Common use of SUBSTITUTION OF PROPERTY FOR THE LEASED PROPERTY Clause in Contracts

SUBSTITUTION OF PROPERTY FOR THE LEASED PROPERTY. Provided that no Event of Default has occurred under this Lease (excluding any Event of Default which has been waived, in writing, by the Lessor), nor any event which, with the giving of notice or the passage of time or both, would constitute such an Event of Default, Lessee shall have the right from time to time (referred to herein as the "Substitution Right"), exercisable upon not less than ninety (90) days' prior written notice to Lessor (referred to herein as a "Substitution Notice") to substitute, on a date specified in such Substitution Notice (such date, as the same may be extended by express written agreement of lessor, shall be referred to herein as a "Substitution Date"), the Leased Property with a Comparable Facility. As used herein, the term "Comparable Facility" shall be defined as a health care facility or facilities which Lessor determines (a) has an appraised Fair Market Value greater than or equal to the greater of (i) the appraised Fair Market Value of the Leased Property as of the Completion Date or (ii) the appraised Fair Market Value of the Leased Property at the time that the applicable Substitution Notice is furnished to Lessor (based on appraisal criteria then in effect), (b) has a Facility Debt Coverage Ratio greater than or equal to the greater of (i) the Facility Debt Coverage Ratio of the Leased Property as of the Commencement Date, (ii) the Facility Debt Coverage Ratio of the Leased Property at the time that the applicable Substitution Notice is furnished to Lessor, (c) provides a mix of services similar to the Leased Property and (d) is otherwise reasonably acceptable, in all respects, to Lessor (based on Lessor's usual and customary property evaluation criteria then in effect). Lessee may not exercise its Substitution Right more than once in any calendar year.

SUBSTITUTION OF PROPERTY FOR THE LEASED PROPERTY. Provided that no Event of Default default has occurred under this Lease (excluding any Event of Default default which has been cured in accordance with the terms hereof or which has been waived, in writing, by the Lessor), nor any event which, with the giving of notice or the passage of time or both, would constitute such an Event of Defaulta default, Lessee shall have the right from time to time (referred to herein as the "Substitution Right"), exercisable upon not less than ninety (90) days' prior written notice to Lessor (referred to herein as a "Substitution Notice") to substitute, on a date specified in such Substitution Notice (such date, as the same may be extended by express written agreement of lessorLessor, shall be referred to herein as a "Substitution Date"), the Leased Property with a Comparable Facility. As used herein, the term "Comparable Facility" shall be defined as a health an adult care residence, assisted living facility or facilities other similar senior housing facility which Lessor determines (a) has an appraised Fair Market Value greater than or equal to the greater of (i) the appraised Fair Market Value of the Leased Property as of at the Completion Commencement Date or (ii) the appraised Fair Market Value of the Leased Property at the time that the applicable Substitution Notice is furnished to Lessor (based on appraisal criteria then in effect), (b) has a Facility Debt Rent Coverage Ratio greater than or equal to the greater of (i) the Facility Debt Rent Coverage Ratio of the Leased Property as of the Commencement Date, Date or (ii) the Facility Debt Rent Coverage Ratio of the Leased Property at the time that the applicable Substitution Notice is furnished to Lessor, (c) provides a mix of services similar to the Leased Property and (d) is otherwise reasonably acceptable, in all respects, to Lessor (based on Lessor's usual and customary property evaluation criteria then in effect). Lessee may not exercise its Substitution Right more than once in any calendar year.