Examples of Substitution Property in a sentence
In connection with providing the Substitution Property, Borrower shall, at Borrower's expense, execute and deliver to Lender loan documents, including an additional deed of trust or mortgage, an assignment of leases, a UCC-1 financing statement, and any other document, including title policy, that Lender may require, in form and content acceptable to Lender in Lender's sole discretion, necessary in order to add the Substitution Property as collateral for the Loan.
Notwithstanding the foregoing, Borrower may transfer any Property to a Person not affiliated with Borrower or Guarantor provided that it (i) replaces such Property with a Substitution Property selected by Lender and otherwise complies with the requirements of Section 2.1 with respect to the replacement of a Property with a Substitution Property.
Post-Closing Items with respect to any Substitution Property shall be delivered no later than the date that is 45 days following the selection of the Substitution Property, or such later date as to which Lender may grant its consent, not to be unreasonably withheld, delayed or conditioned (so long as Borrower is diligently pursuing the satisfaction of the applicable Post-Closing Items).
Lender shall have the sole and absolute discretion to either approve or disapprove any proposed substitution, provided that such approval shall not be unreasonably withheld so long as the Substitution Property is (i) of comparable quality as the Release Parcel being replaced, and (ii) Borrower demonstrates to Lender's satisfaction that the Substitution Property has a fair market value of no less than 90% of the fair market value of the Release Parcel immediately prior to substitution.
The Substitution Property will be required to have a value of not less than 90% of the fair market value of the Release Parcel to be reconveyed.
Borrower shall also provide for the Substitution Property all items required for the Property by the Loan Application and Commitment Agreement dated February 26, 1999 by and between Lender and Borrower for the Loan.
Furthermore, Lender will not approve a substitution that would negatively impact the loan portfolio with regard to its geographic diversity, credit risk, leasing pro formas, tenant quality, lease expiration risk and other similar factors, including the ability to legally cross-default and cross-collateralize the Substitution Property with the remainder of the portfolio, to be determined in Lender's sole discretion.
In conjunction with the reconveyance of a Release Parcel (described in Section 12.4), Borrower shall provide to Lender, as security for the Loan, the replacement and substitution of one or more new properties to secure the Loan, as provided herein (the "Substitution Property").
Borrower must prepay 110% of the difference between the Principal of the Loan allocable to the Release Parcel that is being released and 70% of the appraised value for the Substitution Property with a prepayment premium equal to the Prepayment Percentage (as defined in the Note) times the resulting difference.
Borrower (and permitted Subsidiaries and CDC, as required by Lender) shall have executed and delivered to Lender loan documents satisfactory to Lender, in its sole discretion, evidencing and securing the Substitution Property and, as affected by the Substitution, the Loan and the Obligations, which shall be substantially in the form of the loan documents delivered to Lender from Borrower for the Loan, as modified to address such issues as are particular to the Substitution Property and/or the Substitution.