Construction, renovation, or restoration of ImprovementsImprovementsBuildings, structures, improvements, and alterations, including the multifamily housing dwellings, now or hereafter constructed or placed on the Property, including all fixtures (as defined in the UCC).: 

• beginning on the Construction Activity Start DateConstruction Activity Start DateThe earlier of the date:  physical work at the Property commences; or  delivery of materials (whether located onsite or offsite) intended to be used in the construction of Improvements occurs. ; and
• ending on the Construction Activity Completion DateConstruction Activity Completion DateThe later of the date when:  substantial completion is achieved; or  any required certificates of occupancy, licenses, or permits required by applicable law following completion of the Construction Activity are issued.  .