Total Revenues

Total Revenues. Means the gross collected income earned in the normal course of operating the Phase II Property as a luxury rental apartment property, including, (i) rents for apartment units, garages, carports, and storage spaces, and (ii) fees, charges and reimbursements for customary tenant services, collected from tenants, at market rents (net of concessions) and pursuant to leases with an average term that is not materially different than those of tenants in the Phase I Property, but excluding insurance... proceeds, condemnation awards, or monies from other non-operational sources. Any lump-sum payments for exclusive-use rights or the like shall be pro-rated over the appropriate term. "Total Revenues" shall be adjusted to reflect an occupancy factor equal to the combined weighted average occupancy of the Phase I Property and the Phase II Property during the immediately preceding three-month period, not to exceed ninety-five percent (95%). View More