Property Substitution. Borrower may request and Lender may consider a substitution of real property collateral for the Released Portion of the Property. Such substitution shall be in Lender’s sole discretion and subject to the Lender’s then applicable underwriting standards and the Lender’s evaluation of the economic performance of the proposed substitution property.
Property Substitution. (a) From and after that date which is the [***] anniversary of the Commencement Date, in the event Lessee determines that one or more of the Sites is not economically feasible, Lessee shall be permitted to request that such Site(s) be severed from the Premises demised pursuant to the terms of this Lease and another property or properties be substituted in its or their place. Lessee hereby acknowledges and agrees that it may only request that one Site per year be substituted and that an aggregate of not more than ten (10) Sites be substituted over the Term of this Lease, as the Term may be extended by one or more of the Renewal Terms. In order to request any such substitution, Lessee shall submit an irrevocable written request to Lessor, which request shall be accompanied with sufficient reasonable financial information demonstrating that the Site in question is not economically feasible, which information shall include, with respect to such Site, current audited financial statements prepared by an independent certified public accounting firm, monthly profit and loss amounts for the twenty-four (24) month period prior to the date of the request and such other financial and business information as shall be requested by Lessor. In addition, Lessee shall identify a proposed property to be substituted for the Site sought to be severed from this Lease. Lessee shall provide Lessor with financial information regarding the proposed property, a current appraisal, together with such additional information as Lessor shall reasonably request in order for it to be provided with a full and complete understanding of the financial condition of the operations, physical condition and environmental condition of such proposed substitute property.
Property Substitution. Each Borrower may replace or substitute a Property or Acquired Entity by way of an Acquisition (such replacement to be referred to as a Property Substitution and the property or properties being acquired pursuant to the relevant Acquisition to be referred to as a Replacement Property), provided that:
Property Substitution. (a) Subject to the terms and conditions set forth in this Section 2.6, Borrower may (i) in accordance with Section 2.5.2(b)(ii) and Section 2.5.2(c)(i)(C), replace a Special Release Property (a “Replaced Property”) with a Substitute Property or (ii) in accordance with Section 7.8, replace Special Release Cash Collateral attributable to a Special Release Property with a Substitute Property (each of clauses (i) and (ii) hereof, a “Property Substitution”), provided, that, in the case of each Property Substitution, the following conditions are satisfied:
Property Substitution. Substitutions of three of the four constituent properties (the 0000 00xx Xxxxxx property, having an allocated loan value of $5,400,000, or approximately 40.5% of the original principal balance, is excluded) is permitted, subject to certain conditions, including: (i) the post-substitution combined DSCR (based on amortizing payments) for the remaining properties is equal or greater than 1.73x; (ii) the post-substitution combined loan-to-value ratio is equal to or less than 65%; (iii) the substitute property has an as-is market value equal to or greater than the property being replaced; (iv) the substitute property becomes subject to the master lease and the rent under the master lease is not reduced as a result of the substitution; (v) a rating agency confirmation; and (vi) an opinion of counsel that the REMIC trust will not fail to maintain its REMIC status due to the substitution, among other things.
Property Substitution. After giving effect to any Property Substitution, Borrowers must be in compliance with the Borrowing Base.
Property Substitution. In the event Lessee determines that one or more of the Sites is no longer economically viable, Lessee shall be permitted to request that such Site(s) be severed from the Premises demised pursuant to the terms of this Lease (each a “Severed Site”) and another property or properties be substituted in its or their place (“Substitution Site”). Lessee hereby acknowledges and agrees that [***]250. In order to request any such sever and substitution for a Severed Site, Lessee shall submit an irrevocable written request to Lessor, which request shall be accompanied with [***]251 and such other financial and business information as may reasonably be requested by Lessor. In addition, Lessee shall identify a proposed Substitution Site owned by Lessee or an affiliate to be substituted for the Severed Site, which Substitution Site, in Lessee’s reasonable judgment, is of reasonably equivalent value to the Severed Site. Lessee shall provide Lessor with financial information regarding the proposed Substitution Site, a current appraisal, together with such additional information as Lessor may reasonably request in order for it to be provided with a full and complete understanding of the financial condition of the operations, physical condition and environmental condition of such proposed Substitution Site.
Property Substitution. If any Individual Property is substituted pursuant to Section 11.29 of the Loan Agreement, such substitution shall simultaneously occur with respect to this Lease. Upon any such substitution of any Individual Property pursuant to this Section 21.28 or Article XI hereof, such property substituted out shall no longer be a part of the definition of "Property" and the property substituted in shall be an "Individual Property" which is a part of the definition of "Property".
Property Substitution. Provided there is then no default under any Loan Document and upon prior written request from Borrower, Lender shall not withhold its consent to the addition of one of more properties (the "Substituted Project") and concurrent release of one or more Projects for which it/they is/are substituted ("Substitution") provided:
Property Substitution. In the event that any Property has become a Dark Property, Borrower shall have the right upon at least thirty (30) days prior written notice to Lender (the “Substitution Notice”) specifying the date of Borrower’s intended substitution (the “Substitution Date”) to elect to cause Lender to release such Dark Property (the “Substitution EAST\87098743.3 Release Property”) from the Lien of the applicable Security Instrument, provided that simultaneously with such release, Borrower shall execute and deliver to Lender, as security for the Loan: (i) a mortgage or deed of trust, as applicable, encumbering the property (a “Substitute Property”) intended to be substituted for such Substitution Release Property, in substantially the same form as the applicable Security Instrument; (ii) such other documents as Lender may reasonably require for the purpose of granting Lender a first priority, perfected lien on and security interest in such Substitute Property and all related rents, personal property, reserves and escrows on the same terms and conditions as the liens and security interests granted to Lender with respect to the Substitution Release Property on the Closing Date; and (iii) such other modifications and amendments to the Loan Documents as may be necessary due to the substitution of the Substitute Property (collectively, a “Property Substitution”). Borrower’s right to obtain a release of any Substitution Release Property shall also be subject to the following conditions and restrictions:
