Common use of Tenant's Substitution Option Clause in Contracts

Tenant's Substitution Option. Provided (a) in the good faith judgment of Tenant, the Leased Property shall become Unsuitable for its Primary Intended Use, (b) no Default or Event of Default shall have occurred and be continuing, and (c) not less than one (1) year shall remain in the Term, Tenant shall have the right, subject to the conditions set forth in this Article 16, upon not less than thirty (30) days prior written notice to Landlord, to substitute one or more properties (collectively, the "Substitute Properties" or individually, "Substitute Property") on the date specified in such notice (the "Substitution Date"); provided, however, that if Tenant is required by court order or administrative action to divest or otherwise dispose of the Leased Property in less than thirty (30) days and Tenant shall have given Landlord prior written notice of the filing of such court or administrative action and kept Landlord reasonably apprised of the status thereof, the time period shall be shortened appropriately to meet the reasonable needs of Tenant, but in no event less than ten (10) Business Days after the receipt by Landlord of such notice. Such notice shall include (a) an Officer's Certificate, setting forth in reasonable detail the reason(s) for the substitution and the proposed Substitution Date, and (b) designate not less than two properties (or groups of properties), each of which properties (or groups of properties) shall provide Landlord with a yield (i.e., annual return on its equity in such property) substantially equivalent to Landlord's yield from the Leased Property at the time of such proposed substitution (or in the case of substitution because of damage or destruction, the yield immediately prior to such damage or destruction) and as reasonably projected over the remaining Term of this Lease (and giving effect to projected residual values).

Tenant's Substitution Option. Provided (a) in the good faith judgment of Tenant, the Leased Property shall become Unsuitable for its Primary Intended Use, (b) no Default or Event of Default shall have occurred and be continuing, and (c) not less than one (1) year shall remain in the Term, Tenant shall have the right, subject to the conditions set forth in this Article 16, upon not less than thirty (30) days prior written notice to Landlord, to substitute one or more properties (collectively, the "Substitute Properties" or individually, "Substitute Property") on the date specified in such notice (the "Substitution Date"); provided, however, that if Tenant is required by court order or administrative action to divest or otherwise dispose of the Leased Property in less than thirty (30) days and Tenant shall have given Landlord prior written notice of the filing of such court or administrative action and kept Landlord reasonably apprised of the status thereof, the time period shall be shortened appropriately to meet the reasonable needs of Tenant, but in no event less than ten (10) Business Days after the receipt by Landlord of such notice. Such notice shall include (a) an Officer's Certificate, setting forth in reasonable detail the reason(s) for the substitution and the proposed Substitution Date, and (b) designate not less than two properties (or groups of properties), each of which properties (or groups of properties) shall provide Landlord with a yield (i.e., annual return on its equity in such property) substantially equivalent to Landlord's yield from the Leased Property at the time of such proposed substitution (or in the case of substitution because of damage or destruction, the yield immediately prior to such damage or destruction) and as reasonably projected over the remaining Term of this Lease (and giving effect to projected residual values)Lease.

Tenant's Substitution Option. Provided If (a) in the good faith judgment of Tenant, the Leased Property shall become Unsuitable for Its Primary Intended Use, and no Default shall have occurred and then be continuing, or (b) Tenant shall have voluntarily ceased operations on the applicable Leased Property or there shall have occurred a final unappealable determination by an applicable State authority of the revocation of any license, permit or approval required for the lawful operation of the Facility located on the applicable Leased Property in accordance with Primary Intended Use or the loss of any license under any other circumstances under which Tenant is required to cease its operation of such Facility in accordance with its Primary Intended Use, (b) and no Default or Event of Default shall have have. occurred and then be continuing, and (c) not less than one (1) year shall remain in the Term, Tenant shall have the right, subject to the conditions set forth in this Article 16, upon not less than thirty (30) days days, and not more than ninety (90) days, prior written notice Notice to Landlord, to substitute one or more properties (collectively, the "Substitute Properties" or individually, "Substitute Property") on the date specified in such notice Notice (the "Substitution Date"); provided, however, that if Tenant is required by court order or administrative action to divest or otherwise dispose of the applicable Leased Property in less than thirty (30) days and Tenant shall have given Landlord prior written notice Notice of the filing of such court or administrative action and kept Landlord reasonably apprised of the status thereof, the time period shall be shortened appropriately to meet the reasonable needs of Tenant, but in no event less than ten (10) Business Days after the receipt by Landlord of such noticeNotice. Such notice Notice shall include (ai) be in the form of an Officer's Certificate, setting forth in reasonable detail the reason(s) for the substitution and the proposed Substitution Date, and (bii) designate not less than two properties (or groups of properties), each of which properties (or groups of properties) shall provide Landlord with a yield (i.e., annual return on its equity in such property) substantially equivalent to Landlord's yield from the applicable Leased Property at the time of such proposed substitution (or in the case of substitution because of damage or destruction, the yield immediately prior to such damage or destruction) and as reasonably projected over the remaining Term of this Lease (the applicable Lease, as determined by a majority of the Independent Trustees of Landlord and giving effect to projected residual values)a majority of the Trustees of Landlord.

Tenant's Substitution Option. Provided If (a) in the good faith judgment of Tenant, the Leased Property shall become Unsuitable for Its Primary Intended Use, and no Default shall have occurred and then be continuing, or (b) Tenant shall have voluntarily ceased operations on the applicable Leased Property or there shall have occurred a final unappealable determination by an applicable State authority of the revocation of any license, permit or approval required for the lawful operation of the Facility located on the applicable Leased Property in accordance with its Primary Intended Use or the loss of any license under any other circumstances under which Tenant is required to cease its operation of such Facility in accordance with its Primary Intended Use, (b) and no Default or Event of Default shall have occurred and then be continuing, and (c) not less than one (1) year shall remain in the Term, Tenant shall have the right, subject to the conditions set forth in this Article 16, upon not less than thirty (30) days days, and not more than ninety (90) days, prior written notice Notice to Landlord, to substitute one or more properties (collectively, the "Substitute Properties" or individually, "Substitute Property") on the date specified in such notice Notice (the "Substitution Date") (which date shall not be more than ninety (90) days from the date of cessation of operations at the Facility); provided, however, that if Tenant is required by court order or administrative action to divest or otherwise dispose of the applicable Leased Property in less than thirty (30) days and Tenant shall have given Landlord prior written notice Notice of the filing of such court or administrative action and kept Landlord reasonably apprised of the status thereof, the time period shall be shortened appropriately to meet the reasonable needs of Tenant, but in no event less than ten (10) Business Days after the receipt by Landlord of such noticeNotice. Such notice Notice shall include (ai) be in the form of an Officer's Certificate, setting forth in reasonable detail the reason(s) for the substitution and the proposed Substitution Date, and (bii) designate not less than two properties (or groups of properties), each of which properties (or groups of properties) shall provide Landlord with a yield (i.e., annual return on its equity in such property) substantially equivalent to Landlord's yield from the applicable Leased Property at the time of such proposed substitution (or in the case of substitution because of damage or destruction, the yield immediately prior to such damage or destruction) and as reasonably projected over the remaining Term of this Lease (and giving effect to projected residual values)the applicable Lease.

Tenant's Substitution Option. Provided (a) in the good faith judgment of Tenant, the Leased Property shall become Unsuitable for its Primary Intended Use, (b) no Default or Event of Default shall have occurred and be continuing, and (c) not less than one (1) year shall remain in the Term, Tenant shall have the right, subject to the conditions set forth in this Article 16, upon not less than thirty (30) days prior written notice to Landlord, to substitute one or more properties (collectively, the "Substitute Properties" or individually, "Substitute Property") on the date specified in such notice (the "Substitution Date"); provided, however, that if Tenant is required by court order or administrative action to divest or otherwise dispose of the Leased Property in less than thirty (30) days and Tenant shall have given Landlord prior written notice of the filing of such court or administrative action and kept Landlord reasonably apprised of the status thereof, the time period shall be shortened appropriately to meet the reasonable needs of Tenant, but in no event less than ten (10) Business Days after the receipt by Landlord of such notice. Such notice shall include (a) an Officerofficer's Certificate, setting forth in reasonable detail the reason(s) for the substitution and the proposed Substitution Date, and (b) designate not less than two properties (or groups of properties), each of which properties (or groups of properties) shall provide Landlord with a yield (i.e., annual return on its equity in such property) substantially equivalent to Landlord's yield from the Leased Property at the time of such proposed substitution (or in the case of substitution because of damage or destruction, the yield immediately prior to such damage or destruction) and as reasonably projected over the remaining Term of this Lease (and giving effect to projected residual values)Lease.