Substitution Conditions Clause Samples

Substitution Conditions. It shall be a condition precedent to the Bank’s obligation to substitute or add any Substitute Property to the Property securing the Credit Loan that the following conditions be satisfied as determined by the Bank in its sole discretion (collectively, the “Substitution Conditions”): (i) no Event of Default exists under this Agreement, the Note, the Mortgage or the Other Security Documents which remains uncured at the time the Substitution Notice (as hereinafter defined) is received by the Bank and at the time of the closing of the Modified Credit Loan, (ii) Borrower delivers to the Bank a written request to substitute or add the Substitute Property to the Property securing the Credit Loan (the “Substitution Notice”); (iii) the Bank delivers to the Borrower the Bank’s written approval of the Substitute Property and the Modified Credit Loan, including, but not limited to, the Bank’s review of the Modified Credit Loan and approval from the Bank’s credit department, which approval may be withheld for any reason or no reason, (iv) the Bank receives all third party reports as the Bank reasonably requires in connection with the Substitute Property and the Modified Credit Loan, including, without limitation, updated appraisals, title reports, surveys which meet the Bank’s survey requirements previously furnished to Borrower in connection with the original closing of the Credit Loan, and Phase I Environmental Assessment Reports, and the like, each acceptable to the Bank and its counsel in their discretion, (v) the Bank receives with respect to each Substitute Property a mortgagee’s title insurance policy which meets the Bank’s title insurance requirements, to the satisfaction of the Bank and its counsel, (vi) Borrower shall execute and deliver to the Bank with respect to each Substitute Property the following documents and instruments, each in form and substance satisfactory to the Bank: (a) all documents and instruments as the Bank or the Bank’s counsel in their judgment deems necessary to provide the Bank with a first mortgage lien on each Substitute Property, including, but not limited to, an open-end mortgage and security agreement or a modification of the Mortgage, each securing the Modified Credit Loan, (b) a first priority collateral assignment of leases and rents, with respect to all leases, subleases and occupancy rights of the Substitute Property and all income and profits to be derived from the operation and leasing of the Substitute Property, (c) one or...
View SourceView Similar (3)
Substitution Conditions. Notwithstanding anything to the contrary contained herein, Tenant will give Landlord at least 30 days prior written notice specifying the proposed Substitute Property and the desired closing date for the substitution. On the date set for substitution in said notice, Landlord shall execute and deliver to Tenant a deed (similar in form to the deed given to Landlord by Tenant pursuant to the Sale Agreement) conveying title to the Replaced Property (such title shall be free of any financing encumbrances and is to be subject only to exceptions to title that were in existence as of the Commencement Date or exceptions that may have been created or suffered by Tenant during the Term hereof) and a fully executed lease cancellation agreement canceling this Lease with regard to the Replaced Property, in recordable form. Landlord shall not be obligated to deliver such deeds and documents, unless all of the following conditions have been satisfied: 18.2.1 The Substitute Property is of similar size and use as the Replaced Property. The Substitute Property is reasonably acceptable to Landlord and the aggregate fair market value and useful life, determined as provided in paragraph (18.2.2) below, of the Substitute Property shall be not less than the "Repurchase Price" of the Replaced Property as set forth in Exhibit "D". 18.2.2 Landlord shall have received an appraisal of the fair market value of the such Substitute Property as of a date within 90 days prior to the substitution date made by an independent appraiser selected by Tenant, subject to the approval of Landlord, and which appraisal shall have been made at the expense of Tenant. The Landlord may, in its sole discretion, waive the requirement that the Tenant obtain an appraisal pursuant to this paragraph. 18.2.3 The Landlord shall have received a deed for the Substitute Property similar to the deed for the Replaced Property received by Landlord from Tenant pursuant to the Sale Agreement and otherwise reasonably conveying fee simple title (not a ground lessee's interest) in a form and substance acceptable to Landlord and an amendment to this Lease, duly authorized, executed and delivered by Tenant including the Substitute Property into the terms of this Lease. 18.2.4 All necessary approvals, authorizations and consents of all governmental bodies (including courts) having jurisdiction with respect to the transactions contemplated by this Section 18 shall have been obtained. 18.2.5 Tenant shall have paid or shall have...
View Source

Related to Substitution Conditions

  • SUPERIOR CONDITIONS 21.01 All existing benefits, rights, privileges, practices, terms or conditions of employment which may be considered to be superior to those contained herein and which are set out in Appendix 4 are specifically retained by this Agreement unless otherwise agreed by the local parties. The parties agree to remove from Appendix 4 those superior conditions which no longer have application. Where the parties cannot agree on whether a superior condition continues to have application, the issue will be reduced to a grievance and referred to arbitration. 21.02 The Union and the Participating Hospitals agree to establish a committee consisting of two (2) representatives of the Union and two (2) representatives of the Participating Hospitals to review the superior conditions appendices in each of the participating hospitals. This committee will report to their respective negotiating committees prior to the next round of central negotiations.

  • Termination Conditions This Agreement terminates upon the earlier of any of the following events: a.

  • Market Conditions Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer. The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on Schedule C hereto at the time or times set forth on such Schedule. The Custodian may revise Schedule C from time to time, provided that no such revision shall result in a Board being provided with substantively less information than had been previously provided hereunder.

  • Specific Conditions If applicable, specific conditions required after a risk assessment will be included in Exhibit G. Grantee shall adhere to the specific conditions listed therein.

  • PAYMENT CONDITIONS 6.01 Prices shall remain firm for the initial term of the Agreement and, thereafter, may be adjusted annually as provided in this paragraph. The County does not guarantee any minimum or maximum amount of dollars to be spent under this Agreement. 6.02 Negotiations for rate changes shall be commenced, by CONTRACTOR, a minimum of ninety days (90) prior to the expiration of the Agreement. Rate changes are not binding unless mutually agreed upon in writing by the County and the CONTRACTOR. 6.03 Invoice amounts shall be billed directly to the ordering department. 6.04 CONTRACTOR shall submit such invoice periodically or at the completion of services, but in any event, not later than 30 days after completion of services. The invoice shall set forth the amounts claimed by CONTRACTOR for the previous period, together with an itemized basis for the amounts claimed, and such other information pertinent to the invoice. The County shall certify the invoice, either in the requested amount or in such other amount as the County approves in conformity with this Agreement and shall promptly submit such invoice to the County Auditor-Controller for payment. The County Auditor-Controller shall pay the amount certified within 30 days of receiving the certified invoice.