Collateral substitution. In the event Borrower shall elect to close or dispose of a restaurant that is part of the Real Estate Collateral, Lender shall release its mortgage lien on said Real Estate Collateral and any related personal property, so long as Borrower shall provide Lender with a mortgage lien on a substitute property reasonably satisfactory to Lender (which shall be subject to terms, conditions, and documentation reasonably satisfactory to Lender).
Appears in 3 contracts
Sources: Loan Agreement (J. Alexander's Holdings, Inc.), Loan Agreement (J. Alexander's Holdings, Inc.), Loan Agreement (J. Alexander's Holdings, Inc.)