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. (i) With the prior written consent of the Assignee, in its sole and absolute discretion, the District may substitute other land, facilities or improvements (the “Substitute Property”) for the Leased Property or any portion thereof (the “Former Property”), provided that the District has satisfied all of the following requirements, which are hereby declared to be conditions precedent to such substitution:
(a) The District has certified to the Assignee that no Event of Default has occurred and is continuing.
(b) The District has filed with the Bank, and caused to be recorded in the Office of the Xxxxxxxx County Register of Deeds, sufficient memorialization of an amended Appendix B to this Lease which adds thereto a description of such Substitute Property and deletes therefrom the description of such Former Property.
(c) The District has obtained a ALTA policy of title insurance insuring the District’s leasehold estate hereunder in the Substitute Property, in an amount at least equal to the aggregate unpaid principal components of the Lease Payments and naming the Bank as an additional insured.
(d) The District has certified in writing to the Assignee that such Substitute Property is essential to the District’s efficient and economic operation, serves an essential governmental function of the District and constitutes property which the District is permitted to lease under the laws of the State of Kansas.
(e) The Substitute Property does not cause the District to violate any of its covenants, representations and warranties made herein. No event giving rise to an abatement of Lease Payments has occurred or is continuing with respect to the Substitute Property.
(f) The District has certified in writing to the Assignee that the estimated value and the estimated fair rental value of the Substitute Property are at least equal to the estimated value and the estimated fair rental value, respectively, of the Former Property as of the date hereof, and that the useful life of the Substitute Property extends to or beyond original term of this Lease. If requested by the Bank, the District has delivered to the Bank valuations prepared or confirmed by an independent third party, which might include, without limitation, an appraisal or a valuation by an insurance company.
(g) The District has delivered to the Assignee an environmental survey or surveys with respect to the Substitute Property, and other documents that the Bank may reasonably require; provided, however, that if...
Substitution of Property. 37 21.1 Substitution of Property for the Leased Property...................................... 37 21.2
Substitution of Property. The Borrowers may from time to time provide substitute real property collateral (the “Substituted Property”) for any real property Collateral; provided that for each such substitution (a “Property Substitution”) the following conditions are satisfied with respect to such Property Substitution and the applicable Substituted Property:
(a) no Default or Event of Default has occurred and is continuing both before and after giving effect to such Property Substitution;
(b) the Flexibility Conditions are satisfied as of the date of and both before and immediately after giving effect to such Property Substitution;
(c) the applicable Substituted Property is free and clear of all Liens other than Liens described in clauses (a), (b) and (e) of the definition of Permitted Liens;
(d) Agent shall have received an appraisal (in form and substance and by an appraiser reasonably satisfactory to the Agent) for the applicable Substituted Property (the “Substituted Property Appraisal”), dated no more than six (6) months prior to the date of such Property Substitution;
(e) the appraised value of the applicable Substituted Property, as set forth in the Substituted Property Appraisal shall be equal to or greater than the value, as reasonably determined by the Agent, of the portion of the Collateral being replaced (the “Replaced Property”);
(f) the Agent shall have received each of the following:
(i) a fully executed Mortgage (the “Substituted Property Mortgage”) with respect to each parcel of the Substituted Property, in substantially the form of the Mortgages delivered on or prior to the Closing Date, with such modifications thereto as shall be advisable and are reasonably acceptable to the Agent with respect to the local jurisdictions in which the Substitute Property is located;
(ii) an ALTA extended coverage title policy or policies, in form and substance and in amounts and with such endorsements as are reasonably acceptable to the Agent, with respect to each Substituted Property Mortgage;
(iii) duly executed UCC-3 Termination Statements or such other instruments or evidence, in form and substance satisfactory to the Agent, as shall be necessary to terminate and satisfy all Liens, if any, on the Substituted Property; and
(iv) to the extent reasonably requested by the Agent or the Majority Lenders, environmental audits, surveys, title reports and any other document reasonably requested by the Agent, the Majority Lenders or any Lender, as applicable, with respect to the Substit...
Substitution of Property. In 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. 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. 27 20.1 SUBSTITUTION OF PROPERTY FOR THE LEASED PROPERTY..........................................27 20.2
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, KINGLY reserves the right to substitute a comparable property. If comparable accommodations are not available, you will have the option of (1) selecting from other available properties (in which case you are responsible for, or will receive the benefit of, any difference in cost) or (2) receiving a complete refund of your reservation payment. In the event of a substitution of rental properties, all Terms in this Agreement, plus any property-specific terms specific to the substituted property, shall apply to your stay in the substituted property.
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
Substitution of Property. Notwithstanding the provisions of Section 2.5 hereof, subject to the terms and conditions set forth in this Section 2.7, Borrower may obtain a release of the Lien of a Mortgage (and the related Loan Documents) encumbering an Individual Property (a "Substituted Property") by substituting therefor another shopping center property acquired by Borrower (individually, a "Substitute Property" and collectively, the "Substitute Property"), provided that (a) the Substitution Conditions are satisfied with respect to Substitute Property, (b) no such substitution may occur after the Anticipated Repayment Date and (c) such substitution shall be subject to the satisfaction of the following conditions precedent:
(i) Lender shall have received a copy of a deed conveying all (ii) of Borrower's right, title and interest in and to the Substituted Property to an entity other than Borrower and the SPC Party and a letter from Borrower countersigned by a title insurance company acknowledging receipt of such deed and agreeing to record such deed in the real estate records of the appropriate recording office in which the Substituted Property is located.
