Default Properties Clause Samples

Default Properties. Notwithstanding the requirements of Section 2.10(a) hereof, in the event Lender has delivered a notice of a non-monetary Event of Default which relates specifically to an Individual Property (a “Default Property”) and Borrower has demonstrated in good faith, as determined by Lender in its reasonable discretion, that (i) Borrower has exercised commercially reasonable efforts to cure such Event of Default and is unable to cure such non-monetary Event of Default (which cure, for the avoidance of doubt, will not require any capital contribution to Borrower to effectuate any cure) and (ii) such Event of Default is not the result of the willful misconduct or bad faith actions of Borrower or any of its Affiliates and such Event of Default relates solely to the Default Property, then Borrower shall have the right to obtain a release of the Default Property (a “Default Release”) in accordance with Section 2.10(a) hereof but without the satisfaction of (A) the requirement that no Event of Default then be continuing, so long as the only continuing Event of Default will be cured by virtue of releasing the Default Property, and (B) the requirement that any release to an Affiliate of Borrower be on arms’ length terms, provided, however, if such Default Release occurs prior to the Prepayment Lockout Release Date, Borrower shall be required to pay the Yield Maintenance Default Premium (instead of the applicable Yield Maintenance Premium).