Substitute Property. If, while any of the Restricted Shares remain subject to forfeiture, there occurs a merger, reclassification, recapitalization, stock split, stock dividend or other similar event or transaction resulting in new, substituted or additional securities being issued or delivered to the Grantee by reason of the Grantee’s ownership of the Restricted Shares, such securities will constitute “Restricted Shares” for all purposes of this Agreement and any certificate issued to evidence such securities will immediately be deposited with the secretary of the Company (or his or her designee) and subject to the escrow described in Section 3, above.
Substitute Property. Each Property Substitution shall be subject to the satisfaction of the following conditions precedent (collectively, the “Substitution Requirements”):
Substitute Property. If, while any of the Restricted Units remain subject to a Restricted Period, there occurs a merger, reclassification, recapitalization, stock split, stock dividend or other similar event or transaction resulting in new, substituted or additional securities being issued or delivered to the Participant by reason of the Participant’s ownership of the Restricted Units, such securities will constitute “Restricted Units” for all purposes of this Agreement.
Substitute Property. Provided that the Substitution Conditions (as defined below) are satisfied in all respects, Borrower shall be entitled, either simultaneously or after the Bank issues any Partial Release in accordance with the terms and conditions of Subsections 16(a) and (b) herein above, to substitute or add properties owned by the Borrower or any of its subsidiaries (each such property a “Substitute Property”) to the Property securing the Credit Loan, thereby increasing the Credit Loan (and the Bank’s commitment to fund the Credit Loan) to an amount which shall not exceed the lesser of (i) $12,500,000.00; or (ii) 65.00% of the then current aggregate appraised fair market value of the Property and each Substitute Property, on a “leased fee interest” basis, as determined by the Bank in its sole discretion (the “Modified Credit Loan”).
Substitute Property. (a) The Authority may propose, in writing, a Substitute Property in place of any of the Properties in Schedule 1.
Substitute Property. 2.01(f) Survey.....................................................................................................2.01(b) Surveys....................................................................................................2.01(b) Surviving Obligations.........................................................................................1.06
Substitute Property. If, while any of the Vesting Shares remain subject to forfeiture, there occurs a merger, reclassification, recapitalization, stock split, stock dividend or other similar event or transaction resulting in new, substituted or additional securities being issued or delivered to the Participant by reason of the Participant’s ownership of the Vesting Shares, such securities will constitute “Vesting Shares” for all purposes of this Agreement and any certificate issued to evidence such securities will immediately be deposited with the secretary of the Company (or his or her designee) and subject to the escrow described in Section 3, above.
Substitute Property. 73 46. DEFEASANCE.............................................................. 76
Substitute Property. If the Series FL01 property is being acquired a Series property directly from an unrelated third-party seller and the proposed acquisition does not close, each investor authorizes the Series to pursue a similar situated property for acquisition. EXHIBIT B USE OF PROCEEDS We estimate that the gross proceeds of the offering of Series FL01 interests will be approximately $231,000, assuming the full amount of the offering is sold, and will be used in the following order of priority of payment: Use Amount % of Gross Proceeds Broker Fee[1]: $ 2,310 1 % Repayment of loan from Fundhomes, Inc.[2]: $ 180,000 77.92 % Offering Expenses: $ 11,525 4.99 % Operating & Reserves: $ 10,000 4.33 % Acquisition Fee[3]: $ 10,000 4.33 % Rent Ready Fee[4]: $ 17,165 7.43 % Total Proceeds: $ 231,000 100 % [1] Broker fee to be paid to Dalmore Group, LLC [2] In connection with the acquisition of the Series FL01 property, Fundhomes, Inc., the Manager and initial member of Series FL01, provided a loan to Series FL01 in the amount of $180,000 pursuant to that certain promissory note dated June 3, 2022, which loan will be repaid in full form the proceeds received from the sale of FL01 Interests. The loan from the Manager covered a portion of the Series FL01 property purchase price, the acquisition expenses of $1,753.06 and the rent ready expenses of $40,300.00. A copy of the promissory note is included as Exhibit 6.5 to the Offering Statement. [3] Represents a fee payable to the Manager in connection with the search and negotiation of the Series FL01 property purchase as set forth in the Certificate of Designation for Series FL01. [4] Represents a fee payable to the Manager in connection with setting up and preparing the Series FL01 property for rent. The allocation of the net proceeds of this offering set forth above represents our intentions based upon our current plans and assumptions regarding industry and general economic conditions, our future revenues, if any, and expenditures. The amounts and timing of our actual expenditures will depend upon numerous factors, including market conditions, cash generated by our operations, business developments, and the proceeds of the offering. The Manager reserves the right to modify the use of proceeds based on the factors set forth above and in the Company’s Offering Circular.
Substitute Property any parcel of Real Estate, the Fixtures and Equipment located thereon and the Leases and Rents arising therefrom which do not comprise a Mortgaged Property as of the Closing Date.
