Property Substitutions. In the event the Property stated on the Agreement becomes unavailable, Owner/Agents’ obligations are limited to notification to Tenant, a full refund of all monies received for unavailable Property, and a good faith effort by Agent to locate a reasonably comparable replacement. Agent reserves the right, and will make every effort to substitute a comparable property however; if reasonable or desirable property is not available or acceptable to Tenant, then Agent will refund all monies to Tenant. If Tenant desires a specific property, but property is more expensive, Tenant agrees to pay the difference. Tenant waives all claims against Owner and Agent for property substitutions.
Property Substitutions. Subject to the terms and conditions set forth in this Section 2.14, Borrower may, from time to time, replace an Individual Property with a Qualified Substitute Property (a “Property Substitution”), provided, in the case of each Property Substitution, the following conditions are met:
Property Substitutions. This Instrument is subject to the Property Substitutions provision set forth in Section 16 of the Note to which reference is hereby made.
Property Substitutions. (a) Subject to the terms and conditions set forth in this Section, provided no Event of Default is then continuing or would result therefrom, Borrower may at any time, other than during a Blackout Window, replace one or more Properties (individually, a “Replaced Property” and collectively, the “Replaced Properties”, provided, however, that the Replaced Properties shall be exclusive of the Individual Properties set forth on Schedule 2.5.3 hereto, and Borrower shall not be permitted to replace the Individual Properties set forth on Schedule 2.5.3 hereto) with Qualified Substitute Properties (a “Property Substitution”), in which case Lender shall release the Lien of the applicable Mortgage (and related Loan Documents) with respect to the Replaced Properties, provided, in the case of each Property Substitution, the following conditions are met:
Property Substitutions. (a) Provided no Event of Default is continuing or would result therefrom, at any time following the earlier of (1) the full disposition of the Loan (including all Notes or interests therein) by Lender (disregarding any risk retained bonds held by Lender which are necessary to satisfy credit risk retention requirements) and (2) the second (2nd) anniversary of the Closing Date, or as otherwise consented to by Lender in its reasonable discretion, Borrower shall have the right to substitute (a “Substitution”) one or more Individual Properties (individually, a “Replaced Property” and collectively, the “Replaced Properties”) with one or more replacement properties (each a “Replacement Property”), provided, in the case of each Substitution, the following conditions are satisfied, all as determined by Lender:
Property Substitutions. Notwithstanding the provisions of Section 2.5 hereof, subject to the terms and conditions set forth in this Section 2.7, Borrower may obtain a release of the Lien of a Mortgage (and the related Loan Documents) encumbering an Individual Property (a “Substituted Property”) by substituting therefor another limited or full service hotel property acquired by Borrower (individually or collectively, as the context requires, the “Replacement Property”), provided that (a) the Allocated Principal Amount of the proposed Substituted Property, when aggregated with the Allocated Principal Amounts for all previously Substituted Properties, shall not exceed the sum of $86,212,500.00, (b) the Replacement Property is not located in the State of Texas (unless an Individual Property located in the State of Texas has been previously released pursuant to Section 2.5.2 hereof), and (c) such substitution shall be subject to the satisfaction of the following conditions precedent:
Property Substitutions. Borrower shall be permitted to substitute up to 50% of the Properties (by allocated loan amount) securing each Loan provided that, among other things, (1) no event of default exists, (2) the market value and net operating income of each substitute Property are equal to or greater than that of the replaced Property, (3) after the substitution the DSCR on the applicable Loan is equal to or greater than the DSCR at the time of closing and immediately prior to such substitution, (4) Borrower obtains Lender consent not to be unreasonably withheld or delayed prior to a Securitization and a rating agency confirmation letter after Securitization, and (5) Borrower delivers an acceptable REMIC opinion. Mxxxxxx Lxxxx has agreed to Bxxxxxxx’s request to permit the release of the East Tower of the Radisson Fort Worth from the collateral upon satisfaction of the certain conditions to be contained in the Loan documents, including without limitation (i) the successful conversion of the West Tower to a Hilton having an appraised value greater than $28.9 million (or Borrower has posted cash collateral for the difference up to $5 million), (ii) the achievement by the Loan secured by such Hilton of a DSCR equal to at least the greater of (a) the DSCR of such Loan immediately prior to such conversion and (b)1.40x, and (iii) if such Loan has been Securitized, a rating agency confirmation letter. Borrower will be permitted to undertake such conversion provided that Borrower presents satisfactory evidence that the conversion process will not adversely affect the annual DSCR of the Loan secured by such Property or posts a cash reserve or letter of credit satisfactory to the Lender.
Property Substitutions. (a) At any time after the Closing Date, provided no Event of Default is then continuing or would result therefrom, if a Lease Sweep Period or Default exists or if Borrower anticipates that there will be a Lease Sweep Event based on written notice from a Tenant that it intends to not renew its Lease, to terminate its Lease or to go dark, Borrower may replace one of more Properties (individually, a “Replaced Property” and collectively, the “Replaced Properties”) with Substitute Properties (a “Property Substitution”) solely to the extent necessary to cure such Lease Sweep Period or Default, provided, in the case of each Property Substitution, the following conditions are met:
Property Substitutions. (a) Provided no Event of Default shall have occurred and remain uncured, Borrower shall have the right at any time after the date hereof and before the Anticipated Repayment Date (but only on a Monthly Payment Date) to obtain a release of the Lien of a Mortgage encumbering an Individual Property (a "SUBSTITUTED PROPERTY") by substituting therefor another retail property to be acquired by Borrower (individually, a "SUBSTITUTE PROPERTY" and collectively, the "SUBSTITUTE PROPERTIES"), provided that (a) not more than two (2) Individual Properties may be substituted during the term of the Loan, (b) no such substitution may occur if there has been one or more prior substitution(s) and the total appraised value as of the date hereof of all Substituted Properties in such prior substitutions together with the current proposed substitution equals or exceeds 20% of the appraised value as of the date hereof of all the Properties, and (c) such substitution shall be subject, in each case, to the satisfaction of the following conditions precedent:
Property Substitutions
