Substitute Property definition

Substitute Property shall have the meaning set forth in Section 2.6 hereof.

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Substitute Property and “Substitute Properties” shall have the respective meanings set forth in Section 2.4.2(a).

Substitute Property shall have the meaning set forth in Section 2.7(a) hereof.

Examples of Substitute Property in a sentence

• Provided no Default or Event of Default exists, Servicer, at the direction of Required Lenders, shall disburse the Eligibility Funds with respect to a Property to the applicable Borrower (i) upon the sale of such Property and prepayment of the Debt in an amount equal to the Release Amount for such Property, (ii) upon such Property becoming an Eligible Property or (iii) upon the substitution of a Substitute Property for such Property.

• Each Property consists of a single family detached home, a detached single family residential real property, a single-family attached real property, a townhome, a condominium unit, and/or a 2-4 family home (so long as, after giving effect to the inclusions of the Substitute Property, single-family attached real properties, townhomes, condominium units, and/or a 2-4 family homes constitute no more than ten percent (10%) of the Properties by Collateral Value.

More Definitions of Substitute Property

Substitute Property means one or more parcels of real estate substituted for any of the Properties in accordance with the requirements of Section 57, together with all rights, privileges and appurtenances associated therewith, and all buildings, structures, fixtures and other improvements located thereon. For purposes of clarity, where two or more parcels of real property comprise a Substitute Property, such parcels shall be aggregated and deemed to constitute the Substitute Property for all purposes of this Lease.

Substitute Property and “Substitute Properties” – 2.4.3(a)

Substitute Property means a multifamily housing project that is substituted for a Project pursuant to Section 3.19.

Substitute Property means an Eligible Property that is substituted for a Replaced Property under Section 2.4.3(a) or Section 2.11, as applicable.

Substitute Property shall have the meaning set forth in Section ------------------- 2.

Substitute Property has the meaning specified in Section 2.19(a).

Substitute Property shall have the meaning assigned to such term in Section 9.21.