Rental Achievement means the first time, based upon four consecutive full calendar months of operation after Permanent Mortgage Commencement, with each month taken individually, that Cash Available for Debt Service Requirements (as defined below) equals or exceeds 1.15 times debt service requirements.
Rental Achievement means the later of (i) first time following three (3) consecutive full calendar months of operations (with each month considered individually) that the Apartment Complex generates a 1.15 to 1.00 Debt Service Coverage Ratio, which Debt Service Coverage Ratio is based on debt service for a Permanent Loan made pursuant to the terms set forth in Section 3.2(b), or (ii) receipt and acceptance by the Partnership of a firm commitment for the First Refinancing Loan on terms at least as favorable as set forth in Section 3.2(b).
Rental Achievement means the first time, based upon four (4) consecutive full calendar months of operation after the first month in which the Partnership commences Debt Service payments on the Mortgage Loans (other than the Preservation Loan), on a fully amortized basis (i.e., amortization of principal and interest amounts outstanding thereunder), with each month taken individually, that Cash Available for Debt Service Requirements (as defined below) equals or exceeds 1.10 times Debt Service requirements. "Cash Available for Debt Service Requirements" for any period means the excess of (i) all cash actually received by the Partnership on a cash basis from normal operations during such period, but specifically excluding the proceeds of insurance (other than business or rental interruption insurance), loans, Capital Transactions or Capital Contributions over (ii) all cash requirements of the Partnership properly allocable to such period of time on an accrual basis (not including distributions to Partners out of Cash Flow of the Partnership or fees payable from Cash Flow) and, on an annualized basis, all projected expenditures, including those of a seasonal nature, which might reasonably be expected to be incurred on an unequal basis during a full annual period of operation, but specifically excluding Debt Service requirements. For purposes of this definition, cash requirements of the Partnership shall include to the extent not otherwise covered above, full funding of all Partnership reserves, normal repairs, real estate taxes at fully assessed levels assuming a fully improved property, and necessary capital improvements.
Examples of Rental Achievement in a sentence
Borrower may not pay the prepayment premium from the funds withdrawn from the Rental Achievement Reserve Fund.
For each Multifamily Mortgage, the Seller/Servicer must establish at the time of Mortgage closing a Repair Reserve, a Replacement Reserve, a Special Purpose Reserve, and a Rental Achievement Reserve to the extent required by Freddie Mac's Letter of Commitment or early rate-lock application.
Although Defendants may have had the contractual right to rescind, due to a delay in Rental Achievement, this option under the terms of the contract alone does not establish a material breach barring Plaintiffs from seeking to enforce the contract.
Specifically, Plaintiffs point out, in order to avoid making a capital contribution, Alliant simply denied, without explanation, Water Tower Place attained Rental Achievement.
Even though Rental Achievement was delayed for five years, the General Partner cured its failure and Rental Achievement was attained on December 31, 2013.
More Definitions of Rental Achievement
Rental Achievement means the first time following three (3) consecutive full calendar months of operations after the Completion Date (with each month considered individually) that the Apartment Complex generates a 1.15 to 1.00
Rental Achievement means the date that all of the following conditions have been fulfilled: (i) Conversion; (ii) all governmental approvals necessary for Occupancy of all units in the Apartment Complex have been obtained; and (iii) one hundred percent (100%) Occupancy of the Tax Credit Apartment Units and ninety percent (90%) Occupancy of the Apartment Complex has occurred during each of three (3) consecutive months (but no earlier than the three (3) consecutive months immediately preceding Conversion), and which produces a Debt Service Coverage Ratio of 1.15 to 1.00 for each of such three (3) consecutive months.11 ECF 155, Ex. A, pg. 21.
Rental Achievement means the date upon which the Partnership shall have maintained a Debt Service Coverage Ratio of not less than 1.10 for any three consecutive full calendar months, with each such calendar month taken individually, after Substantial Completion.
Rental Achievement means the first time following one (1) consecutive full calendar month of operations prior to Permanent Mortgage Commencement and two (2) full months after Permanent Mortgage Commencement (with each month considered individually) that the Apartment Complex generates a 1.15 to 1.00
Rental Achievement means, the thirtieth (30th) day after the first date on at which, as certified by the General Partners, there shall have previously occurred six (6) consecutive full calendar months of Partnership operations (all of which months occurring after the later the Admission Date or Permanent Mortgage Commencement), during each of which months (x) the Net Operating Income for such month divided by (y) all debt service and other payments required to be made on all Mortgages during such month (regardless of any forbearance thereof) equaled or exceeded 115%. "Net Operating Income" for a period shall be the excess of (a) the Revenues for such period, over (b) all of the Partnership's expenses for such period on an accrual basis. For purposes of the foregoing clause (b), expenses shall (i) include, but not limited to, all operational costs and expenses, adjusted to include a ratable portion of the annual amount (as reasonably estimated by the General Partners) of those seasonal expenses (such as utilities and maintenance expenses) which might reasonably be expected to be incurred on an unequal basis during a full annual period of operation, (ii) include the funding of any reserves required by any Lender, MHDC and/or pursuant to the terms of this Agreement, (iii) be adjusted, if necessary, so that the expenses of unabated real estate taxes and insurance are based on the General Partners' reasonable estimate of the full assessed and unabated value and the full replacement cost, respectively, of the Apartment Complex after completion of construction, and (iv) exclude all Mortgage payments referred to in clause (y) above, depreciation, distributions of Cash Flow and Capital Transaction proceeds to the Partners and the fees payable pursuant to this Agreement.
Rental Achievement means the earliest date on which, based on evidence satisfactory to the Investor Limited Partner: (i) not less than 95% of the apartment units in the Project are then occupied by and have been occupied by residential tenants for each month in a three consecutive calendar month period, subject to written leases of 12 months or longer with terms that are commercially reasonable and customary under residential apartment leasing practices observed in the area in which the Project is located (provided, however, that up to 10% of the apartment units only may be subject to written leases with a term of less than 12 months (but not less than 6 months) so long as the lease terms are otherwise commercially reasonable and customary under residential apartment leasing practices in the area in which the Project is located); (ii) not less than 100% of the Eligible Federal Tax Credit Units are occupied at least once by tenants whose incomes do not exceed the Minimum Set-Aside Test and whose rental payments do not exceed the Rent Restriction Test and payments owed under Section 5.2 have been timely made; and (iii) the Debt Service Coverage Ratio for the Project equals or exceeds
Rental Achievement means the date upon which, the average Debt Service Coverage Ratio for six (6) consecutive full calendar months subsequent to the Final Closing is at least 1.15 to 1.00.