Common use of Final Payment and Release Clause in Contracts

Final Payment and Release. When the Assessment, Contractual Interest, any prepayment penalty, and any penalties, interest, fees, or costs due under or authorized by the PACE Act or the Financing Documents have been paid in full, Local Government’s rights under the Owner Contract will cease and terminate. Upon notice from Lender that all amounts due have been paid in full, Authorized Representative will execute a release of the Assessment and the Owner Contract and record the release.

Final Payment and Release. When the AssessmentAssessment has been satisfied and paid in full, Contractual Interesttogether with all interest and prepayment premiums, any prepayment penaltyif any, provided under the Financing Documents and any penalties, interestall costs, fees, or costs due penalties, and interest applicable under or authorized by the PACE Act and payable to Lender or the Financing Documents have been paid in fullLocal Government, Local Government’s rights under the Owner Contract will cease and terminate. Upon notice from Lender that all amounts due owing have been paid in full, Authorized Representative Local Government will execute a release of the Assessment and the Owner Contract and Contract. Thereafter, the Authorized Representative will record the releaseRelease.