occurred.

  • Unencumbered Properties means each Acceptable Property that either (a) is an Initial Unencumbered Property or (b) becomes an Unencumbered Property pursuant to Section 4.03, and “Unencumbered Property” means any one of the Unencumbered Properties.

  • Common Properties means and refer to those areas of land shown on any recorded subdivision plat of The Properties and intended to be devoted to the common use and enjoyment of the owners of The Properties.

  • Redevelopment Property means a property owned by the Company or a Consolidated Subsidiary (a) where the commenced leased square footage is less than 60% of the sum of net rentable square feet and redevelopment space, with reasonable adjustments to leased square footage determined in good faith by the Company, including adjustments for available power, required support space and common area and (b) that the Company reasonably characterizes as held in whole or in part for redevelopment.

  • Common Property means any and all real and personal property and easements and other interests therein, together with the facilities and improvements located thereon, now or hereafter owned by the Association for the common use and enjoyment of the Owners.

  • Mortgaged Real Property means (a) each Real Property identified on Schedule 1.01(a) hereto and (b) each Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to Section 5.11(c).

  • Mixed-use property means an eligible property that includes three or more residential units and may also contain a commercial property component in the same building.

  • Project Property means the real property on or for which preconstruction service or construction work is or will be provided.

  • Condominium Declaration means the Declaration of Condominium for NetApp RTP Phase I Condominium recorded in Book 012647, Page 01310, Wake County, North Carolina Registry.

  • New property means (i) the assessed value, after final