Common use of Certain Requirements Clause in Contracts

Certain Requirements. All Substitute Properties shall comply with this Section 2.3.5. To qualify as a Substitute Property, a property must, as of the Substitution Date (in addition to the other criteria set forth in this Section 2.3.5): (i) be subject to the Master Lease; (ii) be a property as to which Mortgage Borrower will hold insurable fee title or a valid and subsisting leasehold interest free and clear of any Lien or other encumbrance except for Permitted Encumbrances (excluding those described in clauses (b), (d), (e) and (i) of the definition of Permitted Encumbrances) and exceptions not materially impairing the value of such property, and have an appraised value at least equal to the Appraised Value of the Replaced Property; (iii) be free and clear, as evidenced by the environmental report referred to in paragraph (c) below, of Hazardous Substances requiring remediation or other action under any Environmental Law the presence of which violates Environmental Laws (with the exception of any immaterial remediation, as determined by Mezzanine Lender in its sole discretion) and be in material compliance with all Environmental Laws; (iv) be of a similar use and quality to the other Individual Properties (as reasonably determined by Mezzanine Lender applying the standards of a prudent commercial mezzanine loan lender); (v) be in good repair and condition, as evidenced by the engineering report referred to in clause (c) below; (vi) if the Substitute Property is ground leased (such that Mortgage Borrower will hold a leasehold interest rather than fee title), the ground lease shall be financeable and otherwise in form and substance reasonably acceptable to Mezzanine Lender, including, without limitation, rent payment and other material financial obligations and providing for the recordation of a memorandum of lease in the applicable real property records; and (vii) be in compliance, in all material respects, with Legal Requirements and Insurance Requirements, as evidenced by diligence items required to be provided in paragraph (c) below.

Certain Requirements. All Substitute Properties shall comply with this Section 2.3.5. To qualify as a Substitute Property, a property must, as of the Substitution Date (in addition to the other criteria set forth in this Section 2.3.5): (i) be subject to the Master Lease; (ii) be a property as to which Mortgage Borrower will hold insurable fee title or a valid and subsisting leasehold interest free and clear of any Lien or other encumbrance except for Permitted Encumbrances (excluding those described in clauses (b), (d), (e) and (i) of the definition of Permitted Encumbrances) and exceptions not materially impairing the value of such property, and have an appraised value at least equal to the Appraised Value of the Replaced Property; (iii) be free and clear, as evidenced by the environmental report referred to in paragraph (c) below, of Hazardous Substances requiring remediation or other action under any Environmental Law the presence of which violates Environmental Laws (with the exception of any immaterial remediation, as determined by Mezzanine Lender in its sole discretion) and be in material compliance with all Environmental Laws; (iv) be of a similar use and quality to the other Individual Properties (as reasonably determined by Mezzanine Lender applying the standards of a prudent commercial mezzanine mortgage loan lender); (v) be in good repair and condition, as evidenced by the engineering report referred to in clause (c) below; (vi) if the Substitute Property is ground leased (such that Mortgage Borrower will hold a leasehold interest rather than fee title), the ground lease shall be financeable and otherwise in form and substance (as reasonably acceptable to Mezzanine determined by Lender, including, without limitation, rent payment and other material financial obligations and providing for the recordation of having a memorandum of lease of record in the applicable real property records, not containing rental adjustments that reset the ground lease rent to fair market rent, and otherwise containing terms and conditions and having a state of title that comports with then-current guidelines of the Rating Agencies for ground leases in commercial mortgage-backed security transactions); and (vii) be in compliance, in all material respects, with Legal Requirements and Insurance Requirements, as evidenced by diligence items required to be provided in paragraph (c) below.

Certain Requirements. All Substitute Properties shall comply with this Section 2.3.5. To qualify as a Substitute Property, a property must, as of the Substitution Date (in addition to the other criteria set forth in this Section 2.3.5): (i) be subject to the Master Lease; (ii) be a property as to which Mortgage Borrower will hold insurable fee title or a valid and subsisting leasehold interest free and clear of any Lien or other encumbrance except for Permitted Encumbrances (excluding those described in clauses (b), (d), (e) and (i) of the definition of Permitted Encumbrances) and exceptions not materially impairing the value of such property, and have an appraised value at least equal to the Appraised Value of the Replaced Property; (iii) be free and clear, as evidenced by the environmental report referred to in paragraph (c) below, of Hazardous Substances Materials requiring remediation or other action under any Environmental Law the presence of which violates Environmental Laws (with the exception of any immaterial remediation, as determined by Mezzanine Lender in its sole discretion) and be in material compliance with all Environmental Laws; (iv) be of a similar use and quality to the other Individual Properties (as reasonably determined by Mezzanine Lender applying the standards of a prudent commercial mezzanine mortgage loan lender); (v) be in good repair and condition, as evidenced by the engineering report referred to in clause (c) below; (vi) if the Substitute Property is ground leased (such that Mortgage Borrower will hold a leasehold interest rather than fee title), the ground lease shall be financeable and otherwise in form and substance (as reasonably acceptable to Mezzanine determined by Lender, including, without limitation, rent payment and other material financial obligations and providing for the recordation of having a memorandum of lease of record in the applicable real property records, not containing rental adjustments that reset the ground lease rent to fair market rent, and otherwise containing terms and conditions and having a state of title that comports with then-current guidelines of the Rating Agencies for ground leases in commercial mortgage-backed security transactions); and (vii) be in compliance, in all material respects, with Legal Requirements and Insurance Requirements, as evidenced by diligence items required to be provided in paragraph (c) below.