Removed Property definition
Examples of Removed Property in a sentence
The City is hereby authorized, in its sole discretion, to remove a portion of the Property (“Removed Property”) from this Agreement at any time, provided that the City and the owner of the Removed Property concurrently enter into a modified development agreement governing the development and use of the Removed Property.
Simultaneously with any substitution made pursuant to this Section 7.01, such Issuer shall distribute the Removed Property and Lease or the Removed Loan to its members or transfer the Removed Property and Lease or the Removed Loan to a third party purchaser.
For the month of substitution, the Available Amount shall include the Monthly Lease Payment due on the Lease for the Removed Property and Monthly Loan Payment due on the Mortgage Loan for the Removed Loan for such month and, thereafter, the applicable Issuer designee shall be entitled to retain all amounts received in respect of such Lease or Mortgage Loan.
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Notwithstanding the foregoing, Seller, unless permitted by Section 34, may not substitute a Property or Properties for any Removed Property which was earlier substituted for a Removed Property in accordance with the provisions of this Agreement.