Common use of SUBSTITUTION OF ADDITIONAL MORTGAGED PROPERTIES Clause in Contracts

SUBSTITUTION OF ADDITIONAL MORTGAGED PROPERTIES. An Additional Mortgaged Property may be released from the lien of a Mortgage and a New Additional Property substituted therefor if each of the following conditions are met: (a) the New Additional Property is owned by Collateral Inc. and has a Value equal to or greater than the product of 125% (the "SUBSTITUTION PERCENTAGE") times the Minimum Substitute Property Value of the Released Property; (b) the New Additional Property has Net Operating Income (as determined by Fannie Mae in its discretion) for the twelve (12) month period ending within sixty (60) days of the date this test is applied, equal to or greater than the Net Operating Income (as determined by Fannie Mae in its discretion) of the Additional Mortgaged Property being released from the lien for the corresponding twelve (12) month period multiplied by the Substitution Percentage; (c) no Event of Default or Potential Event of Default shall have occurred and be continuing; (d) the applicable Borrower shall cause the Released Property to be immediately conveyed by such Borrower to Guarantor, or such other Person (other than another Borrower) as such Borrower may otherwise determine; (e) the New Additional Property meets all of Fannie Mae's then applicable underwriting criteria for new loans secured by Multifamily Residential Property; (f) all documentation relating to the foregoing is acceptable to Fannie Mae in its discretion in all respects, including legal opinions, title insurance, Security Instruments, Replacement Reserve Agreements, assignments and any amendments to this Agreement or the other Transaction Documents; and (g) with respect to each proposed New Additional Property, the Borrowers shall pay Fannie Mae and Servicer a due diligence fee plus all costs and expenses (including reasonable legal fees and expenses) incurred by Fannie Mae or Servicer in connection with the foregoing. Such amounts shall be paid by the Borrowers promptly upon receipt of invoices therefor, and shall be payable regardless of whether the property substitution does or does not (for any reason) ultimately occur.

SUBSTITUTION OF ADDITIONAL MORTGAGED PROPERTIES. An At Owner's request, an Additional Mortgaged Property may shall be released from the lien of a the Related Mortgage and the collateral derived from such Additional Mortgaged Property (such as the related Principal Reserve Fund) shall be released to Owner, and a New Additional Property substituted therefor therefor, if each of the following conditions are met: (a) the The New Additional Property is owned by Collateral Inc. and has a Value equal to or greater than the product of 125% (the "SUBSTITUTION PERCENTAGE") times multiplied by the Minimum Substitute Property Value of the Released Property; (b) the The New Additional Property has Net Operating Income (as determined by Fannie Mae in its discretion) for the twelve (12) 12 month period ending within sixty (60) 60 days of the date this test is applied, equal to or greater than the Net Operating Income (as determined by Fannie Mae in its discretion) of the Additional Mortgaged Property being released from the lien for the corresponding twelve (12) 12 month period multiplied by the Substitution Percentage; (c) no No Event of Default or Potential Event of Default shall have occurred and be continuing; (d) the applicable Borrower Owner shall cause the Released Property to be immediately conveyed by such Borrower Owner to GuarantorOP Partner, or such other Person (other than another Borrower) purchaser as such Borrower Owner may otherwise determine, provided that with the consent of Fannie Mae, which consent will not be unreasonably withheld, Owner or, if applicable, the related Nominee Corp., may continue to own the Released Property for up to one year following the date the lien of the Related Mortgage is released pursuant to this section; (e) the The New Additional Property meets all of Fannie Mae's then applicable underwriting criteria for new loans secured by Multifamily Residential Propertycriteria; (f) all All documentation relating to the foregoing is acceptable to Fannie Mae in its discretion in all respects, including legal opinions, title insurance, Security Instruments, Replacement Reserve Agreements, assignments and any amendments to this Agreement or the other Transaction Documents; and (g) with With respect to each proposed New Additional Property, the Borrowers Owner shall pay Fannie Mae and Servicer a due diligence fee plus all reasonable costs and expenses (including reasonable legal fees and expenses) incurred by Fannie Mae or Servicer in connection with the foregoing. Such amounts shall be paid by Owner on or prior to the Borrowers promptly upon closing date of such substitution or, if such substitution fails to close within thirty (30) days of Owner's receipt of invoices therefortherefor (and if requested by Owner, reasonable supporting back-up invoices evidencing such items), and shall be payable regardless of whether the property substitution does or does not (for any reason) ultimately occur.

SUBSTITUTION OF ADDITIONAL MORTGAGED PROPERTIES. An At Owner's request, an Additional Mortgaged Property may shall be released from the lien of a the Related Mortgage and the collateral derived from such Additional Mortgaged Property (such as the related Principal Reserve Fund and the related Property Account) shall be released to Owner, and a New Additional Property substituted therefor therefor, if each of the following conditions are met: (a) the The New Additional Property is owned by Collateral Inc. and has a Value equal to or greater than the product of 125% (the "SUBSTITUTION PERCENTAGE") times multiplied by the Minimum Substitute Property Value of the Released Property; (b) the The New Additional Property has Net Operating Income (as determined by Fannie Mae in its discretionMae) for the twelve (12) 12 month period ending within sixty (60) 60 days of the date this test is applied, equal to or greater than the Net Operating Income (as determined by Fannie Mae in its discretionMae) of the Additional Mortgaged Property being released from the lien for the corresponding twelve (12) 12 month period multiplied by the Substitution Percentage; (c) no No Event of Default or Potential Event of Default shall have occurred and be continuing; (d) the applicable Borrower Owner shall cause the Released Property to be immediately conveyed by Owner to such Borrower to Guarantor, or such other Person (other than another Borrower) purchaser as such Borrower Owner may otherwise determine;; and (e) the The New Additional Property meets all of Fannie Mae's then applicable underwriting criteria for new loans secured by Multifamily Residential Propertyin the DUS Guide; (f) all All documentation relating to the foregoing is acceptable to Fannie Mae in its discretion in all respects, including legal opinions, title insurance, Security Instrumentssecurity instruments, Replacement Reserve Agreements, assignments and any amendments to this Agreement or the other Transaction Documents; and (g) with respect to each proposed New Additional Property, the Borrowers shall pay Fannie Mae and Servicer a due diligence fee plus all costs and expenses (including reasonable legal fees and expenses) incurred by Fannie Mae or Servicer in connection with the foregoing. Such amounts shall be paid by the Borrowers promptly upon receipt of invoices therefor, and shall be payable regardless of whether the property substitution does or does not (for any reason) ultimately occur.replacement reserve

SUBSTITUTION OF ADDITIONAL MORTGAGED PROPERTIES. An Additional Mortgaged Property may be released from the lien of a Mortgage and a New Additional Property substituted therefor if each of the following conditions are met: (a) the The New Additional Property is owned by Collateral Inc. and has a Value equal to or greater than the product of 125% (the "SUBSTITUTION PERCENTAGE") times multiplied by the Minimum Substitute Property Value of the Released Property; (b) the The New Additional Property has Net Operating Income (as determined by Fannie Mae Xxxxxx Xxx in its discretion) for the twelve (12) 12 month period ending within sixty (60) 60 days of the date this test is applied, equal to or greater than the Net Operating Income (as determined by Fannie Xxxxxx Mae in its discretion) of the Additional Mortgaged Property being released from the lien for the corresponding twelve (12) 12 month period multiplied by the Substitution Percentage; (c) no No Event of Default or Potential Event of Default shall have occurred and be continuing; (d) the applicable Borrower Owner shall cause the Released Property to be immediately conveyed by such Borrower Owner to GuarantorAIMCO OP, or such other Person (other than another Borrower) purchaser as such Borrower Owner may otherwise determine; (e) the The New Additional Property meets all of Fannie Xxxxxx Mae's then applicable underwriting criteria for new loans secured by Multifamily Residential Property; (f) all All documentation relating to the foregoing is acceptable to Fannie Xxxxxx Mae in its discretion in all respects, including legal opinions, title insurance, Security Instruments, Replacement Reserve Agreements, assignments and any amendments to this Agreement or the other Transaction Documents; and (g) with With respect to each proposed New Additional Property, the Borrowers Owner shall pay Fannie Mae Xxxxxx Xxx and Servicer a due diligence fee plus all costs and expenses (including reasonable legal fees and expenses) reasonably incurred by Fannie Xxxxxx Mae or Servicer in connection with the foregoing. Such amounts shall be paid by the Borrowers Owner promptly upon receipt of invoices therefor, and shall be payable regardless of whether the property substitution does or does not (for any reason) ultimately occur.