Substitution of Individual Properties Sample Clauses

Substitution of Individual Properties. (a) Subject to the prior written consent of the Supermajority Lenders, Borrowers may, at Borrowers’ sole cost and expense, cause to be obtained from Administrative Agent a release of the Lien of the Mortgage and the other Loan Documents for one or more Individual Properties (each, an “Substitution Released Property”), provided that the conditions set forth in this Section 2.6(4) are satisfied in connection with each Property Substitution. For the purposes of this Agreement, each such release of the Lien of the Mortgage and the other Loan Documents from the Substitution Released Property and the corresponding acquisition and encumbrance of the Substitution Acquired Property and satisfaction of the requirements of this Section 2.6(4) are herein referred to as a “Property Substitution”.
Sample 1
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Substitution of Individual Properties. At any time after the date hereof, Borrower may obtain the release of one or more Individual Properties from the Lien of the Mortgage thereon and the release of Borrower’s, Principal’s and Guarantor’s obligations under the Loan Documents with respect to such Individual Property (other than those expressly stated to survive) (each such Individual Property, a “Substituted Property”), by substituting therefor one or more properties (such properties, individually and collectively as the context requires, “Substitute Property”), upon the satisfaction of each of the following conditions:
Sample 1
Substitution of Individual Properties. At any time after the date hereof, Owner may obtain the release of one or more Individual Properties from the Lien of the Mortgage thereon (other than those expressly stated to survive) (each such Individual Property, a “Substituted Property”), by substituting therefor one or more properties (such properties, individually and collectively as the context requires, “Substitute Property”), upon the satisfaction of the conditions set forth in Section 2.8 of the Senior Loan Agreement. Concurrently, with the release of the Substituted Property, Borrower may obtain the partial release of the Individual Collateral relating to such Individual Property (the “Substituted Collateral”) by substituting therefore the ownership interests in the owner of the Substitute Property (such ownership, interest, the “Substitute Collateral”) upon the satisfaction of each of the following conditions:
Sample 1
Substitution of Individual Properties. Borrower shall have the right to substitute a substitute property (the “Replacement Property”) for an Individual Property from time to time so long as such Replacement Property is acceptable to Agent and the Required Banks in their sole discretion. Each such Replacement Property shall be required to satisfy all of Agent’s underwriting criteria as of the time of substitution, and shall satisfy the economic, market, tenant and diversification criteria used by Agent in including the existing Buildings in the collateral pool for the Loans. In the event Agent and the Required Banks permit such substitution, Borrower, at Borrower’s cost and expense (including reasonable attorney’s fees), shall: (i) execute a modification to the Mortgage which will include the Replacement Property as part of the collateral for the Loans, and (ii) deliver to Agent the following items, all of which must be acceptable to Agent in Agent’s sole discretion: (a) an MAI appraisal, (b) a Phase I Environmental Site Assessment, or such other environmental studies as Agent shall reasonably request, (c) updated property and liability insurance certificates which insure the replacement property, (d) the purchase contract for such replacement property, (e) tenant estoppel certificates and subordination, non-disturbance, and attornment agreements for each tenant leasing space in such Replacement Property, (f) copies of leases for each tenant leasing space in such Replacement Property, (g) an endorsement to the Title Insurance Policy which adds such Replacement Property as an insured parcel (which endorsement must be acceptable to Agent in Agent’s sole discretion) and brings forward the endorsements from the Title Insurance Policy, (h) a copy of all documents recorded against the Replacement Property, (i) a current survey of the Replacement Property by a licensed surveyor, acceptable in form and content to Agent’s reasonable satisfaction, (j) opinions of counsel reasonable acceptable in form and content to Agent opining as to the validity of the form of such modification and the continued enforceability of the Mortgage, (k) a certified rent roll for the Replacement Property, (l) a Compliance Certificate, and (m) such other documents or information as Agent shall reasonably request.
Sample 1
Substitution of Individual Properties. Borrower shall have the right, at any time and from time to time, to obtain the release of one or more Individual Properties from the Liens relating to this Loan upon the substitution therefor of real estate of similar quality (a "Substitute Property"), upon satisfaction of the following conditions:
Sample 1
Substitution of Individual Properties. Borrower shall have the right to request a substitution of one or more of the Individual Properties as collateral for the Loan with one or more properties that are comparable to the substituted Individual Property or Individual Properties and will provide Lender with the same or better debt service coverage ratio and loan to value ratio and comparable geographic diversification and tenant quality as the Individual Property or Individual Properties that are being substituted, provided that any such substitution shall be subject to the approval of Lender, which approval may be granted or withheld in Lender’s sole and absolute discretion, and to the receipt of a Rating Agency Confirmation with respect to such substitution. In connection with any request for a substitution, Borrower shall (i) provided Lender with all documents and information requested by Lender, including, without limitation, appraisals, estoppel certificates, subordination, nondisturbance and attornment agreements, surveys, title insurance, engineering and environmental reports and Opinions of Counsel that the substitution requested will not result in any adverse tax consequences, (ii) execute and deliver all documents requested by Lender in connection with such substitution, including, without limitation, any documents required by Lender to encumber such substitute property or properties as collateral for the Loan, and (iii) pay all reasonable, out of pocket costs and expenses included by Lender in connection with such requested substitution, including, without limitation, legal fees and disbursements, title insurance premiums, transfer and other taxes and Rating Agency Fees.
Sample 1
Substitution of Individual Properties 
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Related to Substitution of Individual Properties

  • Location of Improvements; No Encroachments All improvements which were considered in determining the Appraised Value of the Mortgaged Property lay wholly within the boundaries and building restriction lines of the Mortgaged Property, and no improvements on adjoining properties encroach upon the Mortgaged Property. No improvement located on or being part of the Mortgaged Property is in violation of any applicable zoning law or regulation;

  • Condition of Improvements The risk of destruction or substantial damage by fire or Act of God prior to delivery of deed is assumed by Seller. Xxxxxx agrees that on possession, the Real Estate shall be in the same condition as it is on the date of this contract, except for ordinary wear and tear. If the Real Estate should be damaged or destroyed by fire or other casualty and if, prior to Closing, the real Estate shall not be repaired or restored by and at the Sellers expense, to a condition as good as it was prior to the damage or destruction, then Purchaser, at his option, may terminate this contract by written notice to Seller and the Down Payment Shall be returned to Purchaser. While this contract is pending, Sellers shall not change any existing lease or enter into any new lease, nor make any substantial alterations or repairs without the consent of the Purchaser. In addition, the Purchaser also has an insurable interest in the property from date of this contract. Purchaser is hereby notified that insurance should be placed upon the property immediately to protect Purchasers’ interest.

  • Location and Type of Mortgaged Property The Mortgaged Property is a fee simple property located in the state identified in the Mortgage Loan Schedule and consists of a single parcel of real property with a detached single family residence erected thereon, or a two- to four-family dwelling, or an individual residential condominium unit in a condominium project, or an individual unit in a planned unit development and that no residence or dwelling is a mobile home, provided, however, that any condominium unit or planned unit development shall not fall within any of the "Ineligible Projects" of part VIII, Section 102 of the Fannie Mae Selling Guide and shall conform with the Underwriting Guidelxxxx. Ix xhe case of any Mortgaged Properties that are manufactured homes (a "Manufactured Home Mortgage Loans"), (i) the related manufactured dwelling is permanently affixed to the land, (ii) the related manufactured dwelling and the related land are subject to a Mortgage properly filed in the appropriate public recording office and naming Seller as mortgagee, (iii) the applicable laws of the jurisdiction in which the related Mortgaged Property is located will deem the manufactured dwelling located on such Mortgaged Property to be a part of the real property on which such dwelling is located, and (iv) such Manufactured Home Mortgage Loan is (x) a qualified mortgage under Section 860G(a)(3) of the Internal Revenue Code of 1986, as amended and (y) secured by manufactured housing treated as a single family residence under Section 25(e)(10) of the Code. As of the date of origination, no portion of the Mortgaged Property was used for commercial purposes, and since the date of origination, no portion of the Mortgaged Property has been used for commercial purposes; provided, that Mortgaged Properties which contain a home office shall not be considered as being used for commercial purposes as long as the Mortgaged Property has not been altered for commercial purposes and is not storing any chemicals or raw materials other than those commonly used for homeowner repair, maintenance and/or household purposes;

  • Real Property Matters The Company does not own any real property as of the date hereof and has not owned any real property during the three years preceding the date hereof.

  • Construction of Improvements (A) Lessee warrants and agrees that the Building will be constructed on the Leased Premises, and all other improvements to the land, including the parking lot, approaches, and service areas, will be constructed in all material respects by Lessee substantially in accordance with the plot, plans, and specifications heretofore submitted to Lessor.

  • Maintenance of Property; Insurance (a) Keep all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted and (b) maintain with financially sound and reputable insurance companies insurance on all its property in at least such amounts and against at least such risks (but including in any event public liability, product liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business.

  • Release of Individual Property Concurrently with the release of an Individual Property from the Lien of the Mortgage (and related Mortgage Loan Documents) pursuant to Section 2.5.1 of the Mortgage Loan Agreement (a “Release” and such Individual Property, a “Release Property”), Borrower may obtain the release of the related Individual Borrower with an indirect ownership interest in such Individual Property (a “Release Borrower”) and such Release Borrower’s obligations under the Loan Documents with respect to the Release Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions:

  • Completion of Improvements Within 90 days of completion of any construction herein permitted, Company will cause to be prepared and delivered to Authority record documents as required under the Tenant Work Permit process, including but not limited to as-builts, legal descriptions, boundary surveys, and certified final cost of construction. The submission of record document electronic media will be in accordance with Authority’s Standard Procedure for computer aided design and drafting and drawings, as may be revised from time to time.

  • Additions to Mortgaged Property All right, title and interest of Mortgagor in and to all extensions, improvements, betterments, renewals, substitutes and replacements of, and all additions and appurtenances to, the Mortgaged Property hereafter acquired by or released to Mortgagor or constructed, assembled or placed by Mortgagor upon the Premises or the Improvements, and all conversions of the security constituted thereby, immediately upon such acquisition, release, construction, assembling, placement or conversion, as the case may be, and in each such case without any further mortgage, conveyance, assignment or other act by Mortgagor, shall become subject to the lien and security interest of this Mortgage as fully and completely and with the same effect as though now owned by Mortgagor and specifically described in the grant of the Mortgaged Property above, but at any and all times Mortgagor will execute and deliver to Mortgagee any and all such further assurances, mortgages, conveyances or assignments thereof as Mortgagee may reasonably require for the purpose of expressly and specifically subjecting the same to the lien and security interest of this Mortgage.

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