Substitution Property definition

Substitution Property means an individual property included in the Substitution Properties or all Substitution Properties collectively, as the context may require; provided, however, in the event there is an insufficient number of Substitution Properties on such list to satisfy the replacements required hereunder (or if the value of such Substitution Properties based on the Appraisal delivered to Lender pursuant to this Agreement is not sufficient to satisfy the Replacement Qualifications), Borrower and Lender shall agree on such additional properties owned by Borrower as necessary to provide such replacements.
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Substitution Property shall have the meaning set forth in Section 2.6 hereof.
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Substitution Property shall have the meaning set forth in Section 3.3 of this Agreement.
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Examples of Substitution Property in a sentence

  • Post-Closing Items with respect to any Substitution Property shall be delivered no later than the date that is 45 days following the selection of the Substitution Property, or such later date as to which Lender may grant its consent, not to be unreasonably withheld, delayed or conditioned (so long as Borrower is diligently pursuing the satisfaction of the applicable Post-Closing Items).

  • Lender shall have the sole and absolute discretion to either approve or disapprove any proposed substitution, provided that such approval shall not be unreasonably withheld so long as the Substitution Property is (i) of comparable quality as the Release Parcel being replaced, and (ii) Borrower demonstrates to Lender's satisfaction that the Substitution Property has a fair market value of no less than 90% of the fair market value of the Release Parcel immediately prior to substitution.

  • In connection with providing the Substitution Property, Borrower shall, at Borrower's expense, execute and deliver to Lender loan documents, including an additional deed of trust or mortgage, an assignment of leases, a UCC-1 financing statement, and any other document, including title policy, that Lender may require, in form and content acceptable to Lender in Lender's sole discretion, necessary in order to add the Substitution Property as collateral for the Loan.

  • Notwithstanding the foregoing, Borrower may transfer any Property to a Person not affiliated with Borrower or Guarantor provided that it (i) replaces such Property with a Substitution Property selected by Lender and otherwise complies with the requirements of Section 2.1 with respect to the replacement of a Property with a Substitution Property.

  • Borrower shall also provide for the Substitution Property all items required for the Property by the Loan Application and Commitment Agreement dated February 26, 1999 by and between Lender and Borrower for the Loan.

  • In conjunction with the reconveyance of a Release Parcel (described in Section 12.4), Borrower shall provide to Lender, as security for the Loan, the replacement and substitution of one or more new properties to secure the Loan, as provided herein (the "Substitution Property").

  • Borrower must prepay 110% of the difference between the Principal of the Loan allocable to the Release Parcel that is being released and 70% of the appraised value for the Substitution Property with a prepayment premium equal to the Prepayment Percentage (as defined in the Note) times the resulting difference.

  • The Substitution Property will be required to have a value of not less than 90% of the fair market value of the Release Parcel to be reconveyed.

  • Furthermore, Lender will not approve a substitution that would negatively impact the loan portfolio with regard to its geographic diversity, credit risk, leasing pro formas, tenant quality, lease expiration risk and other similar factors, including the ability to legally cross-default and cross-collateralize the Substitution Property with the remainder of the portfolio, to be determined in Lender's sole discretion.

  • In other words, every such organization needs profit to survive and compete in the open market.


More Definitions of Substitution Property

Substitution Property has the meaning set forth in paragraph (a) of SECTION 32 hereof.
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Substitution Property has the meaning given it in Section 2.7.
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Substitution Property has the meaning specified in Section 11.5(b).
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Related to Substitution Property

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

  • Replacement Property means any property which is placed in service as a replacement for any item of Equipment or any Improvement previously subject to this Fee Agreement regardless of whether such property serves the same functions as the property it is replacing and regardless of whether more than one piece of property replaces any item of Equipment or any Improvement to the fullest extent that the FILOT Act permits.

  • Transition Property means the property right created by a financing order, including without

  • Common Property means any and all real and personal property and easements and other interests therein, together with the facilities and improvements located thereon, now or hereafter owned by the Association for the common use and enjoyment of the Owners.

  • Securitization Property means the property described in section 10j.

  • Improved Property means any property upon which there is erected a structure intended for continuous or periodic habitation, occupancy or use by human beings or animals and from which structure Sanitary Sewage and/or Industrial Wastes shall be or may be discharged.

  • Mortgaged Property shall have the meaning assigned to such term in the recitals.

  • Cooperative Property The real property and improvements owned by the Cooperative Corporation, including the allocation of individual dwelling units to the holders of the Coop Shares of the Cooperative Corporation.

  • Mixed-use property means an eligible property that includes three or more residential units and may also contain a commercial property component in the same building.

  • Substitute Improvements means the substitute or additional improvements of the Issuer described in Article V hereof.

  • Additional Property means, in respect of a Series, the rights and benefits provided in respect of the Series, or applicable Class, pursuant to any letter of credit, surety bond, cash collateral account, spread account, guaranteed rate agreement, maturity liquidity facility, tax protection agreement, interest rate and/or currency swap agreement, loan agreement, enhancement agreement or other similar arrangement as contemplated under the Pooling and Servicing Agreement and as provided for in the related Series Purchase Agreement.

  • Acquired Property shall have the meaning set forth in Section 5.11(c)(i)(A) hereof.

  • Qualified Property has the meaning set forth in Section 313.021(2) of the TEXAS TAX CODE and as interpreted by the Comptroller’s Rules and the Texas Attorney General, as these provisions existed on the Application Review Start Date.

  • Substitute Mortgage Loan A Mortgage Loan substituted by the Seller for a Deleted Mortgage Loan which must, on the date of such substitution, as confirmed in a Request for Release, substantially in the form of Exhibit L, (i) have a Stated Principal Balance, after deduction of the principal portion of the Scheduled Payment due in the month of substitution, not in excess of, and not more than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan; (ii) have an Adjusted Net Mortgage Rate not lower than the Adjusted Net Mortgage Rate of the Deleted Mortgage Loan, provided that the Master Servicing Fee for the Substitute Mortgage Loan shall be equal to or greater than that of the Deleted Mortgage Loan; (iii) have a maximum mortgage rate not more than 1% per annum higher or lower than the maximum mortgage rate of the Deleted Mortgage Loan; (iv) have a minimum mortgage rate specified in its related Mortgage Note not more than 1% per annum higher or lower than the minimum mortgage rate of the Deleted Mortgage Loan; (v) have the same mortgage index, reset period and periodic rate as the Deleted Mortgage Loan and a gross margin not more than 1% per annum higher or lower than that of the Deleted Mortgage Loan (vi) be accruing interest at a rate no lower than and not more than 1% per annum higher than, that of the Deleted Mortgage Loan; (iv) have a Loan-to-Value Ratio no higher than that of the Deleted Mortgage Loan; (vii) have a remaining term to maturity no greater than (and not more than one year less than that of) the Deleted Mortgage Loan; (viii) not be a Cooperative Loan unless the Deleted Mortgage Loan was a Cooperative Loan and (ix) comply with each representation and warranty set forth in Section 2.3 hereof.

  • Transferred Property shall have the meaning specified in Section 2.1(a) hereof.

  • New property means (i) the assessed value, after final

  • Underlying Mortgaged Property With respect to each Co-op Loan, the underlying real property owned by the related residential cooperative housing corporation.

  • Federal property means any build- ing, land, or other real property owned, leased, or occupied by any department, agency or instrumentality of the United States (including the Depart- ment of Defense and the U.S. Postal Service), or any other instrumentality wholly owned by the United States, or by any department or agency of the District of Columbia or any territory or possession of the United States.

  • Substitution Date has the meaning specified in Paragraph 4(d)(ii).

  • Retail Property means each Property listed on Part I of Schedule 6.1.(f) hereto as a Retail Property and any other Property, a substantial use of which is the retail sale of goods and services, which may include a Property that is part of a Mixed-Use Project.

  • Property Owner Association Property means, for each Fiscal Year, any property within the boundaries of IA No. 1 that was owned by a property owner association, including any master or sub-association, as of January 1 of the prior Fiscal Year.

  • Commercial property means property formerly or currently used primarily for business, retail, governmental or professional purposes.

  • Blighted property means property that meets any of the following criteria:

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

  • Additional Mortgaged Property shall have the meaning provided in Section 8.11(a).

  • Operating Property means any property owned, leased, or operated by the Party in question or by any of its Subsidiaries or in which such Party or Subsidiary holds a security interest or other interest (including an interest in a fiduciary capacity), and, where required by the context, includes the owner or operator of such property, but only with respect to such property.