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Substitution of Property Sample Clauses

Substitution of Property. 20.1 Substitution of Property for the Leased Property. ------------------------------------------------ (a) In the event Lessor accepts an offer by Lessee to substitute other property for the Leased Property under Article 13, Article 14 or Article 19, and provided that no Event of Default shall have occurred and be continuing, Lessee shall have the right (subject to the conditions set forth below in this Article 20, and upon notice to Lessor) to substitute one or more properties (collectively referred to as "Substitute Properties" or individually as a "Substitute Property") for the Leased Property on a monthly Payment Date specified in such notice (the "Substitution Date") occurring not less than 90 days after receipt by Lessor of such notice. The notice shall be in the form of an Officer's Certificate and shall specify the reason(s) for the proposed substitution and the proposed Substitution Date. Notwithstanding anything contained herein to the contrary, any other substitution for the Leased Property shall require the prior written consent of Lessor which shall be within the sole discretion of Lessor. (b) If Lessee gives the notice referred to in Section 20.1(a) above, Lessee shall present to Lessor one or more properties (or groups of properties) each of which property (or groups of properties) shall provide Lessor with a yield (i.e., an annual return on its equity in such property) equal to or greater than the Current Yield (and the yield reasonably expected to be received thereafter throughout the remainder of the term) from the Leased Property at the time of such proposed substitution (or in the case of a proposed substitution as a result of damage, destruction or Condemnation, the Current Yield immediately prior to such damage, destruction or Condemnation) and as reasonably projected over the remaining Term of this Lease and shall have a Fair Market Value substantially equivalent to the Fair Market Value of the Leased Property. Lessor shall have a period of 90 days within which to review such information and either to accept or to reject the Substitute Property or Substitute Properties so presented; provided that if Lessee is required by a court order or administrative action to divest or otherwise dispose of the Leased Property within a shorter time period, the time period shall be shortened appropriately to meet the reasonable needs of Lessee, but in no event shall said period be less than 15 Business Days after Lessor's receipt of said notice (su...
Substitution of Property. The City has the option at any time and from time to time, to substitute other real property (the “Substitute Property”) for the Leased Property or any portion thereof (the “Former Property”), upon satisfaction of all of the following requirements which are hereby declared to be conditions precedent to such substitution: (a) No Event of Default has occurred and is continuing. (b) The City has filed with the Authority and the Trustee, and caused to be recorded in the office of the Alameda County Recorder, sufficient memorialization of an amendment of this Lease, the Site Lease and the Assignment Agreement, which adds the legal description of the Substitute Property to Appendix A and deletes therefrom the legal description of the Former Property. (c) The City has obtained a CLTA policy of title insurance insuring the City’s leasehold estate hereunder in the Substitute Property, subject only to Permitted Encumbrances, in an amount at least equal to the estimated value thereof. (d) The City has certified in writing to the Authority and the Trustee that the Substitute Property serves the municipal purposes of the City and constitutes property which the City is permitted to lease under the laws of the State of California, and has been determined to be important to the proper, efficient and economic operation of the City and to serve a proper governmental function of the City. (e) The Substitute Property does not cause the City to violate any of its covenants, representations and warranties made herein. (f) The City has filed with the Authority and the Trustee a written certificate of the City or other written evidence stating that the estimated fair rental value of the Leased Property following the substitution will be at least equal to the aggregate principal amount of the Bonds then outstanding, and that the useful life of the Substitute Property at least extends to the stated termination date of this Lease. Upon the satisfaction of all such conditions precedent, the Term of this Lease will thereupon end as to the Former Property and commence as to the Substitute Property, and all references to the Former Property will apply with full force and effect to the Substitute Property. The City is not entitled to any reduction, diminution, extension or other modification of the Lease Payments whatsoever as a result of any substitution of property under this Section. The Authority and the City will execute, deliver and cause to be recorded all documents required to di...
Substitution of Property. 31 ------------------------ 20.1 Substitution of Property for the Leased Property......................................... 31 20.2
Substitution of PropertyPrior to the Anticipated Repayment Date, subject to the terms and conditions set forth in this Section 11.5, the Borrowers shall have the right to obtain a release of the lien of the applicable Deed of Trust (and the related Loan Documents) encumbering a Mortgaged Property (for purposes of this section only, hereinafter referred to as, the "SUBSTITUTED PROPERTY") by (i) substituting therefor one or more properties of like kind and quality (which shall include, among other things, the geographic diversity of the Substituted Property and markets and submarkets with, among other similarities, similar demographics, populations, absorption trends, accessibility and visibility) acquired by the applicable Borrower or (ii), with respect to any of the Ground Leased Properties, subjecting the fee interest, or an easement interest, in such Ground Leased Property to the lien of a security instrument in favor of Lender as security for the Loan (individually, a "REPLACEMENT PROPERTY" and collectively, the "REPLACEMENT PROPERTIES"). In addition, any such substitution (each a "SUBSTITUTION") shall be subject, in each case, to the satisfaction of the following conditions precedent: (A) No Event of Default shall have occurred and be continuing, unless the release of the Substituted Property will cure such Event of Default. (B) The Borrowers shall have given Lender at least forty-five (45) days prior written notice of its election to seek a Substitution. (C) The value of the Replacement Property, as established by the Borrowers to the reasonable satisfaction of Lender, shall be at least equal to the value of the Substituted Property as of the date immediately preceding the Substitution. (D) After giving effect to the Substitution, the Debt Service Coverage Ratio of the Loan is at least equal to the Debt Service Coverage Ratio of the Loan as of the date immediately preceding the Substitution. (E) Lender shall have received a copy of the instrument conveying to the applicable Borrower the transferred interests and, if such instrument creates a leasehold interest or an easement interest in favor of the Borrowers, such instrument shall be reasonably satisfactory to Lender, contain such Lender protections as are contained in similar instruments accepted by Lender at Closing, and is accompanied by an estoppel or similar instrument reasonably satisfactory to Lender. (F) The Borrowers shall have executed, acknowledged and delivered to Lender (i) a mortgage, a deed of trust, or a dee...
Substitution of PropertyIn the event of unforeseen circumstances, a similar rental will be provided should the original guest rental become unavailable or uninhabitable. Guests will receive notification when possible.
Substitution of Property. On rare occasions, due to ownership changes or maintenance emergencies, the Unit may not be available on the dates of Guest’s reservation. In this unlikely event, Agent reserves the right to substitute a comparable property. If comparable properties are not available, then this Agreement may be cancelled by Agent and Agent shall refund all payments made by Guest under this Agreement.
Substitution of Property. 38 21.1 Substitution of Property for the Leased Property.................................. 38 21.2 Conditions to Substitution........................................................ 40 21.3 Conveyance to Lessee.............................................................. 41 Table of Contents (continued)
Substitution of Property. On rare occasions, due to ownership changes, properties being removed from rental use, or a need for extensive repairs or maintenance, the Property may not be available for rental on the dates of your reservation. In this unlikely event, we reserve the right to substitute a comparable property. If comparable accommodations are not available, you will have the option of (1) selecting f rom other available properties (in which case you are responsible for, or will receive the benefit of, any difference in cost) or (2) receiving a c omplete refund of your reservation payment. In the event of a substitution of rental properties, all terms in this Agreement, plus any terms set forth in the Property Description specific to the substituted property, shall apply to your stay in the substituted property.
Substitution of Property. 30 ------------------------ 20.l SUBSTITUTION OF PROPERTY FOR THE LEASED PROPERTY ......... 30 20.2
Substitution of Property. If the Leased Property is damaged or destroyed owing to a risk (such as earthquake) against which the District is not insured and for which rental abatement insurance is not available, the District shall substitute under the Site Lease and this Lease-Purchase Agreement one or more parcels of real property owned by the District, to the extent available, (a) that are subject only to encumbrances that do not materially impair the ability of the District to perform its obligations under the Site Lease and this Lease-Purchase Agreement and