Partial Reconveyance Sample Clauses

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”): (i) that certain real property located at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, commonly known as Old Fire Station No.1, and more particularly described on Exhibit A attached hereto. (ii) that certain real property located at ▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, formerly known as the Plaza Hotel and more particularly described on Exhibit B attached hereto.

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 ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, 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 ▇▇▇▇▇▇ ▇. ▇▇▇▇▇., 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. 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. 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 "Lot") be reconveyed, Beneficiary shall cause such Lot(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 of such Lot(s) provided -------- that: ---- (a) No Event of Default has occurred and is continuing and no event has occurred which, with notice or lapse of time or both, would constitute an Event of Default; (b) Beneficiary is paid the "Release Price" for such Lot, as that term is defined in the Note; (c) Trustor shall be responsible for obtaining (and providing evidence of such to Beneficiary's satisfaction) all governmental approvals which may be required in order that the reconveyance or a subsequent foreclosure of the Mortgaged Property remaining subject to the lien of this Deed of Trust will not result in a disposition of property constituting a violation of any ordinance, law or regulation of any public authority relating to the subdivision, development or sale or resale of real property; (d) Beneficiary shall not be required to direct Trustee to reconvey any Lot if: (i) Such reconveyance would, in the opinion of Beneficiary, (A) result in a disposition of property constituting the violation of any ordinance, law or regulation of any public authority or covenant, condition or restriction affecting the Mortgaged Property relating to the subdivision, development, sale or resale of real property, or (B) result in the violation of any ordinance, law or regulation of any public authority or covenant, condition or restriction affecting the Mortgaged Property relating to the subdivision, development, sale or resale of real property upon foreclosure by Beneficiary of any portion of the Mortgaged Property remaining subject to the lien of this Deed of Trust; or (ii) Such reconveyance would, in the opinion of Beneficiary, deny any portion of the Mortgaged Property remaining subject to the lien of this Deed of Trust the right of ingress and egress to and from any dedicated street to which such Mortgaged Property would otherwise be entitled or the right of access to any public utility services, lines and facilities to which such Mortgaged Property would otherwise be entitled or would restrict or adversely affect any such rights of ingress, egress ...

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.

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: (1) A release under this Section 6.13 may not take place more than three (3) times during the term of the Loan; (2) The property to be reconveyed shall constitute an entire real estate development, comprising one of the properties encumbered by

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: (a) There shall be no Event of Default or Potential Default hereunder or under any of the other Loan Documents and no Event of Default shall have occurred under any of the Loan Documents; (b) Borrower shall give Lender at least thirty (30) days prior written notice of Borrower's request for the release of any Project; (c) Lender shall have determined that the outstanding principal balance of the Loan, after the release of the applicable Project, will not exceed, or shall be reduced with the proceeds of such sale to an amount which does not exceed, the Borrowing Base Amount (calculated excluding the Project which Borrower is requesting be released); (d) The Title Company shall issue appropriate endorsements to the Title Policy insuring the remaining Deed of Trust which provide that, (i) notwithstanding the release of the Deed of Trust for the Project in question, the lien of the Deed of Trust on the remaining Projects will continue to be a first lien, subject to no exceptions to title other than those shown on the Title Policy; (e) Borrower shall pay all reasonable costs associated with the release of Lender's interest in the applicable Project, including, without limitation, the costs of Lender's title policy endorsements referred to above, escrow costs, and Lender's reasonable legal fees and costs incurred in connection therewith; and (f) Lender shall have received payment, in immediately available funds of a non-refundable processing fee in the amount of Two Thousand Dollars ($2,000), which amount shall be nonrefundable and fully earned by Lender upon Borrower's request for the release of the applicable Project and shall be in addition to all other amounts required to be paid by Borrower under the Loan Documents.

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.