Partial Reconveyance. Upon the prior written request by Trustor -------------------- to Beneficiary requesting that a portion of the Mortgaged Property that constitutes a separate legal parcel (hereinafter referred to as a "Parcel") be reconveyed, Beneficiary shall cause such Parcel(s) to be released from the lien of this Deed of Trust by depositing a request for such reconveyance into an escrow opened by or for Trustor in connection with the sale or refinance of such Parcel(s) provided that: -------- ----
Partial Reconveyance. Upon the recordation of a final parcel map with the Office of the County Recorder by the City of San Diego dividing the property into two separate legal parcels substantially in the manner shown on Exhibit "A" attached hereto and made a part hereof by this reference, Beneficiary agrees to cause Trustee to reconvey that portion of the property identified as parcel 2 on the attached Exhibit "A", which partial reconveyance of the property shall be conditioned upon: (A) a reduction in the principle amount of the Promissory Note secured by this Deed of Trust of not less than $1,710,000.00; and (B) Trustor not being in default under the terms of this Deed of Trust, the Promissory Note secured hereby, the Building Loan Agreement, the Security Loan Agreement, the Security Agreement or any of the other loan documents executed with Beneficiary in conjunction with this Deed of Trust. The undersigned Trustor requests that a copy of any notice of default and of any notice of sale hereunder be mailed to him at his address hereinbefore set forth. Signature of Trustor Signature of Trustor WESTERRA PACIFIC ASSOCIATES, a California General Partnership By: /s/ EDWAXX X. XXXXXXX, XX., -------------------------------- General Partner By: /s/ E. SXXXXXX XXXIXXXX, -------------------------------- General Partner By: WesTerra Executives, Ltd., a California limited partnership, General Partner By: /s/ EDWAXX X. XXXXXXX, XX., --------------------------------- General Partner STATE OF CALIFORNIA ) ) SS. COUNTY OF SAN DIEGO ) 52 [SORRENTO LANDS AND TOWNSITE MAPS 382 & 483] PRELIMINARY PARCEL MAP LEGAL DESCRIPTION Lot 0 xx Xxxxxxxx Xxxxxxxxxx Xxxx Xxxx Xx. 0, Xxx Xx. 00000.
Partial Reconveyance. Subject to the terms and conditions of this section 6, the County agrees to the partial reconveyance of the County Deed of Trust from the following Encumbered Agency Properties (the “Released Properties”):
Partial Reconveyance. After disbursement of the principal of the Loan, Borrower shall be entitled to obtain partial reconveyance of entire properties encumbered by this Deed of Trust (but not portions of such properties) from the liens of this Deed of Trust on the following terms and conditions:
Partial Reconveyance. Upon Beneficiary's receipt from Grantor of copies of all executed and acknowledged transfer documents, conveying that portion of the Property described in Exhibit C ("Exhibit C Property") to Xxxxxx X. Xxxxx, Beneficiary shall execute and deliver a partial reconveyance of this Deed of Trust with respect to that Exhibit C Property contemporaneously with the transfer of said Exhibit C Property by Section 4.1 of the Settlement Agreement, dated as of February 28, 2002, by and between Pacific Aerospace & Electronics, Inc. and Xxxxxx X. Xxxxx., provided, however, that such obligation to reconvey said Exhibit C Property shall expire on June 1, 2002 and, thereafter, Beneficiary shall have no obligation to deliver such partial reconveyance of said Exhibit C Property.
Partial Reconveyance. At any time after the Lockout Date, but prior to the Maturity Date of the Loan, Administrative Agent shall, at Borrower’s request, reconvey a Property from the lien of the applicable Security Documents (a “Property Release”) and shall release the applicable Borrower from the Loan Documents (including the Note); provided, that prior to or simultaneously with such partial reconveyance all of the following conditions shall be satisfied:
Partial Reconveyance. The Deed of Trust for Fiscal Year 2006 (Exhibit D) and the Deed of Trust for Fiscal Year 2007 (Exhibit E) will, as of the date of their first recording (“Recording Date”) encumber the City’s title to two parcels described as Parcel 2 and Parcel 3 in the legal descriptions attached as Exhibit “A” to each such Deed of Trust. Parcel 2 currently contains approximately 81 acres, and Parcel 3 currently contains less than 5 acres. The Exhibit D Deed of Trust is intended to be second in priority on the Recording Date, and the Exhibit E Deed of Trust is intended to be first in priority on the Recording Date. At any time after the Recording Date, the City may, but is not required to, process and implement a change to the configuration and size of Parcel 2 and Parcel 3 (“Parcel Change”). The purpose of the Parcel Change is to create two parcels of approximately equal value – being approximately 42 acres, and each with sufficient access to Friars Road to be reasonably usable for development in the future. SDCERS will cooperate reasonably with the City if the Parcel Change is implemented, including executing documents as reasonably required as the beneficiary of the Exhibit D Deed of Trust and the Exhibit E Deed of Trust.. After the Parcel Change is completed, SDCERS will, within twenty (20) days after written request from City, execute and deliver to the City a partial reconveyance of the lien of Exhibit D Deed of Trust from Parcel 2, and a partial reconveyance of the lien of Exhibit E Deed of Trust from Parcel 3. The purpose of such partial reconveyances is to have the Exhibit D Deed of Trust encumber City’s title to Parcel 3 only, and have the Exhibit E Deed of Trust encumber the City’s title to Parcel 2 only. The parties agree that neither the Parcel Change nor such reconveyances are a Substitution of Collateral (as defined below in Section 3a(6).).
Partial Reconveyance. As provided in the next sentence, Lender shall cause the trustee under the Deed of Trust to provide partial reconveyances of subdivided lots after platting of at least one hundred sixty (160) lots designated for Market Housing Units and ninety-five (95) lots designated for Affordable Housing Units and completion of all subdivision infrastructure improvements. If, but only if, no default exists by Borrower under this Note or the Deed of Trust, or with the giving of notice or passage of time, or both, such a default would exist, then Lender shall cause the Trustee to release and reconvey lots contained in future proposed Phases by Phase upon payment by Buyer of each of the three (3) installment payments as provided above, provided each future proposed Phase shall in good faith be reasonably consistent with the subdivision of the Property contemplated herein, with other approved Phases, shall tie in to existing Infrastructure Improvements, and shall as equally as reasonably possible balance acreage, developable lots, trails, paths, bridges and green space with all prior approved Phases. [The balance of this page is blank-- Signature of Borrower on next page]
Partial Reconveyance. Notwithstanding anything to the contrary contained in the Loan Documents, Lender will partially release its interest under the Deed of Trust with respect to a Project in connection with Borrower's bona fide sale of such Project to a third party, upon the satisfaction of all of the following conditions with respect to the release of each Project:
Partial Reconveyance. At any time, without liability therefor and without notice, and without affecting the personal liability of Trustor or any other person for payment of the Obligations, Trustee may, with the consent of Beneficiary: (a) release and reconvey by deed of reconveyance any part of the Trust Estate from the lien hereof; (b) consent to the making and recording of any maps or plats of the Trust Estate; (c) join in granting any easement on the Trust Estate; or (d) join in any extension agreement or any agreement subordinating or modifying the lien or charge hereof. If Trustee shall perform any such acts or execute complete or partial reconveyances it shall be paid a fee in accordance with its established fees and charges therefor.
