Property Substitution Sample Clauses

Property Substitution. Provided no Event of Default shall have occurred and be continuing, at any time after May 1, 2019, and prior to the Maturity Date, Borrower may elect to cause Lender to release any one or more of the Individual Properties (individually and collectively, as the context requires, the “Substitution Release Property”) from the lien of the applicable Security Instrument, provided that simultaneously with such release, Borrower shall encumber one or more parcels of real property (individually and collectively, as the context requires, the “Substitute Property”) as a substitute for the Substitution Release Property (each such permitted release and encumbrance, a “Substitution”), all subject to the satisfaction of each of the following conditions precedent: (a) Borrower shall provide Lender with forty-five (45) days (or a shorter period of time if permitted by Lender in its sole discretion) prior written notice of the proposed Substitution; (b) Any and all sums due and payable to Lender under the Loan Documents on the date of consummation of the Substitution shall be fully paid and no Event of Default (other than an Event of Default which applies only to the Substitution Release Property) shall be continuing as of the date of consummation of the Substitution; (c) Intentionally omitted; (d) Lender shall have received current Appraisals of the Substitute Property and the Substitution Release Property prepared within ninety (90) days prior to the date of consummation of the Substitution showing an appraised value for the Substitute Property equal to or greater than the appraised value of the Substitution Release Property as of the date of such Appraisals; (e) Lender shall have received a physical condition report with respect to the Substitute Property or such other evidence, which shall be in such form, as would typically be required under the Prudent Lender Standard, prepared within ninety (90) days prior to the date of consummation of the Substitution, which physical conditions report shall not recommend any immediate repairs with respect to the Substitute Property and shall show that the Substitute Property is in good condition and repair and free of damage or waste, and is in a physical condition at least equal to that of the Substitution Release Property immediately prior to the date of consummation of the Substitution or Borrower shall have delivered to Lender an amount equal to 115% of the cost of completing any recommended work (which sum Lender shall disbur...

Property Substitution. Tenant and Lease Guarantors may elect to end the sale leaseback of the Existing Hospital Facility by terminating the Facility Lease Agreement and substituting in lieu thereof (the “Substitution Transaction”), a new sale leaseback arrangement (the “Property Substitution”) for another property or properties (the “Substitute Facility”) already owned by one of the Lease Guarantors (or its affiliates) and reasonably acceptable to Landlord (as applicable, the “Substitute Facility Owner”). The Substitute Facility shall be acquired by the Landlord (or its designee) and shall be leased back to the Tenant (or its designee) on such terms and conditions described herein or as otherwise may be acceptable to Landlord. Tenant and Lease Guarantors shall specify a Substitute Facility and the Substitute Facility Owner shall negotiate with Landlord an appropriate new purchase and sale agreement substantially similar to the existing Purchase and Sale Agreement (the “New Purchase and Sale Agreement”) and an appropriate new facility lease agreement substantially similar to the existing Facility Lease Agreement (the “New Facility Lease Agreement”). The Substitution Transaction shall provide to the Landlord the same or greater investment return as would have resulted from the Existing Facility Lease absent the affect of the Seismic Standards. The Substitution Transaction shall be comprised of a purchase of a Substitute Facility by Landlord (or its designee) having a value not less than the Property comprising the Existing Hospital Facility and a lease back of the Substitute Facility to the Tenant (or its affiliate) under the New Facility Lease Agreement. The New Facility Lease Agreement shall have a term of not less than fifteen (15) years and an initial fixed monthly rent in an amount not less than one hundred two percent (102%) of the fixed monthly rent payable for the prior lease year under the Existing Facility Lease. The New Facility Lease shall require continued annual rental escalations equal to the lesser of (i) escalations in the CPI or (ii) two percent (2%) per year for the remainder of the lease term and for any applicable extension term(s). Upon the effective date of the New Facility Lease, the existing Facility Lease Agreement shall be terminated by mutual agreement of Landlord and Tenant. Landlord shall reconvey the Property and the Existing Hospital Facility to the Tenant (or its designee) without any additional consideration from the Tenant and without representat...

Property Substitution. If any Individual Property is substituted pursuant to Section 11.29 of the Loan Agreement, such substitution shall simultaneously occur with respect to this Lease. Upon any such substitution of any Individual Property pursuant to this Section 21.28 or Article XI hereof, such property substituted out shall no longer be a part of the definition of "Property" and the property substituted in shall be an "Individual Property" which is a part of the definition of "Property".

Property Substitution. Substitutions of three of the four constituent properties (the ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ property, having an allocated loan value of $5,400,000, or approximately 40.5% of the original principal balance, is excluded) is permitted, subject to certain conditions, including: (i) the post-substitution combined DSCR (based on amortizing payments) for the remaining properties is equal or greater than 1.73x; (ii) the post-substitution combined loan-to-value ratio is equal to or less than 65%; (iii) the substitute property has an as-is market value equal to or greater than the property being replaced; (iv) the substitute property becomes subject to the master lease and the rent under the master lease is not reduced as a result of the substitution; (v) a rating agency confirmation; and (vi) an opinion of counsel that the REMIC trust will not fail to maintain its REMIC status due to the substitution, among other things.

Property Substitution. After giving effect to any Property Substitution, Borrowers must be in compliance with the Borrowing Base.

Property Substitution. (a) Subject to the terms and conditions set forth in this Section 2.6, Borrower may (i) in accordance with Section 2.5.2(b)(ii) and Section 2.5.2(c)(i)(C), replace a Special Release Property (a “Replaced Property”) with a Substitute Property or (ii) in accordance with Section 7.8, replace Special Release Cash Collateral attributable to a Special Release Property with a Substitute Property (each of clauses (i) and (ii) hereof, a “Property Substitution”), provided, that, in the case of each Property Substitution, the following conditions are satisfied: (i) Borrower must give Lender and each Rating Agency at least thirty (30) days’ prior written notice of any Property Substitution, identifying the proposed Replaced Property or Special Release Cash Collateral, as applicable, the proposed Substitute Property and the proposed date of the Property Substitution. If such Property Substitution does not occur within 60 days of such date, (A) Borrower’s notice will be deemed rescinded, and (B) Borrower shall on such date pay to Lender all reasonable expenses actually incurred by Lender in connection with such rescinded Property Substitution; (ii) No Event of Default shall have occurred and be continuing and Borrower shall be in compliance in all material respects with all terms and conditions set forth in this Agreement and in each other Loan Document on Borrower’s part to be observed or performed; (iii) Lender shall have received Rating Agency Confirmation with respect to such Property Substitution; (iv) All or substantially all of the Substitute Property shall be subject to a Lease, which Lease shall (A) provide that every monetary and non-monetary obligation associated with managing, owning, developing and operating such Substitute Property is an obligation of the tenant thereunder (i.e., a “triple net” Lease), (B) (x) in the case of a Property Substitution pursuant to Section 2.5.2, have a term substantially similar or longer than that of the Wachovia Lease then encumbering the applicable Replaced Property, or (y) in the case of a Property Substitution pursuant to Section 7.8, have a term substantially similar or longer than that of the Wachovia Lease which encumbered the Replaced Property to which the applicable Special Release Cash Collateral to be released is attributable, (C) (x) in the case of a Property Substitution pursuant to Section 2.5.2, provide offset and termination rights in favor of the tenant thereunder substantially similar (or more favorable to B...

Property Substitution. Each Borrower may replace or substitute a Property or Acquired Entity by way of an Acquisition (such replacement to be referred to as a Property Substitution and the property or properties being acquired pursuant to the relevant Acquisition to be referred to as a Replacement Property), provided that: (a) at least 20 Business Days prior to the Property Substitution, the relevant Borrower has submitted to the Facility Agent the documents and evidence set out under the heading “Property” in Schedule 2 Part I (Conditions Precedent Documents) with respect to the proposed Replacement Property in form and substance satisfactory to the Facility Agent; (b) the Closing Date in respect of the Acquisition of the Replacement Property occurs within the Substitution Period; (c) the Intended Substitution Disposal Proceeds, or the proceeds of a Major Intended Substitution Disposal, as the case may be, received as a result of an Intended Substitution Disposal of any Property are credited to the relevant Borrower’s Disposal Proceeds Reserve Account as soon as possible upon receipt; (d) the Loan-Based ICR relating to the relevant Loan does not, as a result of such Property Substitution, drop below the level prior to the Property Substitution; (e) (i) if LTV is equal to 70% or lower prior to the Property Substitution, the LTV does not, as a result of such Property Substitution, (i) increase by more than 2 percentage points above the level prior to the Property Substitution and (ii) exceed 70%; or

Property Substitution. Provided there is then no default under any Loan Document and upon prior written request from Borrower, Lender shall not withhold its consent to the addition of one of more properties (the "Substituted Project") and concurrent release of one or more Projects for which it/they is/are substituted ("Substitution") provided: (i) the Project to be released and the Substituted Project are office projects containing at least 200,000 square feet of rentable area; provided, however, in the case of Projects to be released which are located in the Orlando Central Office Park (22 Projects) or the Tallahassee-Apalachee Office Park (14 Projects), all Projects in either of said office parks must be released concurrently in the same transaction; (ii) the Substituted Project is of equal or higher Valuation than the Project being released; (iii) the Substituted Project is at least 90% leased with net rents equal to or greater than the net rents of the Project being withdrawn; (iv) Borrower has the same ownership interest in the Substituted Project as in the Project to be released; (v) the Substituted Project satisfies all of the conditions of the Notes C and D Loan Commitment (as defined in the Lien Instrument) which would have been satisfied if the Substituted Project were part of the original Loan security; (vi) remaining Projects shall not be deprived of public access to roads or the use of any utilities, water, sanitary and storm sewers as a result of such Substitution; (vii) from and after November 1, 2001, only one more Substitution will be permitted; (viii) the request for the Substitution is made prior to the last two (2) years of the term of (i) the Tranche A or Tranche C Promissory Note in the case of a Pool A Project or a Pool C Project and (ii) the Tranche B or Tranche D Promissory Note in the case of a Pool B Project or a Pool D Project. If Borrower shall make a Substitution, Lender shall be paid a fee equal to (i) ..50% of the Valuation of the Project being released if the Project being withdrawn is located in the Orlando Central Business Park in Orlando, Florida, or (ii) .75% of the Valuation of the Project being released for any other Project being withdrawn. At the time of the Substitution, no modification of the interest rate or repayment terms of the Note will be required.

Property Substitution. In the event Lessee determines that one or more of the Sites is no longer economically viable, Lessee shall be permitted to request that such Site(s) be severed from the Premises demised pursuant to the terms of this Lease (each a “Severed Site”) and another property or properties be substituted in its or their place (“Substitution Site”). Lessee hereby acknowledges and agrees that [***]250. In order to request any such sever and substitution for a Severed Site, Lessee shall submit an irrevocable written request to Lessor, which request shall be accompanied with [***]251 and such other financial and business information as may reasonably be requested by Lessor. In addition, Lessee shall identify a proposed Substitution Site owned by Lessee or an affiliate to be substituted for the Severed Site, which Substitution Site, in Lessee’s reasonable judgment, is of reasonably equivalent value to the Severed Site. Lessee shall provide Lessor with financial information regarding the proposed Substitution Site, a current appraisal, together with such additional information as Lessor may reasonably request in order for it to be provided with a full and complete understanding of the financial condition of the operations, physical condition and environmental condition of such proposed Substitution Site.