Common use of Substitute Property Requirements Clause in Contracts

Substitute Property Requirements. To qualify as a Substitute Property, the property nominated to be a Substitute Property must, at the time of substitution: (i) be a property as to which Borrower will hold indefeasible fee title free and clear of any lien or other encumbrance except for Permitted Encumbrances; (ii) be free and clear of Hazardous Substance except for nominal amounts of any such substances commonly incorporated in or used in the operation of properties similar to the Properties (in either case in compliance with all Environmental Laws), all as set forth in an environmental report delivered to Lender; (iii) be in substantially the same repair and condition, which shall be certified by an Officer’s Certificate of Borrower, as the Replaced Property was on the Closing Date or, in the event that the Replaced Property was itself a Substitute Property, on the date that such Property became a Property hereunder all as set forth in a Physical Conditions Report delivered to Lender; (iv) be in compliance, in all material respects, with Legal Requirements which shall be certified in an Officer’s Certificate; (v) as evidenced by an Approved Appraisal performed at Borrower’s expense and delivered to Lender, have a fair market value no less than the greater of (y) the fair market value of the Replaced Property on the Closing Date or (z) the fair market value of the Replaced Property immediately prior to the Substitution; (vi) be used primarily for self-service storage and related uses; and (vii) after giving effect to the Substitution, the Debt Service Coverage Ratio for all of the Properties (including the Substitute Property, but excluding the Replaced Property) shall be at least equal to the Debt Service Coverage Ratio for all of the Properties (including the Replaced Property) for the twelve (12) full calendar months immediately preceding the release and substitution of such Individual Property.

Substitute Property Requirements. To qualify as a Substitute Property, the property nominated to be a Substitute Property must, at the time of substitution: (i) be a property as to which Borrower will hold indefeasible fee title free and clear of any lien or other encumbrance except for Permitted Encumbrances; (ii) be free and clear of Hazardous Substance except for nominal amounts of any such substances commonly incorporated in or used in the operation of properties similar to the Properties (in either case in compliance with all Environmental Laws), all as set forth in an environmental report delivered to Lender; (iii) be in substantially the same repair and condition, which shall be certified by an Officer’s 's Certificate of Borrower, as the Replaced Property was on the Closing Date or, in the event that the Replaced Property was itself a Substitute Property, on the date that such Property became a Property hereunder all as set forth in a Physical Conditions Report delivered to Lender; (iv) be in compliance, in all material respects, with Legal Requirements which shall be certified in an Officer’s 's Certificate; (v) as evidenced by an Approved Appraisal performed at Borrower’s 's expense and delivered to Lender, have a fair market value no less than the greater of (y) the fair market value of the Replaced Property on the Closing Date or (z) the fair market value of the Replaced Property immediately prior to the Substitution; (vi) be used primarily for self-service storage and related uses; and (vii) after giving effect to the Substitution, the Debt Service Coverage Ratio for all of the Properties (including the Substitute Property, but excluding the Replaced Property) shall be at least equal to the Debt Service Coverage Ratio for all of the Properties (including the Replaced Property) for the twelve (12) full calendar months immediately preceding the release and substitution of such Individual Property.

Substitute Property Requirements. To qualify as a Substitute Property, the property nominated to be a Substitute Property must, at the time of substitution: (ia) be a property as to which Borrower will hold indefeasible fee title free and clear of any lien or other encumbrance except for Permitted Encumbrances; (iib) be free and clear of Hazardous Substance except for nominal amounts of any such substances commonly incorporated in or used in the operation of properties similar to the Properties (in either case in compliance with all Environmental Laws), all as set forth in an environmental report delivered to Lender; (iiic) be in substantially the same repair and condition, which shall be certified by an Officer’s 's Certificate of Borrower, as the Replaced Property was on the Closing Date or, in the event that the Replaced Property was itself a Substitute Property, on the date that such Property became a Property hereunder all as set forth in a Physical Conditions Report delivered to Lender; (ivd) be in compliance, in all material respects, with Legal Requirements which shall be certified in an Officer’s 's Certificate; (ve) as evidenced by an Approved Appraisal performed at Borrower’s 's expense and delivered to Lender, have a fair market value no less than the greater of (y) the fair market value of the Replaced Property on the Closing Date or (z) the fair market value of the Replaced Property immediately prior to the Substitution; (vif) be used primarily for self-service storage and related uses; and (viig) after giving effect to the Substitution, the Debt Service Coverage Ratio for all of the Properties (including the Substitute Property, but excluding the Replaced Property) shall be at least equal to the Debt Service Coverage Ratio for all of the Properties (including the Replaced Property) for the twelve (12) full calendar months immediately preceding the release and substitution of such Individual Property.

Substitute Property Requirements. To qualify as a Substitute Property, the each such property nominated to be a Substitute Property must, must at the time of substitution: (i1) be a property operated as an assisted living facility as to which Borrower will hold indefeasible fee simple title free and clear of any lien or other encumbrance except for Permitted Encumbrances; (ii2) Borrower shall deposit into the Cash Collateral Account Sub-Accounts (a) prior to a Securitization, such reserves as may be free deemed necessary by Lender in Lender's reasonable discretion and clear (b) after a Securitization, reserves in such amounts that the Rating Agencies rating any Securitization confirm in writing will not result in a downgrade, withdrawal or qualification any of Hazardous Substance except for nominal amounts the then applicable ratings of any such substances commonly incorporated the securities issued in or used in the operation of properties similar to the Properties (in either case in compliance with all Environmental Laws), all as set forth in an environmental report delivered to Lendera Securitization; (iii3) be in have a substantially the same repair similar quality and condition, which shall be certified by an Officer’s Certificate of Borrower, physical condition as the Replaced Property was on the Closing Date or, in the event that quality and physical condition of the Replaced Property was itself a Substitute Property, on Facilities at the date that such Property became a Property hereunder all as set forth in a Physical Conditions Report delivered to Lendertime of the substitution; (iv4) be in compliance, in all material respects, when combined with Legal Requirements which shall be certified the other Substitute Properties and the Remaining Facilities (if any) results in an Officer’s Certificate; overall loan to value ratio for the Loan (v) as evidenced by an Approved Appraisal performed at Borrower’s expense of the proposed Substitute Property and the proposed Replaced Property and those Appraisals of the other Facilities previously delivered to Lender, have a fair market ) equal to or less than the lesser of: (A) the loan to value ratio on the Closing Date; and (B) the overall loan to value ratio of the Facilities immediately prior to the substitution (as evidenced by an Appraisal of the proposed Substitute Property and the proposed Replaced Property and those Appraisals of the other Facilities previously delivered to Lender). (5) when combined with the other Substitute Properties and the Remaining Facilities (if any) results in an overall Debt Service Coverage Ratio (calculated as of the end of the calendar month immediately preceding the calendar month in which the substitution is proposed to occur on the basis of the preceding twelve (12) calendar months) which is no less than the greater of of: (yA) 1:35 and (B) the fair market value overall Debt Service Coverage Ratio of the Replaced Property Facilities (calculated as of the end of the calendar month immediately preceding the calendar month in which the substitution is proposed to occur on the Closing Date or (z) the fair market value basis of the Replaced Property preceding twelve (12) calendar months) immediately prior to the Substitutionsubstitution; (vi6) be used primarily have an Adjusted Net Operating Income which has not decreased from the Adjusted Net Operating Income for self-service storage and related usesthe immediately prior calendar year for each of the previous years for which the Facility has been operated, up to three (3) calendar years immediately preceding the substitution; and (vii7) after giving effect to the Substitution, the Debt Service Coverage Ratio for all be an "interest in real property" as defined in Treasury Regulation Section 1.8606-2 or any successor provision of the Properties (including the Substitute Property, but excluding the Replaced Property) shall be at least equal to the Debt Service Coverage Ratio for all of the Properties (including the Replaced Property) for the twelve (12) full calendar months immediately preceding the release and substitution of such Individual Propertylaw.

Substitute Property Requirements. To qualify as a Substitute Property, the each such property nominated to be a Substitute Property must, must at the time of substitution: (i1) be a property operated as an assisted living facility as to which Borrower will hold indefeasible fee simple title free and clear of any lien or other encumbrance except for Permitted Encumbrances; (ii2) Borrower shall deposit into the Cash Collateral Account Sub-Accounts (a) prior to a Securitization, such reserves as may be free deemed necessary by Lender in Lender's reasonable discretion and clear (b) after a Securitization, reserves in such amounts that the Rating Agencies rating any Securitization confirm in writing will not result in a downgrade, withdrawal or qualification any of Hazardous Substance except for nominal amounts the then applicable ratings of any such substances commonly incorporated the securities issued in or used in the operation of properties similar to the Properties (in either case in compliance with all Environmental Laws), all as set forth in an environmental report delivered to Lendera Securitization; (iii3) be in have a substantially the same repair similar quality and condition, which shall be certified by an Officer’s Certificate of Borrower, physical condition as the Replaced Property was on the Closing Date or, in the event that quality and physical condition of the Replaced Property was itself a Substitute Property, on Facilities at the date that such Property became a Property hereunder all as set forth in a Physical Conditions Report delivered to Lendertime of the substitution; (iv4) be in compliance, in all material respects, when combined with Legal Requirements which shall be certified the other Substitute Properties and the Remaining Facilities (if any) results in an Officer’s Certificate; overall loan to value ratio for the Loan (v) as evidenced by an Approved Appraisal performed at Borrower’s expense of the proposed Substitute Property and the proposed Replaced Property and those Appraisals of the other Facilities previously delivered to Lender, have a fair market ) equal to or less than the lesser of: (A) the loan to value ratio on the Closing Date; and (B) the overall loan to value ratio of the Facilities immediately prior to the substitution (as evidenced by an Appraisal of the proposed Substitute Property and the proposed Replaced Property and those Appraisals of the other Facilities previously delivered to Lender). (5) when combined with the other Substitute Properties and the Remaining Facilities (if any) results in an overall Debt Service Coverage Ratio (calculated as of the end of the calendar month immediately preceding the calendar month in which the substitution is proposed to occur on the basis of the preceding twelve (12) calendar months) which is no less than the greater of of: (yA) 1:35 and (B) the fair market value of the Replaced Property on the Closing Date or (z) the fair market value of the Replaced Property immediately prior to the Substitution; (vi) be used primarily for self-service storage and related uses; and (vii) after giving effect to the Substitution, the Debt Service Coverage Ratio for all of the Properties (including the Substitute Property, but excluding the Replaced Property) shall be at least equal to the Debt Service Coverage Ratio for all of the Properties (including the Replaced Property) for the twelve (12) full calendar months immediately preceding the release and substitution of such Individual Property.overall Debt

Substitute Property Requirements. To qualify as a Substitute -------------------------------- Property, the property nominated to be a Substitute Property must, at the time of substitution: (iA) be a property as to which Borrower Grantor will hold indefeasible fee title free and clear of any lien or other encumbrance except for Permitted EncumbrancesEncumbrances and easements, restrictive covenants and other title exceptions and Leases which do not have a material adverse effect on the utility or value of such property for its current use; (iiB) be free and clear clear, as shall be demonstrated in an environmental report issued by a recognized environmental consultant at Grantor's expense and in form and substance reasonably acceptable to Beneficiary, of any Hazardous Substance except for nominal amounts of any such substances commonly incorporated in or used in the operation of properties similar to the Properties (in either case in compliance with all Environmental Laws), or such matters as, in the opinion of Beneficiary, are unlikely to result in any material liability to the owner thereof or to any liability to a secured lender with respect to the Property, all as set forth in an environmental report delivered to Lendercertified by such consultant; (iiiC) be in substantially the same reasonably good repair and condition, which as shall be certified by an Officer’s 's Certificate of Borrower, as the Replaced Property was on the Closing Date or, Grantor in the event that the Replaced Property was itself a Substitute Property, on the date that such Property became a Property hereunder all as set forth in a Physical Conditions Report delivered form and substance reasonably acceptable to LenderBeneficiary; (ivD) be in compliance, in all material respects, with Legal Requirements which and Insurance Requirements, as shall be certified in an Officer’s Certificate;'s Certificate in form and substance reasonably acceptable to Beneficiary; and (vE) (as evidenced by an Approved Appraisal two appraisals prepared by Independent Appraisers selected by Beneficiary performed at Borrower’s expense and delivered to Lender, Grantor's expense) have a fair market value no less than the greater of of (y1) the fair market value of the Replaced Property on as of the Closing Date or date hereof, and (z2) the fair market value of the Replaced Property immediately prior to the Substitution; (vi) be used primarily for self-service storage and related uses; and (vii) after giving effect to the Substitution, the Debt Service Coverage Ratio for all of the Properties (including the Substitute Property, but excluding the Replaced Property) shall be at least equal to the Debt Service Coverage Ratio for all of the Properties (including the Replaced Property) for the twelve (12) full calendar months immediately preceding the release and substitution of such Individual Property.