Substitution Properties Clause Samples

Substitution Properties. In the event of unforeseen circumstances, a similar rental will be provided should the original guest rental become unavailable or uninhabitable. Prime Time Vacation Rentals reserves the right to move guests as necessary and or refund the guest for the cost of their rental.

Substitution Properties. (a) In the event that information received by Lender in connection with the Exception Report, delivery of any Supplemental Exception Report or the satisfaction of any Post-Closing Item (whether with respect to a Property or a Substitution Property) shall result in the determination by Lender in its sole but reasonable discretion that (i) any material representation in this Agreement with respect to any Property or Substitution Property is untrue (notwithstanding the inclusion of any fact or state of affairs on the Exception Report), provided that, solely for the purposes of this clause (i), any reference to the term “Material Adverse Effect” in any representation in this Agreement shall be deemed to be replaced with “Property Material Adverse Effect”, (ii) any Property or Substitution Property does not constitute acceptable Collateral for the Loan (other than solely by virtue of the existence of SAC Conditions), including by reason of anything contained in any Lease or Material Agreement delivered to Lender (either prior to or after the Closing Date), the results of any searches with respect to the Borrower or the Properties received by Lender or any exception contained in the Exception Report or any Supplemental Exception Report or (iii) if Borrower does not provide a Phase II Environmental Report with respect to any Property or Substitution Property following a request by Lender to provide such Phase II Environmental Report (if obtaining such a Phase II Environmental Report is indicated by a Phase I Environmental Report with respect to such Property or Substitution Property for any reason other than the existence of SAC Conditions), then, in each such case, Lender shall have the right, in its sole discretion, to require that the applicable Property or Substitution Property be replaced by a Substitution Property, which Substitution Property may be selected by Borrower (but subject to Lender’s reasonable approval) so long as (1) such Substitution Property has a value no less than the value of the Property being replaced, as determined by reference to the final Appraisals for both such Substitution Property and the Property being replaced, in each case, delivered to Lender pursuant to this Agreement (which final Appraisals, for the avoidance of doubt, shall reflect matters contained in the Title Insurance Policies as reasonably requested by Lender) and (2) Borrower shall certify that each of the representations in Article III hereof are true with respect to...