Property Substitution. Borrower may request and Lender may consider a substitution of real property collateral for the Released Portion of the Property. Such substitution shall be in Lender’s sole discretion and subject to the Lender’s then applicable underwriting standards and the Lender’s evaluation of the economic performance of the proposed substitution property.
Property Substitution. (a) From and after that date which is the [***] anniversary of the Commencement Date, in the event Lessee determines that one or more of the Sites is not economically feasible, Lessee shall be permitted to request that such Site(s) be severed from the Premises demised pursuant to the terms of this Lease and another property or properties be substituted in its or their place. Lessee hereby acknowledges and agrees that it may only request that one Site per year be substituted and that an aggregate of not more than ten (10) Sites be substituted over the Term of this Lease, as the Term may be extended by one or more of the Renewal Terms. In order to request any such substitution, Lessee shall submit an irrevocable written request to Lessor, which request shall be accompanied with sufficient reasonable financial information demonstrating that the Site in question is not economically feasible, which information shall include, with respect to such Site, current audited financial statements prepared by an independent certified public accounting firm, monthly profit and loss amounts for the twenty-four (24) month period prior to the date of the request and such other financial and business information as shall be requested by Lessor. In addition, Lessee shall identify a proposed property to be substituted for the Site sought to be severed from this Lease. Lessee shall provide Lessor with financial information regarding the proposed property, a current appraisal, together with such additional information as Lessor shall reasonably request in order for it to be provided with a full and complete understanding of the financial condition of the operations, physical condition and environmental condition of such proposed substitute property.
Property Substitution. In the event Lessee determines that one or more of the Sites is no longer economically viable, Lessee shall be permitted to request that such Site(s) be severed from the Premises demised pursuant to the terms of this Lease (each a “Severed Site”) and another property or properties be substituted in its or their place (“Substitution Site”). Lessee hereby acknowledges and agrees that [***]250. In order to request any such sever and substitution for a Severed Site, Lessee shall submit an irrevocable written request to Lessor, which request shall be accompanied with [***]251 and such other financial and business information as may reasonably be requested by Lessor. In addition, Lessee shall identify a proposed Substitution Site owned by Lessee or an affiliate to be substituted for the Severed Site, which Substitution Site, in Lessee’s reasonable judgment, is of reasonably equivalent value to the Severed Site. Lessee shall provide Lessor with financial information regarding the proposed Substitution Site, a current appraisal, together with such additional information as Lessor may reasonably request in order for it to be provided with a full and complete understanding of the financial condition of the operations, physical condition and environmental condition of such proposed Substitution Site.
Property Substitution. After giving effect to any Property Substitution, Borrowers must be in compliance with the Borrowing Base.
Property Substitution. (a) Subject to the terms and conditions set forth in this Section 2.6, Borrower may (i) in accordance with Section 2.5.2(b)(ii) and Section 2.5.2(c)(i)(C), replace a Special Release Property (a “Replaced Property”) with a Substitute Property or (ii) in accordance with Section 7.8, replace Special Release Cash Collateral attributable to a Special Release Property with a Substitute Property (each of clauses (i) and (ii) hereof, a “Property Substitution”), provided, that, in the case of each Property Substitution, the following conditions are satisfied:
Property Substitution. In the event that any Property has become a Dark Property, Borrower shall have the right upon at least thirty (30) days prior written notice to Lender (the “Substitution Notice”) specifying the date of Borrower’s intended substitution (the “Substitution Date”) to elect to cause Lender to release such Dark Property (the “Substitution EAST\87098743.3 Release Property”) from the Lien of the applicable Security Instrument, provided that simultaneously with such release, Borrower shall execute and deliver to Lender, as security for the Loan: (i) a mortgage or deed of trust, as applicable, encumbering the property (a “Substitute Property”) intended to be substituted for such Substitution Release Property, in substantially the same form as the applicable Security Instrument; (ii) such other documents as Lender may reasonably require for the purpose of granting Lender a first priority, perfected lien on and security interest in such Substitute Property and all related rents, personal property, reserves and escrows on the same terms and conditions as the liens and security interests granted to Lender with respect to the Substitution Release Property on the Closing Date; and (iii) such other modifications and amendments to the Loan Documents as may be necessary due to the substitution of the Substitute Property (collectively, a “Property Substitution”). Borrower’s right to obtain a release of any Substitution Release Property shall also be subject to the following conditions and restrictions:
Property Substitution. Tenant and Lease Guarantors may elect to end the sale leaseback of the Existing Hospital Facility by terminating the Facility Lease Agreement and substituting in lieu thereof (the “Substitution Transaction”), a new sale leaseback arrangement (the “Property Substitution”) for another property or properties (the “Substitute Facility”) already owned by one of the Lease Guarantors (or its affiliates) and reasonably acceptable to Landlord (as applicable, the “Substitute Facility Owner”). The Substitute Facility shall be acquired by the Landlord (or its designee) and shall be leased back to the Tenant (or its designee) on such terms and conditions described herein or as otherwise may be acceptable to Landlord. Tenant and Lease Guarantors shall specify a Substitute Facility and the Substitute Facility Owner shall negotiate with Landlord an appropriate new purchase and sale agreement substantially similar to the existing Purchase and Sale Agreement (the “New Purchase and Sale Agreement”) and an appropriate new facility lease agreement substantially similar to the existing Facility Lease Agreement (the “New Facility Lease Agreement”). The Substitution Transaction shall provide to the Landlord the same or greater investment return as would have resulted from the Existing Facility Lease absent the affect of the Seismic Standards. The Substitution Transaction shall be comprised of a purchase of a Substitute Facility by Landlord (or its designee) having a value not less than the Property comprising the Existing Hospital Facility and a lease back of the Substitute Facility to the Tenant (or its affiliate) under the New Facility Lease Agreement. The New Facility Lease Agreement shall have a term of not less than fifteen (15) years and an initial fixed monthly rent in an amount not less than one hundred two percent (102%) of the fixed monthly rent payable for the prior lease year under the Existing Facility Lease. The New Facility Lease shall require continued annual rental escalations equal to the lesser of (i) escalations in the CPI or (ii) two percent (2%) per year for the remainder of the lease term and for any applicable extension term(s). Upon the effective date of the New Facility Lease, the existing Facility Lease Agreement shall be terminated by mutual agreement of Landlord and Tenant. Landlord shall reconvey the Property and the Existing Hospital Facility to the Tenant (or its designee) without any additional consideration from the Tenant and without representat...
Property Substitution. If any Individual Property is substituted pursuant to Section 11.29 of the Loan Agreement, such substitution shall simultaneously occur with respect to this Lease. Upon any such substitution of any Individual Property pursuant to this Section 21.28 or Article XI hereof, such property substituted out shall no longer be a part of the definition of "Property" and the property substituted in shall be an "Individual Property" which is a part of the definition of "Property".
Property Substitution. Provided there is then no default under any Loan Document and upon prior written request from Borrower, Lender shall not withhold its consent to the addition of one of more properties (the "Substituted Project") and concurrent release of one or more Projects for which it/they is/are substituted ("Substitution") provided:
Property Substitution. Provided no Event of Default shall have occurred and be continuing, at any time after May 1, 2019, and prior to the Maturity Date, Borrower may elect to cause Lender to release any one or more of the Individual Properties (individually and collectively, as the context requires, the “Substitution Release Property”) from the lien of the applicable Security Instrument, provided that simultaneously with such release, Borrower shall encumber one or more parcels of real property (individually and collectively, as the context requires, the “Substitute Property”) as a substitute for the Substitution Release Property (each such permitted release and encumbrance, a “Substitution”), all subject to the satisfaction of each of the following conditions precedent:
