Partial Defeasance. Provided no Event of Default shall have occurred and remain uncured, Borrower shall have the right at any time after the REMIC Prohibition Period to voluntarily defease a portion of the Loan and obtain a release of the lien of the Mortgage as to any Parcel by providing Lender with the Partial Defeasance Collateral (hereinafter, a "PARTIAL DEFEASANCE EVENT") upon satisfaction of the following conditions precedent:
Appears in 2 contracts
Sources: Loan Agreement (Sun Communities Inc), Loan Agreement (Sun Communities Inc)