Brentwood Oaks Release Request Sample Clauses

Brentwood Oaks Release Request. Subject to the terms and conditions of this Section 3.04A, Borrower shall have the one-time right to submit a written release request to Lender (a “Brentwood Oaks Release Request”) with respect to that certain parcel of real property constituting a portion of the Collateral comprising Brentwood Oaks (the “Brentwood Oaks Release Parcel”). The Brentwood Oaks Parcel Release Request shall contain Borrower’s representation and warranty that the Brentwood Oaks Release Parcel is not necessary to the operation of Brentwood Oaks and its release will not adversely effect the value of the Collateral and shall be accompanied by the following: (i) a then-current report from an independent appraiser that assesses the impact that the release of the Brentwood Oaks Release Parcel will have on the operations and value of Brentwood Oaks; (ii) any other evidence demonstrating to Lender’s satisfaction that the Brentwood Oaks Release Parcel is not necessary to the operation of Brentwood Oaks and its release will not adversely effect the value of the Collateral, (iii) evidence that the Remaining Brentwood Oaks Parcel shall be a legally subdivided parcel; (iv) all other documents requested by, and satisfactory to, Lender in connection therewith, and (v) a form of release in recordable form prepared by Borrower for execution by Lender.
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