Lease-Up Property means any Property which was fifty percent (50%) or more leased while owned by Borrower or a Subsidiary but which subsequently lost one or more tenants resulting in such Property being less than fifty percent (50%) leased.
Lease-Up Property means, as of any date of determination, a Property that (a) constituted a Development Property as of the date of expiration of the Initial Development Period for such Property or (b) constituted a Newly Acquired Property and did not have an Occupancy Rate of 85.0% or more as of the date of expiration of the Initial Ownership Period for such Property. Any Property described in the foregoing sentence shall cease to constitute a Lease Up Property upon the earlier to occur of (i) the date the Borrower shall cease to include such Property on the list of Lease Up Properties delivered with the Borrower’s quarterly and annual compliance certificates pursuant to the Loan Documents (which removal shall be irrevocable) and (ii) the date that is eighteen (18) months after the expiration of the Initial Development Period or Initial Ownership Period, as applicable, for such Property.
Lease-Up Property means any Property with an average economic occupancy rate of less than eighty percent (80%) during the two most recently completed fiscal quarters which is not an Asset Under Development or hotel.
Examples of Lease-Up Property in a sentence
Property Management received A’s for their performance in Marketing and the Lottery, and a B for its Lease-Up. Property Management lost points in the Marketing category due to delays in the marketing review.
More Definitions of Lease-Up Property
Lease-Up Property means any Property owned by the Borrower or a ----------------- Consolidated Subsidiary which has been substantially completed within the preceding two (2) year period and which has not been occupied by tenants under bona fide leases totalling at least seventy-five percent (75%) of the residential units in such Property for at least two (2) consecutive Fiscal Quarters.
Lease-Up Property means, as of any date, any Property (other than an Asset Under Development or a hotel) with an economic occupancy rate of less than eighty percent (80%) as of the last day of the most recently completed fiscal quarter. Once a Property becomes a Lease-Up Property, it will continue to be a Lease-Up Property until the applicable Lease-Up Termination Date.
Lease-Up Property means, as of any date of determination, a Property that (a) constituted a Development Property as of the date of expiration of the Initial Development Period for such Property or (b) constituted a Newly Acquired Property and did not have an Occupancy Rate of 85.0% or more as of the date of expiration of the Initial Ownership Period for such Property. Any Property described in the foregoing sentence shall cease to constitute a Lease Up Property upon the earlier to occur of (i) the date the Borrower shall cease to include such Property on the list of Lease Up Properties delivered with the Borrower’s quarterly and annual compliance certificates pursuant to the Loan Documents (which removal shall be irrevocable) and
Lease-Up Property any Subject Property upon which construction of all improvements has been completed but has not reached stabilization. For the purposes of this definition, the "stabilization" of any Subject Property is the earlier to occur of (a) the first date on which the Occupancy Rate equals or exceeds 65% and (b) the date that is twelve months after the completion of such construction.
Lease-Up Property means any Property which has been substantially completed within the preceding two (2) year period and which has not been occupied by tenants under
Lease-Up Property means any Storage Property upon which construction of all improvements has been completed but has not reached stabilization. For the purposes of this definition, the "stabilization" of any Storage Property is the earlier to occur of (a) the first date on which the Occupancy Rate equals or exceeds 70% and (b) the date that is 24 months after the completion of such construction.
Lease-Up Property means any Real Property not subject to a Ground Lease that has been Completed, but less than 70% of the improvements therein are occupied by tenants, under written leases, who have commenced paying rent.