Common use of Substitution of Property Clause in Contracts

Substitution of Property. Notwithstanding the provisions of Section 2.5 hereof, subject to the terms and conditions set forth in this Section 2.7, Borrower may obtain a release of the Lien of a Mortgage (and the related Loan Documents) encumbering an Individual Property (a "Substituted Property") by substituting therefor another shopping center property acquired by Borrower (individually, a "Substitute Property" and collectively, the "Substitute Property"), provided that (a) the Substitution Conditions are satisfied with respect to Substitute Property, (b) no such substitution may occur after the Anticipated Repayment Date and (c) such substitution shall be subject to the satisfaction of the following conditions precedent: (i) Lender shall have received a copy of a deed conveying all (ii) of Borrower's right, title and interest in and to the Substituted Property to an entity other than Borrower and the SPC Party and a letter from Borrower countersigned by a title insurance company acknowledging receipt of such deed and agreeing to record such deed in the real estate records of the appropriate recording office in which the Substituted Property is located.