Substitution Property definition
Examples of Substitution Property in a sentence
In addition, in connection with the disposition of any Property by Borrower to a Person that is not an affiliate of Borrower or Guarantor, the Property so disposed shall be replaced with a Substitution Property selected by Lender.
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).
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.
The Borrower shall also execute and deliver new deeds of trust or amendments or modifications to the current Loan Documents as may be necessary to fully encumber the Substitution Property as collateral security for the Loans and to provide that such Substitution Property and the Loan Documents delivered in connection therewith are cross-collateralized and cross-defaulted with the existing Loan Documents.
The Substitution Property shall consist of one or more tax lots assessed separate and apart from any other property.
The Substitution Property shall comply with all Laws, including those Laws relating to construction, land use, health, safety and environmental matters.
Lender shall have approved a Physical Conditions Report for the Substitution Property.
The representations and warranties of Borrower and Subsidiaries contained in all of the Loan Documents shall be true and correct in all material respects on and as of the date of the Substitution with respect to the Substitution Property and the ownership thereof with the same effect as if made on and as of such date.
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.
All permits, licenses, approvals and franchises required for the construction, use, operation, occupancy and management of each of the Substitution Property shall have been obtained and be in good standing, and Borrower shall have complied, or caused the Subsidiaries to have complied, with any specific Laws, conditions or requirements applicable to the Substitution Property.