Substitute Parcel definition
Examples of Substitute Parcel in a sentence
Anything herein contained to the contrary notwithstanding, the Basic Rent and the Additional Rent payable under this Lease shall not be diminished or otherwise affected upon the substitution of a Substitute Parcel.
Notwithstanding the foregoing if Tenant gives notice of termination as a result of a Taking pursuant to clauses (i) or (ii) above, Landlord shall have the right (but not the obligation) to substitute an alternative parcel of Land ("Substitute Parcel") owned by Landlord or its affiliates, or alternative areas for such lost parking and access ("Substitute Areas"), for the purpose of providing access and parking to Tenant in lieu of access and parking that are lost as a result of such Taking.
With respect to a notice to substitute real property pursuant to paragraph (f)(i) on the specified Termination Date, Landlord shall accept such Substitute Parcel if such notice, the required appraisal(s), and all other documents required for such substitution meet the requirements of subsections (f)(i) and (ii) hereof.
As of the date of substitution, the Substitute Parcel (1) must have a useful life no less than the EAP as of the date of substitution, (2) must be occupied and in current use by Tenant, or will be as of the date of the EAP Substitution (subject, in each case, to the performance of any improvements and/or alterations necessary for Tenant’s business thereat, and other reasonable start-up procedures), at a location in the United States, and (3) be otherwise acceptable to Landlord.
Such Substitute Parcel will be substituted for the EAP (which is the subject of such EAP Notice) subject to and in accordance with the requirements set forth below.
As of the date of substitution, the Substitute Parcel (1) must have a useful life no less than the EAP as of the date of substitution, (2) must be occupied and in current use by Tenant, or will be as of the date of the EAP Substitution, at a location in the United States, and (3) be otherwise acceptable to Landlord.
In addition, any EAP Substitution or EAP Sale, as applicable, shall be conditioned upon (i) receipt of an engineering report for any Substitute Parcel (in the case of EAP Substitution) in form and substance satisfactory to Landlord, (ii) rating agency confirmation that any EAP Substitution will not result in the downgrade, withdrawal or qualification of any securities secured by the Premises, and (iii) such additional legal opinions required by any Mortgagee.
Landlord may give Tenant written notice ("Substitution Notice") that Landlord so elects to provide the Substitute Parcel or Substitute Areas for such purposes, which Substitution Notice, if given by Landlord, shall be given within thirty (30) days after Tenant's termination notice and shall include Landlord's offer as to a fair and reasonable Base Rent adjustment or abatement, if any.
Neither the acceptance of the Substitute Parcel nor the issuance of any partial release of the Removed Parcel by Lender shall affect Borrower’s obligation to repay all amounts owing under the Loan Documents or the lien of the Security Documents on the remainder of the Premises which is not released.
Any and all appraisals obtained for the purpose of determining the appraised value of the Substitute Parcel will be a prepared in accordance with written instructions from Lender, satisfactory to Lender in form and substance, from a third-party appraiser satisfactory to and engaged directly by Lender, and paid for by Borrower on demand.