Substitute Property definition

Substitute Property shall have the meaning set forth in Section 2.6 hereof.

Substitute Property means one or more parcels of real estate substituted for any of the Properties in accordance with the requirements of Section 57, together with all rights, privileges and appurtenances associated therewith, and all buildings, structures, fixtures and other improvements located thereon. For purposes of clarity, where two or more parcels of real property comprise a Substitute Property, such parcels shall be aggregated and deemed to constitute the Substitute Property for all purposes of this Lease.

Substitute Property and “Substitute Properties” shall have the respective meanings set forth in Section 2.4.2(a).

Examples of Substitute Property in a sentence

• The Substitute Property must be located in the continental United States.

• Such survey shall reflect the same legal description contained in the Title Insurance Policy relating to such Substitute Property and shall include, among other things, a metes and bounds description of the real property comprising part of such Substitute Property.

• Such Survey shall reflect the same legal description contained in the Title Insurance Policy relating to such Substitute Property and shall include, among other things, a metes and bounds description of the real property comprising part of such Substitute Property (unless such real property has been satisfactorily designated by lot number on a recorded plat).

• From and after the Substitution of a Substitute Property in accordance herewith, such Substitute Property shall thereafter be deemed a Property, and shall have the Allocated Loan Amount applicable to the Replaced Property.

• Provided no Default or Event of Default exists, Lender shall disburse the Eligibility Funds with respect to a Property to Borrower upon (i) the sale of such Property and payment in full of the applicable Release Amount, (ii) upon such Property becoming an Eligible Property or (iii) upon the substitution of the applicable Disqualified Property with a Substitute Property in accordance with the conditions of Section 2.4.3(a).

More Definitions of Substitute Property

Substitute Property shall have the meaning set forth in Section 2.7(a) hereof.

Substitute Property means a multifamily housing project that is substituted for a Project pursuant to Section 3.19.

Substitute Property and “Substitute Properties” – 2.4.3(a)

Substitute Property means an Eligible Property that is substituted for a Replaced Property under Section 2.4.3(a) or Section 2.11, as applicable.

Substitute Property shall have the meaning set forth in Section ------------------- 2.

Substitute Property and “Substitute Properties” shall have the respective meanings set forth in Section 11.29.

Substitute Property shall have the meaning assigned to such term in Section 9.21.