Substitution Option Clause Samples

Substitution Option. (a) Subject to the terms and conditions of this Section 1.7 and Section 1.9 (which eliminates the application of the Substitution Option from each Severed Lease and Severed Properties subject to such Severed Lease), Tenant shall have the several independent options (each, a “Substitution Option”) (i) during the period beginning on the third (3rd) anniversary of the Commencement Date and ending on the tenth (10th) anniversary of the Commencement Date (the “First Substitution Period”) and (ii) during the period beginning on the day after the tenth (10th) anniversary of the Commencement Date and ending on the fifteenth (15th) anniversary of the Commencement Date (the “Second Substitution Period” and, together with the First Substitution Period, each a “Permitted Substitution Period”), to, with respect to one or more Sub-Performing Properties (except to the extent that Landlord has timely exercised any Landlord Option with respect to such Sub-Performing Property (including pursuant to any Accelerated Landlord Option Election, if such Sub-Performing Property is a Go Dark Trigger Property)), terminate (subject to the limitations contained in this Section) this Lease from time to time as to one or more Sub-Performing Properties upon the replacement of each such Sub-Performing Property with a Qualified Replacement Property that is not then subject to this Lease. For purposes of this Lease, once a Sub-Performing Property has been replaced with a Qualified Replacement Property in accordance with this Section, such Sub-Performing Property shall no longer be subject to this Lease and shall be referred to as a “Replaced Property” and such Qualified Replacement Property shall become subject to this Lease and shall be referred to as a “Replacement Property”. If Tenant elects to exercise any Substitution Option, Tenant shall do so by giving Landlord not less than six (6) months’ Notice thereof (a “Substitution Notice”), which Substitution Notice shall identify Tenant’s proposed effective date of such substitution (the “Substitution Date”). (b) Tenant’s right to substitute Sub-Performing Properties with Qualified Replacement Properties shall be subject to the following limitations: during each Permitted Substitution Period, Tenant may only exercise a Substitution Option if, as of the applicable Substitution Date, the aggregate Reference Base Rent Allocation Amounts for the following Properties (without duplication) shall not exceed fifteen percent (15%) of the Reference Ba...

Substitution Option. The Buyer may be substituted by any natural persons or legal entities of the Buyer’s choice on condition that those natural persons or legal entities undertake to pay all the amounts and fulfil all the conditions set out in this Agreement. Notwithstanding this substitution, the substituted and substituting parties remain bound by the commitments to the Seller undertaken in this reservation Agreement.

Substitution Option. The GRANTOR may substitute any company in the ▇▇▇▇▇▇▇ & Broad Group, which the GRANTEE expressly accepts.

Substitution Option. PARKING. Effective as of the Effective Date and in accordance with the provisions contained in the Lease and this Amendment, Landlord and Tenant hereby acknowledge and agree that Tenant has effectively exercised ifs Substitution Option and any references in the Lease to Tenant's exercise of its Substitution Option shall be deemed to have occurred. Tenant hereby exercises its right to lease all of the additional non-reserved parking spaces to which Tenant is entitled pursuant to Section 1.A. of Exhibit E of the Lease as a result of Tenant's exercise of the Substitution Option and its lease of additional space on the third floor of the Building.