Common use of Substitution of Properties Clause in Contracts

Substitution of Properties. Subject to the terms of this Section 2.6, Borrower may obtain, from time to time, a release of an Individual Property from the Lien of the related Security Instrument (and the related Loan Documents) (each, a “Release Property”) by substituting therefor another industrial property of like kind and quality acquired by Borrower or an Affiliate of Borrower (provided, however, if the Substitute Property shall be owned by an Affiliate of Borrower said Affiliate (i) shall be wholly owned, directly, by Mezzanine A Borrower, (ii) shall assume all the obligations of Borrower under this Agreement, the Note and the other Loan Documents and (iii) shall become a party to the Note and the other Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Note and the other Loan Documents and shall have the rights and obligations of Borrower thereunder) (individually, a “Substitute Property” and collectively, the “Substitute Properties”), provided that the following conditions precedent are satisfied:

Substitution of Properties. Subject to the terms of this Section 2.6Section, Borrower may obtain, from time shall have the right to time, obtain a release of an Individual Property from the Lien of the related Security Instrument a Mortgage (and the related Loan Documents) encumbering one or more Individual Properties (each, a “Release Property”"RELEASE PROPERTY") by substituting therefor another industrial property one or more self-storage facilities of like kind and quality acquired by Borrower or an Affiliate of Borrower (provided, however, if the Substitute Property shall be owned by an Affiliate of Borrower said Affiliate (i) shall be wholly owned, directly, by Mezzanine A Borrower, (ii) shall assume all the obligations of Borrower under this Agreement, the Note and the other Loan Documents and (iiiii) shall become a party to the Note and the other Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Note and the other Loan Documents and shall have the rights and obligations of Borrower thereunder) (individually, a “Substitute Property” "SUBSTITUTE PROPERTY" and collectively, the “Substitute Properties”"SUBSTITUTE PROPERTIES"), provided that the following conditions precedent are satisfied:

Substitution of Properties. Subject to the terms of this Section 2.6, Borrower may obtain, from time to time, a release of an one or more Individual Properties, provided that the aggregate Allocated Loan Amounts of all the Individual Properties released under this Section 2.6 (including the Individual Property that is the subject of the release), does not exceed 25% of the original principal amount of the Loan, from the Lien of the related Security Instrument (and the related Loan Documents) (each, a “Release Property”) by substituting therefor another industrial hotel property of like substantially similar kind and quality acquired by Borrower or an Affiliate of Borrower (individually, a “Substitute Property” and collectively, the “Substitute Properties”) (provided, however, if the Substitute Property shall be owned by an Affiliate of Borrower said Affiliate (i) shall be wholly owned, directly, by Mezzanine A Borrower, (ii) shall assume all the obligations of Borrower under this Agreement, the Note and the other Loan Documents and (iii) shall become a party to the Note and the other Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Note and the other Loan Documents and shall have the rights and obligations of Borrower thereunder) (individually, a “Substitute Property” and collectively, the “Substitute Properties”), provided that the following conditions precedent are satisfied:

Substitution of Properties. Subject to the terms of and -------------------------- conditions set forth in this Section 2.6, after the expiration of the Lockout Period, Borrower may obtain, from time to time, obtain a release of an Individual Property from the Lien of the related a Security Instrument (and the related Loan Documents) encumbering an Individual Property (each, a “"Release Property”") by substituting therefor another industrial hotel property of like kind and quality acquired by Borrower or an Affiliate of Borrower (provided, however, if the Substitute Property shall be owned by an Affiliate of Borrower said Affiliate (i) shall be wholly owned, directly, by Mezzanine A Borrower, (ii) shall assume all the obligations obligation of Borrower under this Agreement, the Note and the other Loan Documents and (iiiii) shall become a party to the Note and the other Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Note and the other Loan Documents and shall have the rights and obligations of Borrower thereunder) (individually, a “"Substitute Property” " and collectively, the “"Substitute Properties”"), provided that the following conditions precedent are satisfied: