Common use of Substitute Property Clause in Contracts

Substitute Property. (a) The Authority may propose, in writing, a Substitute Property in place of any of the Properties in Schedule 1. (b) Any Substitute Property proposed by the Authority will be, in so far as practicable, determined solely by the Authority based on the Like to Like Model. (c) If the Authority proposes a Substitute Property then the Land Sub must within 20 Business Days of receipt of the notice to substitute a Property, indicate whether it will accept the Substitute Property. (d) If the Land Sub refuses to accept the Substitute Property then Schedule 1 is reduced by that one Property. (e) The terms and conditions of this Deed will apply to any Substitute Property.