Substitution of Country Club Property Sample Clauses

Substitution of Country Club Property. A Country Club Loan Party may request in a writing delivered to Lender at any time ("Substitution Request") that a different property (a "Substitute Property") be substituted (a "Substitution") for the Country Club Property of such Country Club Loan Party (the "Original Property"). Lender may in its sole discretion, but shall have no obligation to, approve such Substitution Request; provided that Lender shall only consider a Substitution Request upon fulfillment of the following conditions precedent: (A) No Event of Default or Potential Default shall have occurred and be continuing either at the time Lender receives the Substitution Request or on the date the Substitution takes place as determined by Lender ("Substitution Date"); (B) Lender shall have received evidence that the DCR for the Country Club Loans (including the Substitute Property on a pro forma basis) after giving effect to the Substitution shall be no less than those set forth in the following table: If Principal Indebtedness of the Country Club Loans immediately after Substitution Is Equal to or Less Than DCR Shall Be no Less Than: $125,000,000 2.00X $175,000,000 1.85X $250,000,000 1.75X (C) The appraised value of the Substitute Property on the Substitution Date (as set forth in an MAI appraisal of the Substitute Property approved by Lender in its sole discretion and dated as of the Substitution Date (the "Approved Substitute Property MAI Appraisal") shall be not less than both (i) the appraised value of the Original Property as set forth in the appraisal of the Original Property approved by Lender at the Closing of the Loan (the "Approved Original Property Closing Date Appraisal"), and (b) One Hundred Ten Percent (110%) of the appraised value of the Original Property on the Substitution Date, as set forth in an MAI appraisal of the Original Property approved by Lender in its sole discretion and dated as of the Substitution Date (the "Approved Original Property Substitution Date Appraisal"); (D) The Net Operating Income for the Substitute Property shall be equal to or greater than the historical Net Operating Income for the Original Property, all as determined by Lender in its discretion; (E) There shall be funded a reserve for capital expenditures with respect to the Substitute Property in the amounts and at the times required by Lender in its sole discretion; (F) Lender shall have received: (I) a release of the Original Property from the lien of the Mortgage (for execution by Lender) in a ...
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Related to Substitution of Country Club Property

  • 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.

  • Property Mortgaged Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the "Property"):

  • Entry on Mortgaged Property Enter the Mortgaged Property and take exclusive possession thereof and of all books, records and accounts relating thereto or located thereon. If Mortgagor remains in possession of the Mortgaged Property following the occurrence and during the continuance of an Event of Default and without Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess Mortgagor.

  • USE OF COUNTY PROPERTY CONTRACTOR shall not use County property (including equipment, instruments and supplies) or personnel for any purpose other than in the performance of his/her obligations under this Agreement.

  • Cooperative Property The real property and improvements owned by the Cooperative Corporation, that includes the allocation of individual dwelling units to the holders of the Cooperative Shares of the Cooperative Corporation.

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

  • Qualified Property Applicant’s Qualified Property is described in Schedule 2.3, which is incorporated herein by reference. The Parties expressly agree that the location of the Qualified Property shall be within the Reinvestment Zone as set out in Schedule 2.1.

  • Acknowledgment of Transfer of Mortgage Pool Assets The Trustee hereby acknowledges and accepts on behalf of the Trust the transfer and assignment pursuant to Section 2.04 to the Trust of the Mortgage Pool Assets, but without having made the review required to be made within 45 days pursuant to Section 2.07, and declares that as of the Closing Date it (or the Custodian on behalf of the Trustee) holds and shall hold any documents constituting a part of the Mortgage Pool Assets, and the Mortgage Pool Assets, as Trustee in trust, upon the trust herein set forth, for the use and benefit of all present and future Holders of the Certificates.

  • Primary Mortgage Insurance Considerations Where applicable, the Servicer shall satisfy all requirements under the applicable Primary Mortgage Insurance policy regarding the relief granted with respect to a delinquent Mortgage Loan.

  • Substitution of Equipment In the event the Computer is inoperable, ASL has a limited number of spare laptops for use while the Computer is being repaired or replaced. This agreement remains in effect for such a substitute. The Student may NOT opt to keep a broken Computer or to avoid using the Computer due to loss or damage.

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