Property Substitution Sample Clauses

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.
Sample 1Sample 2
AutoNDA by SimpleDocs
Property Substitution. (a) From and after that date which is the fourth (4th) 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. (b) Upon receipt of Lessee’s request as set forth in subsection 44(a) above, Lessor may elect one of the following options: (i) to sever the Site that is not economically feasible from the Premises demised pursuant to this Lease and accept the proposed substituted property in its place without any adjustment in the Fixed Annual Rent, or (ii) to sever the Site that is not economically feasible from the Premises demised pursuant to this Lease and not accept the proposed substitute property in its place and to reduce the Fixed Annual Rent by the Adjustment Amount as set forth on Schedule “A” attached hereto, or (iii) request that Lessee purchase such Site from Lessor at the greater of (A) the then fair market value of the Site bas...
Sample 1
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...
Sample 1
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".
Sample 1
Property Substitution. Each Borrower may replace or substitute a Property or Acquired Entity by way of an Acquisition (such replacement to be referred to as a Property Substitution and the property or properties being acquired pursuant to the relevant Acquisition to be referred to as a Replacement Property), provided that: (a) at least 20 Business Days prior to the Property Substitution, the relevant Borrower has submitted to the Facility Agent the documents and evidence set out under the heading “Property” in Schedule 2 Part I (Conditions Precedent Documents) with respect to the proposed Replacement Property in form and substance satisfactory to the Facility Agent; (b) the Closing Date in respect of the Acquisition of the Replacement Property occurs within the Substitution Period; (c) the Intended Substitution Disposal Proceeds, or the proceeds of a Major Intended Substitution Disposal, as the case may be, received as a result of an Intended Substitution Disposal of any Property are credited to the relevant Borrower’s Disposal Proceeds Reserve Account as soon as possible upon receipt; (d) the Loan-Based ICR relating to the relevant Loan does not, as a result of such Property Substitution, drop below the level prior to the Property Substitution; (e) (i) if LTV is equal to 70% or lower prior to the Property Substitution, the LTV does not, as a result of such Property Substitution, (i) increase by more than 2 percentage points above the level prior to the Property Substitution and (ii) exceed 70%; or
Sample 1
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: (i) the Project to be released and the Substituted Project are office projects containing at least 200,000 square feet of rentable area; provided, however, in the case of Projects to be released which are located in the Orlando Central Office Park (22 Projects) or the Tallahassee-Apalachee Office Park (14 Projects), all Projects in either of said office parks must be released concurrently in the same transaction; (ii) the Substituted Project is of equal or higher Valuation than the Project being released; (iii) the Substituted Project is at least 90% leased with net rents equal to or greater than the net rents of the Project being withdrawn; (iv) Borrower has the same ownership interest in the Substituted Project as in the Project to be released; (v) the Substituted Project satisfies all of the conditions of the Notes C and D Loan Commitment (as defined in the Lien Instrument) which would have been satisfied if the Substituted Project were part of the original Loan security; (vi) remaining Projects shall not be deprived of public access to roads or the use of any utilities, water, sanitary and storm sewers as a result of such Substitution; (vii) from and after November 1, 2001, only one more Substitution will be permitted; (viii) the request for the Substitution is made prior to the last two (2) years of the term of (i) the Tranche A or Tranche C Promissory Note in the case of a Pool A Project or a Pool C Project and (ii) the Tranche B or Tranche D Promissory Note in the case of a Pool B Project or a Pool D Project. If Borrower shall make a Substitution, Lender shall be paid a fee equal to (i) ..50% of the Valuation of the Project being released if the Project being withdrawn is located in the Orlando Central Business Park in Orlando, Florida, or (ii) .75% of the Valuation of the Project being released for any other Project being withdrawn. At the time of the Substitution, no modification of the interest rate or repayment terms of the Note will be required.
Sample 1
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.
Sample 1
AutoNDA by SimpleDocs
Property Substitution. Substitutions of three of the four constituent properties (the 0000 00xx Xxxxxx property, having an allocated loan value of $5,400,000, or approximately 40.5% of the original principal balance, is excluded) is permitted, subject to certain conditions, including: (i) the post-substitution combined DSCR (based on amortizing payments) for the remaining properties is equal or greater than 1.73x; (ii) the post-substitution combined loan-to-value ratio is equal to or less than 65%; (iii) the substitute property has an as-is market value equal to or greater than the property being replaced; (iv) the substitute property becomes subject to the master lease and the rent under the master lease is not reduced as a result of the substitution; (v) a rating agency confirmation; and (vi) an opinion of counsel that the REMIC trust will not fail to maintain its REMIC status due to the substitution, among other things.
Sample 1
Property Substitution. After giving effect to any Property Substitution, Borrowers must be in compliance with the Borrowing Base.
Sample 1

Related to Property Substitution

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Repurchase; Substitution It is understood and agreed that the representations and warranties set forth in Sections 3.01 and 3.02 shall survive the sale of the Mortgage Loans and delivery of the Mortgage File to the Purchaser, or its designee, and shall inure to the benefit of the Purchaser, notwithstanding any restrictive or qualified endorsement on any Mortgage Note or Assignment of Mortgage or the examination, or lack of examination, of any Mortgage Loan Document. Upon discovery by the Seller or the Purchaser of a breach of any of the foregoing representations and warranties which materially and adversely affects the value of the Mortgage Loans or the interest of the Purchaser in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the others. The Seller shall have a period of ninety (90) days from the earlier of its discovery or its receipt of notice of any such breach within which to correct or cure such breach. Notwithstanding the above sentences, with respect to any Mortgage Loan included in a Securitization Transfer, within sixty (60) days after the earlier of either discovery by, or notice to, the Seller of any breach of the representations or warranties set forth in clause (ff), (tt), (ddd), (eee), (mmm) or (sss) of Section 3.02, the Seller shall repurchase such Mortgage Loan at the Repurchase Price. The Seller hereby covenants and agrees that (except as provided in the previous sentence with respect to certain breaches for which no substitution is permitted) if any such breach is not corrected or cured within such ninety (90) day period, the Seller shall, at the Purchaser's option, either repurchase such Mortgage Loan at the Repurchase Price or substitute a mortgage loan for the Defective Mortgage Loan as provided below. In the event that any such breach shall involve any representation or warranty set forth in Section 3.01, and such breach is not cured within ninety (90) of the earlier of either discovery by or notice to the Seller of such breach, all affected Mortgage Loans shall, at the option of the Purchaser, be repurchased by the Seller at the Repurchase Price. Any such repurchase shall be accomplished by deposit in the Custodial Account of the amount of the Repurchase Price. If pursuant to the foregoing provisions the Seller repurchases a Mortgage Loan that is a MERS Mortgage Loan, the Seller shall either (i) cause MERS to execute and deliver an assignment of the Mortgage in recordable form to transfer the Mortgage from MERS to the Seller and shall cause such Mortgage to be removed from registration on the MERS(R) System in accordance with MERS' rules and regulations or (ii) cause MERS to designate on the MERS(R) System the Seller as the beneficial holder of such Mortgage Loan. If the Seller is required to repurchase any Mortgage Loan pursuant to this Section 3.03 as a result of a breach of any of the representations and warranties set forth in Section 3.02, the Seller may, with the Purchaser's prior consent, which consent shall not be unreasonably withheld, within 180 days from the related Closing Date, remove such defective Mortgage Loan from the terms of this Agreement and substitute another mortgage loan for such defective Mortgage Loan, in lieu of repurchasing such defective Mortgage Loan. Any substitute Mortgage Loan shall (a) have a principal balance at the time of substitution not in excess of the principal balance of the defective Mortgage Loan (the amount of any difference, plus one month's interest thereon at the Mortgage Interest Rate borne by the defective Mortgage Loan, being paid by the Seller and deemed to be a Principal Prepayment to be deposited by the Seller in the Custodial Account), (b) have a Mortgage Interest Rate not less than, and not more than one percentage point greater than, the Mortgage Interest Rate of the removed Mortgage Loan, (c) have a remaining term to stated maturity not later than, and not more than one year less than, the remaining term to stated maturity of the removed Mortgage Loan, (d) have a Loan-to-Value Ratio at origination no greater than that of the removed Mortgage Loan, (e) with respect to any Second Lien Mortgage Loan, have an Combined Loan-to-Value Ratio at origination no greater than that of the removed Mortgage Loan, (f) have the same lien priority as that of the removed Mortgage Loan and (g) be, in the reasonable determination of the Purchaser, in material compliance with the representations and warranties contained in this Agreement and described in Section 3.02 as of the date of substitution. The Seller shall amend the related Mortgage Loan Schedule to reflect the withdrawal of the removed Mortgage Loan from this Agreement and the substitution of such substitute Mortgage Loan therefor. Upon such amendment, the Purchaser shall review the Mortgage File delivered to it relating to the substitute Mortgage Loan. The Monthly Payment on a substitute Mortgage Loan due on the Due Date in the month of substitution shall be the property of the Seller and the Monthly Payment on the Defective Mortgage Loan for which the substitution is made due on the such date shall be the property of the Purchaser. 01. Any cause of action against the Seller relating to or arising out of the breach of any representations and warranties made in Sections 3.01 and 3.02 shall accrue as to any Mortgage Loan upon (i) the earlier of discovery of such breach by the Seller or notice thereof by the Purchaser to the Seller, (ii) failure by the Seller to cure such breach or repurchase such Mortgage Loan as specified above, and (iii) demand upon the Seller by the Purchaser for compliance with this Agreement. In the event that any Mortgage Loan is held by a REMIC, notwithstanding any contrary provision of this Agreement, with respect to any Mortgage Loan that is not in default or as to which no default is imminent, Purchaser may, in connection with any repurchase or substitution of a Defective Mortgage Loan pursuant to this Section 3.03, require that the Seller deliver, at the Seller's expense, an Opinion of Counsel to the effect that such repurchase or substitution will not (i) result in the imposition of taxes on "prohibited transactions" of such REMIC (as defined in Section 860F of the Code) or otherwise subject the REMIC to tax, or (ii) cause the REMIC to fail to qualify as a REMIC at any time.

  • Occupancy of the Mortgaged Property As of the related Closing Date the Mortgaged Property is lawfully occupied under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities. The Mortgagor represented at the time of origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property as the Mortgagor's primary residence;

  • Condition of Mortgaged Property Except as Borrower may have disclosed to Lender in writing in connection with the issuance of the Commitment Letter, the Mortgaged Property has not been damaged by fire, water, wind or other cause of loss, or any previous damage to the Mortgaged Property has been fully restored.

  • B8 Property Where the Client issues Property free of charge to the Contractor such Property shall be and remain the property of the Client and the Contractor irrevocably licences the Client and its agents to enter upon any premises of the Contractor during normal business hours on reasonable notice to recover any such Property. The Contractor shall not in any circumstances have a lien or any other interest on the Property and the Contractor shall at all times possess the Property as fiduciary agent and bailee of the Client. The Contractor shall take all reasonable steps to ensure that the title of the Client to the Property and the exclusion of any such lien or other interest are brought to the notice of all sub-contractors and other appropriate persons and shall, at the Client’s request, store the Property separately and ensure that it is clearly identifiable as belonging to the Client.

  • Substitution of Collateral A Fund may substitute securities for any securities identified as Collateral by delivery to the Custodian of a Pledge Certificate executed by such Fund on behalf of the applicable Portfolio, indicating the securities pledged as Collateral.

  • Mortgaged Property Undamaged The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

  • Additional Property Collateral shall also include the following property (collectively, the “Additional Property”) which Debtor becomes entitled to receive or shall receive in connection with any other Collateral: (a) any stock certificate, including without limitation, any certificate representing a stock dividend or any certificate in connection with any recapitalization, reclassification, merger, consolidation, conversion, sale of assets, combination of shares, stock split or spin-off; (b) any option, warrant, subscription or right, whether as an addition to or in substitution of any other Collateral; (c) any dividends or distributions of any kind whatsoever, whether distributable in cash, stock or other property; (d) any interest, premium or principal payments; and (e) any conversion or redemption proceeds; provided, however, that until the occurrence of an Event of Default (as hereinafter defined), Debtor shall be entitled to all cash dividends and all interest paid on the Collateral (except interest paid on any certificate of deposit pledged hereunder) free of the security interest created under this Agreement. All Additional Property received by Debtor shall be received in trust for the benefit of Secured Party. All Additional Property and all certificates or other written instruments or documents evidencing and/or representing the Additional Property that is received by Debtor, together with such instruments of transfer as Secured Party may request, shall immediately be delivered to or deposited with Secured Party and held by Secured Party as Collateral under the terms of this Agreement. If the Additional Property received by Debtor shall be shares of stock or other securities, such shares of stock or other securities shall be duly endorsed in blank or accompanied by proper instruments of transfer and assignment duly executed in blank with, if requested by Secured Party, signatures guaranteed by a bank or member firm of the New York Stock Exchange, all in form and substance satisfactory to Secured Party. Secured Party shall be deemed to have possession of any Collateral in transit to Secured Party or its agent.

  • Operation of Mortgaged Property Hold, lease, develop, manage, operate or otherwise use the Mortgaged Property upon such terms and conditions as Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements and taking other actions, from time to time, as Mortgagee deems necessary or desirable), and apply all Rents and other amounts collected by Mortgagee in connection therewith in accordance with the provisions of Section 5.7.

  • Restoration of Mortgaged Property The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!