Substitution of Properties. Subject to the terms of this Section 2.6, Borrower may cause Mortgage Borrower to obtain from time to time a release of one or more Individual Properties from the Lien of the related Security Instrument (each, a “Release Property”) provided that the aggregate Allocated Loan Amounts of all the security interests released under this Section 2.6 (including the security interest that is the subject of the release), does not exceed 25% of the original principal amount of the Loan, by substituting therefor another hotel property of substantially similar kind and quality acquired by Mortgage Borrower or an Affiliate of Mortgage Borrower (individually, a “Substitute Property” and collectively, the “Substitute Properties”) (provided, however, if the Substitute Property shall be owned by an Affiliate of Mortgage Borrower said Affiliate, (i) shall be wholly owned and controlled directly by the Borrower, and if such Affiliate has a Principal, such Principal shall be wholly owned and controlled directly by Borrower, (ii) shall assume all the obligations of Mortgage Borrower under the Mortgage Loan Documents and (iii) shall become a party to the Mortgage Note and the other Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Mortgage Note and the Mortgage Loan Documents and shall have the rights and obligations of Mortgage Borrower thereunder), provided that the following conditions precedent are satisfied:
Substitution of Properties. Subject to the terms of this Section 2.6, Borrower may obtain, from time to time, a release of an Individual Property from the Lien of the related Security Instrument (and the related Loan Documents) (each, a “Release Property”) by substituting therefor another industrial property of like kind and quality acquired by Borrower or an Affiliate of Borrower (provided, however, if the Substitute Property shall be owned by an Affiliate of Borrower said Affiliate (i) shall be wholly owned, directly, by Mezzanine A Borrower, (ii) shall assume all the obligations of Borrower under this Agreement, the Note and the other Loan Documents and (iii) shall become a party to the Note and the other Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Note and the other Loan Documents and shall have the rights and obligations of Borrower thereunder) (individually, a “Substitute Property” and collectively, the “Substitute Properties”), provided that the following conditions precedent are satisfied:
Substitution of Properties. Subject to the terms of this Section 2.6, Borrower may obtain, from time to time, a release from the Lien of the related Security Instrument (and the related Loan Documents) (each, a “Replaced Property”) by substituting therefor another retail property of like kind and quality acquired by Borrower or an Affiliate of Borrower (provided, however, if the Substitute Property shall be owned by an Affiliate of Borrower said Affiliate (i) shall assume all the obligations of Borrower under this Agreement, the Note and the other Loan Documents and (ii) shall become a party to the Note and the other Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Note and the other Loan Documents and shall have the rights and obligations of Borrower thereunder) (individually, a “Substitute Property” and collectively, the “Substitute Properties”), provided that the following conditions precedent are satisfied:
Substitution of Properties. Subject to the terms of this Section 2.6 after the expiration of the Lockout Period, Borrower may obtain a release of the Lien of a Security Instrument (and the related Loan Documents) encumbering an Individual Property (a "Release Property") by substituting therefor another hotel property of like kind and quality acquired by Borrower (individually, a "Substitute Property" and collectively, the "Substitute Properties"), provided that the following conditions precedent are satisfied:
Substitution of Properties. Subject to the terms and conditions set forth in this Section, 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 its interest in one or more properties of like kind and quality acquired by Borrower (individually, a “Substitute Property” and collectively, the “Substitute Properties”), provided that no such substitution may occur after the date that is three (3) months prior to the Maturity Date. In addition, any such substitution shall be subject, in each case, to the satisfaction of the following conditions precedent:
Substitution of Properties. Subject to the terms and conditions set forth in this Section, at any time following the commencement of the Defeasance Period, Borrower may obtain a release of the Lien of the Mortgage (and the related Loan Documents) to the extent it encumbers one or more Mortgaged Properties (a "SUBSTITUTED PROPERTY") by substituting therefor one or more office properties acquired by Borrower (individually, a "SUBSTITUTE PROPERTY" and collectively, the "SUBSTITUTE PROPERTIES"), provided that (a) the Substitution Conditions are satisfied with respect to the Substitute Properties, (b) no such substitution may occur after the Anticipated Repayment Date, (c) such substitution shall not be allowed more than two (2) times during the term of the Loan and (d) not more than five (5) Mortgaged Properties may be released from the Lien of the Mortgage (and the related Loan Documents) during the term of the Loan pursuant to this SECTION 11. Any such substitution shall be subject, in each case, to the satisfaction of the following conditions precedent (collectively, the "SUBSTITUTION CONDITIONS"):
Substitution of Properties. Subject to the terms and conditions set forth in this Section 2.6, Borrower may obtain a release of the Lien of a Security Instrument (and the related Loan Documents) encumbering an Individual Property (a "Substituted Property") by substituting therefor its fee interest in one or more hotel properties of like kind and quality acquired by Borrower (individually, a "Substitute Property" and collectively, the "Substitute Properties"), provided that no such substitution may occur after the Maturity Date. In addition, any such substitution shall be subject, in each case, to the satisfaction of the following conditions precedent:
Substitution of Properties. Subject to the terms and conditions set forth in this Section 2.8, Borrower may cause Mortgage Borrower to obtain a release of the Lien of a Mortgage (and the related Mortgage Loan Documents) encumbering an Individual Property (a “Substituted Individual Property”) by substituting therefore another full service hotel or resort property of like kind and quality acquired by Mortgage Borrower or an Affiliate of Mortgage Borrower (provided, however, if the Substitute Property shall be owned by an Affiliate of Mortgage Borrower such Affiliate (i) shall become a party to the Mortgage Loan Documents and shall be bound by the terms and provisions thereof as if it had executed the Mortgage Loan Documents and shall have the rights and obligations of Mortgage Borrower thereunder) (a “Substitute Individual Property”), provided that the following conditions precedent are satisfied.
Substitution of Properties. Subject to the terms and conditions set forth in this Section 2.6, Borrower may obtain a release of the Lien of the Security Instrument (and the related Loan Documents) encumbering an Individual Property (a Substituted Property) by substituting therefor another property of like kind and quality acquired by Borrower (individually, a Substitute Property and collectively, the Substitute Properties), provided that the following conditions precedent are satisfied:
Substitution of Properties. During the Term of the Loan, Borrowers may notify Agent in writing that Borrowers desire to pledge one or more new properties as Collateral for the Loan in substitution for one or more of the Properties. So long as no Event of Default shall be continuing (unless such Event of Default shall be cured by the substitution of Properties as permitted by this Section 2.2), Agent shall approve such request provided that the following conditions are satisfied in Agent's reasonable discretion: (a) Agent shall have determined that each Property to be replaced has a negative Adjusted Net Operating Income for at least the most recent two (2) consecutive calendar quarters, (b) Agent shall have approved each new property proposed to be pledged, (c) Borrowers shall have executed and delivered such documents as Agent shall require in order to evidence that such new property has been added as Collateral for the Loan, including, without limitation, a Mortgage with respect to each new property, an amendment to the Loan Documents executed by all Borrowers and Guarantor confirming that each new property has been added as a Property, and opinions of counsel to Borrowers and Guarantor in forms reasonably satisfactory to Agent, (d) Borrowers shall have delivered to Agent a Title Policy, Survey, appraisal, environmental report and any other documents or reports requested by Agent with respect to each new property, (e) Borrowers shall have paid all reasonable Costs (defined in Section 9.1 below) incurred by Agent and/or Lenders in connection with such substitution, and (f) the aggregate net rental payments due under the Leases with respect to the new properties (or if applicable, the aggregate debt service due under the Omega Loan Documents with respect to such new properties) are, in Agent's reasonable determination, at least eighty percent (80%) of the aggregate net rental payments due under the Leases (or if applicable, the aggregate debt service due under the Omega Loan Documents) with respect to the Properties to be replaced. In no event shall Borrowers have the right to substitute more than ten (10) Properties in the aggregate during the Term of the Loan, including pursuant to clause (Z) in the last grammatical paragraph of Section 7.1 below; provided, that the foregoing shall not otherwise limit the number of Properties that can be added as Collateral pursuant to Section 2.3 below or clause (Y) in the last grammatical paragraph of Section 7.1 below. Following any substitution...
