Property Substitutions Sample Clauses

Property Substitutions. In the event the Property stated on the Agreement becomes unavailable, Owner/Agents’ obligations are limited to notification to Tenant, a full refund of all monies received for unavailable Property, and a good faith effort by Agent to locate a reasonably comparable replacement. Agent reserves the right, and will make every effort to substitute a comparable property however; if reasonable or desirable property is not available or acceptable to Tenant, then Agent will refund all monies to Tenant. If Tenant desires a specific property, but property is more expensive, Tenant agrees to pay the difference. Tenant waives all claims against Owner and Agent for property substitutions.
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Property Substitutions. Subject to the terms and conditions set forth in this Section 2.14, Borrower may, from time to time, replace an Individual Property with a Qualified Substitute Property (a “Property Substitution”), provided, in the case of each Property Substitution, the following conditions are met:
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Property Substitutions. This Instrument is subject to the Property Substitutions provision set forth in Section 16 of the Note to which reference is hereby made.
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Property Substitutions. (a) Provided no Event of Default is continuing or would result therefrom, at any time following the earlier of (1) the full disposition of the Loan (including all Notes or interests therein) by Lender (disregarding any risk retained bonds held by Lender which are necessary to satisfy credit risk retention requirements) and (2) the second (2nd) anniversary of the Closing Date, or as otherwise consented to by Lender in its reasonable discretion, Borrower shall have the right to substitute (a “Substitution”) one or more Individual Properties (individually, a “Replaced Property” and collectively, the “Replaced Properties”) with one or more replacement properties (each a “Replacement Property”), provided, in the case of each Substitution, the following conditions are satisfied, all as determined by Lender:
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Property Substitutions. (a) Provided no Event of Default shall have occurred and remain uncured, Borrower shall have the right at any time after the date hereof and before the Anticipated Repayment Date (but only on a Monthly Payment Date) to obtain a release of the Lien of a Mortgage encumbering an Individual Property (a "SUBSTITUTED PROPERTY") by substituting therefor another retail property to be acquired by Borrower (individually, a "SUBSTITUTE PROPERTY" and collectively, the "SUBSTITUTE PROPERTIES"), provided that (a) not more than two (2) Individual Properties may be substituted during the term of the Loan, (b) no such substitution may occur if there has been one or more prior substitution(s) and the total appraised value as of the date hereof of all Substituted Properties in such prior substitutions together with the current proposed substitution equals or exceeds 20% of the appraised value as of the date hereof of all the Properties, and (c) such substitution shall be subject, in each case, to the satisfaction of the following conditions precedent:
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Property Substitutions. (a) At any time after the Closing Date, provided no Event of Default is then continuing or would result therefrom, if a Lease Sweep Period or Default exists or if Borrower anticipates that there will be a Lease Sweep Event based on written notice from a Tenant that it intends to not renew its Lease, to terminate its Lease or to go dark, Borrower may replace one of more Properties (individually, a “Replaced Property” and collectively, the “Replaced Properties”) with Substitute Properties (a “Property Substitution”) solely to the extent necessary to cure such Lease Sweep Period or Default, provided, in the case of each Property Substitution, the following conditions are met:
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Property Substitutions. Borrower shall be permitted to substitute up to 50% of the Properties (by allocated loan amount) securing each Loan provided that, among other things, (1) no event of default exists, (2) the market value and net operating income of each substitute Property are equal to or greater than that of the replaced Property, (3) after the substitution the DSCR on the applicable Loan is equal to or greater than the DSCR at the time of closing and immediately prior to such substitution, (4) Borrower obtains Lender consent not to be unreasonably withheld or delayed prior to a Securitization and a rating agency confirmation letter after Securitization, and (5) Borrower delivers an acceptable REMIC opinion. Mxxxxxx Lxxxx has agreed to Bxxxxxxx’s request to permit the release of the East Tower of the Radisson Fort Worth from the collateral upon satisfaction of the certain conditions to be contained in the Loan documents, including without limitation (i) the successful conversion of the West Tower to a Hilton having an appraised value greater than $28.9 million (or Borrower has posted cash collateral for the difference up to $5 million), (ii) the achievement by the Loan secured by such Hilton of a DSCR equal to at least the greater of (a) the DSCR of such Loan immediately prior to such conversion and (b)1.40x, and (iii) if such Loan has been Securitized, a rating agency confirmation letter. Borrower will be permitted to undertake such conversion provided that Borrower presents satisfactory evidence that the conversion process will not adversely affect the annual DSCR of the Loan secured by such Property or posts a cash reserve or letter of credit satisfactory to the Lender.
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Property Substitutions. 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 limited or full service hotel property acquired by Borrower (individually or collectively, as the context requires, the “Replacement Property”), provided that (a) the Allocated Principal Amount of the proposed Substituted Property, when aggregated with the Allocated Principal Amounts for all previously Substituted Properties, shall not exceed the sum of $86,212,500.00, (b) the Replacement Property is not located in the State of Texas (unless an Individual Property located in the State of Texas has been previously released pursuant to Section 2.5.2 hereof), and (c) such substitution shall be subject to the satisfaction of the following conditions precedent:
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Property Substitutions 
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Related to Property Substitutions

  • Substitution of Collateral A Fund may substitute securities for any securities identified as Collateral by delivery to the Custodian of a Pledge Certificate executed by such Fund on behalf of the applicable Portfolio, indicating the securities pledged as Collateral.

  • Access to Property, Property’s Management, Property Lender, and Property Tenants Potential Investor agrees to not seek to gain access to any non-public areas of the Property or communicate with Property’s management employees, the holder of any financing encumbering the Property, the Property’s tenants, and the Owner’s partners in the ownership of the Property, without the prior consent of Owner or HFF, which consent may be withheld in the Owner’s sole discretion.

  • Additional Property Collateral shall also include the following property (collectively, the "Additional Property") which Pledgor becomes entitled to receive or shall receive in connection with any other Collateral: (a) any stock certificate, including without limitation, any certificate representing a stock dividend or any certificate in connection with any recapitalization, reclassification, merger, consolidation, conversion, sale of assets, combination of shares, stock split or spin-off; (b) any option, warrant, subscription or right, whether as an addition to or in substitution of any other Collateral; (c) any dividends or distributions of any kind whatsoever, whether distributable in cash, stock or other property; (d) any interest, premium or principal payments; and (e) any conversion or redemption proceeds; provided, however, that until the occurrence of an Event of Default (as hereinafter defined), Pledgor shall be entitled to all cash dividends and all interest paid on the Collateral (except interest paid on any certificate of deposit pledged hereunder) free of the security interest created under this Agreement. All Additional Property received by Pledgor shall be received in trust for the benefit of Secured Party. All Additional Property and all certificates or other written instruments or documents evidencing and/or representing the Additional Property that is received by Pledgor, together with such instruments of transfer as Secured Party may request, shall immediately be delivered to or deposited with Secured Party and held by Secured Party as Collateral under the terms of this Agreement. If the Additional Property received by Pledgor shall be shares of stock or other securities, such shares of stock or other securities shall be duly endorsed in blank or accompanied by proper instruments of transfer and assignment duly executed in blank with, if requested by Secured Party, signatures guaranteed by a member or member organization in good standing of an authorized Securities Transfer Agents Medallion Program, all in form and substance satisfactory to Secured Party. Secured Party shall be deemed to have possession of any Collateral in transit to Secured Party or its agent.

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Reports of Foreclosures and Abandonments of Mortgaged Property Following the foreclosure sale or abandonment of any Mortgaged Property, the Servicer shall report such foreclosure or abandonment as required pursuant to Section 6050J of the Code.

  • Leased Properties Section 3.22 of the Disclosure Schedule sets forth a list of all of the leases and subleases ("Leases") and each leased and subleased parcel of real property in which the Company has a leasehold or subleasehold interest or to which the Company is a party either as landlord or sublandlord (the "Leased Real Property"). Each of the Leases are in full force and effect, and the Company holds a valid and existing leasehold or subleasehold interest or Landlord or Sublandlord interest as applicable, under each of the Leases described in Section 3.22 of the Disclosure Schedule. The Company has delivered to HK true, correct, complete and accurate copies of each of the Leases. With respect to each Lease set forth on Section 3.22 of the Disclosure Schedule: (i) the Lease is legal, valid, binding, enforceable and in full force and effect; (ii) to the Knowledge of the Company the Lease will continue to be legal, valid, binding, enforceable and in full force and effect on identical terms following the Closing; (iii) neither the Company, nor, to the Knowledge of the Company, any other party to the Lease, is in breach or default, and no event has occurred which, with notice or lapse of time, would constitute such a breach or default by the Company or permit termination, modification or acceleration under the Lease by any other party thereto; (iv) the Company has not, and, to the Knowledge of the Company, no third party has repudiated any provision of the Lease; (v) there are no disputes, oral agreements, or forbearance programs in effect as to the Lease; (vi) the Lease has not been modified in any respect, except to the extent that such modifications are disclosed by the documents delivered to HK; (vii) the Company has not assigned, transferred, conveyed, mortgaged, deeded in trust or encumbered any interest in the Lease (except for Permitted Liens); and (viii) the Lease is fully assignable to HK without the necessity of any consent or the Company shall obtain all necessary consents prior to the Closing.

  • Occupancy of the Mortgaged Property As of the date of origination, the Mortgaged Property was lawfully occupied under applicable law;

  • INCOME FROM IMMOVABLE PROPERTY 1. Income derived by a resident of a Contracting State from immovable property (including income from agriculture or forestry) situated in the other Contracting State may be taxed in that other State.

  • B8 Property B8.1 Where the Client issues Property free of charge to the Contractor such Property shall be and remain the property of the Client and the Contractor irrevocably licences the Client and its agents to enter upon any premises of the Contractor during normal business hours on reasonable notice to recover any such Property. The Contractor shall not in any circumstances have a lien or any other interest on the Property and the Contractor shall at all times possess the Property as fiduciary agent and bailee of the Client. The Contractor shall take all reasonable steps to ensure that the title of the Client to the Property and the exclusion of any such lien or other interest are brought to the notice of all sub-contractors and other appropriate persons and shall, at the Client’s request, store the Property separately and ensure that it is clearly identifiable as belonging to the Client.

  • Restoration of Mortgaged Property The Servicer need not obtain the approval of the Trustee or the Master Servicer prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. At a minimum, with respect to claims greater than $10,000, the Servicer shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds:

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