Replacement Properties Clause Samples
The Replacement Properties clause defines the requirements and procedures for identifying and acquiring new properties to replace those relinquished in a transaction, often in the context of a like-kind exchange. Typically, this clause outlines the criteria that replacement properties must meet, such as location, value, or type, and sets deadlines for their identification and acquisition. Its core practical function is to ensure compliance with tax regulations or contractual obligations by clearly specifying how and when suitable replacement properties must be selected, thereby reducing uncertainty and facilitating smooth property exchanges.
Replacement Properties. Upon at least 65 days' but not more than 90 days' written notice to Lender specifying the date of Borrower's intended substitution ("Substitution Date"), which date shall be a scheduled payment date, Borrower may elect to cause Lender to release one or more of the Properties from the lien of the Mortgage encumbering such Property, provided that simultaneously with such release, Borrower shall execute and deliver to Lender, as security for the Loan, a mortgage, deed of trust or deed to secure debt, as applicable ("Replacement Mortgage"), encumbering a manufactured housing community property ("Replacement Property"), in substantially the same form as the Mortgage to be released, 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 Replacement 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 in such Property on the Effective Date, and such other modifications and amendments to the Loan Documents as may be necessitated due to the substitution of the Replacement Property for the Property that will be released (all of the foregoing, together with the Replacement Mortgage, the "Replacement Documents").
Replacement Properties. Company shall have acquired the Replacement Properties in accordance with Section 7.19.
Replacement Properties. At any time prior to the Optional Prepayment Date, Grantor shall have the right to obtain the release of the Trust Property from the lien of this Deed of Trust, provided that simultaneously with such release, Grantor shall execute and deliver to Beneficiary, as security for the Note, a mortgage or deed of trust or deed to secure debt, as applicable, 122 in substantially the same form as this Deed of Trust (a "Replacement Deed of Trust"), encumbering a factory outlet center (a "Replacement Premises") and such other documents (together with the Replacement Deed of Trust, the "Replacement Documents"), as Grantor may in its sole discretion require in order to grant Beneficiary a first priority, perfected lien on and security interest in such Replacement Premises and all related rents, personal property, reserves and escrows on the same terms and conditions as the liens and security interests granted to Beneficiary in the Trust Property on the Closing Date. Grantor's right to obtain a release of the Trust Property shall also be subject to the following conditions and restrictions:
(a) No Event of Default shall have occurred and be continuing;
(b) Cross-collateralized Borrowers shall not be entitled to replace more than two (2) individual Cross-collateralized Properties in any calendar year;
(c) at least sixty (60) days prior to the proposed date of such release, Deed of Trust shall have delivered to Beneficiary appraisals prepared by ▇▇▇▇▇▇▇ & ▇▇▇▇▇▇▇▇▇, Inc. or such other third-party real estate professional as is approved by the Rating Agencies, indicating that the fair market value for the proposed Replacement Premises is at least equal to the fair market value of the Cross-collateralized Property proposed to be released, as of the date of such proposed release;
(d) Cross-collateralized Borrowers shall have delivered Phase I environmental report and, if recommended by such Phase I report, a Phase II environmental report prepared by Environmental Management Group, Inc. or such other environmental consultant as is approved by the Rating Agencies, stating that the Replacement Premises comply with all applicable environmental laws, or if remedial steps are required to effect such compliance, identifying such steps and projecting the cost thereof, in which case Cross-collateralized Borrowers shall be required to deposit into the Engineering Escrow Sub-Account an amount equal to one hundred fifty percent (150%) of such projected costs;
Replacement Properties. 35.1 Tenant may request that any Leased Property be severed from the Leased Properties demised pursuant to the terms of this Lease and another property be substituted in its place; provided that, notwithstanding anything in this Lease to the contrary, any such request shall be subject to Landlord’s approval in its sole but reasonable discretion. In order to request any such substitution, Tenant shall submit a written request to Landlord, which request shall be accompanied with monthly profit and loss amounts for such Leased Property for the twenty-four (24) month period prior to the date of the request and such other financial and business information as shall be reasonably requested by Landlord. In addition, Tenant shall identify one (1) proposed property for consideration by Landlord as the potential substitution for the Leased Property sought to be severed from this Lease. Tenant shall provide Landlord with financial information regarding such proposed property, a current appraisal for such proposed property, together with such additional information as Landlord 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.
Replacement Properties. To the extent that a Replacement Property is substituted for a Station Property pursuant to Section 3.11, the Replacement Property shall be deemed to be a Station Property for purposes of the representations and warranties made in Section 2.1 (subject to the Parties’ reasonable agreement to any Disclosure Schedules with respect to such Replacement Property prior to the applicable Closing and adjusting the timing for any requirement to have provided any items to Buyer on the Signing Date or within a specified period of time prior to the applicable Closing Date with respect to such Replacement Property).