{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "first-open-defeasance-date", "type": "definition", "offset": [10, 36]}, {"key": "prior-to-the", "type": "clause", "offset": [41, 53]}, {"key": "payment-date", "type": "clause", "offset": [65, 77]}, {"key": "no-event-of-default-exists", "type": "clause", "offset": [92, 118]}, {"key": "from-time-to-time", "type": "clause", "offset": [133, 150]}, {"key": "the-lien", "type": "clause", "offset": [203, 211]}, {"key": "documents-of", "type": "clause", "offset": [241, 253]}, {"key": "the-individual", "type": "clause", "offset": [267, 281]}, {"key": "mortgaged-properties", "type": "clause", "offset": [282, 302]}, {"key": "on-schedule", "type": "definition", "offset": [310, 321]}, {"key": "partial-release-property", "type": "definition", "offset": [394, 418]}, {"key": "provided-that", "type": "definition", "offset": [422, 435]}, {"key": "conditions-precedent", "type": "definition", "offset": [457, 477]}, {"key": "with-respect-to", "type": "clause", "offset": [498, 513]}, {"key": "release-of", "type": "clause", "offset": [531, 541]}, {"key": "term-of-the-loan", "type": "clause", "offset": [931, 947]}, {"key": "partial-release-parcel", "type": "definition", "offset": [979, 1001]}, {"key": "debt-service-coverage-ratio", "type": "definition", "offset": [1082, 1109]}, {"key": "the-mortgaged-property", "type": "clause", "offset": [1131, 1153]}, {"key": "equal-to", "type": "definition", "offset": [1248, 1256]}, {"key": "inclusive-of", "type": "clause", "offset": [1410, 1422]}, {"key": "the-foregoing", "type": "clause", "offset": [1493, 1506]}, {"key": "partial-defeasance-amount", "type": "definition", "offset": [1561, 1586]}, {"key": "notice-to-lender", "type": "clause", "offset": [1648, 1664]}, {"key": "days-prior", "type": "definition", "offset": [1694, 1704]}, {"key": "upon-completion-of-the", "type": "clause", "offset": [1845, 1867]}, {"key": "allocated-loan-amounts", "type": "clause", "offset": [2069, 2091]}, {"key": "the-value", "type": "clause", "offset": [2289, 2298]}, {"key": "prepared-by", "type": "clause", "offset": [2384, 2395]}, {"key": "approved-by", "type": "clause", "offset": [2407, 2418]}, {"key": "expenses-of", "type": "clause", "offset": [2440, 2451]}, {"key": "by-borrower", "type": "clause", "offset": [2472, 2483]}, {"key": "a-loan", "type": "definition", "offset": [2510, 2516]}, {"key": "value-ratio", "type": "definition", "offset": [2520, 2531]}, {"key": "based-on", "type": "definition", "offset": [2533, 2541]}, {"key": "outstanding-principal-balance-of-the-loan", "type": "definition", "offset": [2546, 2587]}, {"key": "lesser-of", "type": "definition", "offset": [2708, 2717]}, {"key": "in-connection-with", "type": "clause", "offset": [3469, 3487]}, {"key": "bona-fide", "type": "clause", "offset": [3490, 3499]}, {"key": "sale-of-the", "type": "clause", "offset": [3509, 3520]}, {"key": "unaffiliated-third-party", "type": "definition", "offset": [3550, 3574]}, {"key": "terms-and-conditions", "type": "definition", "offset": [3590, 3610]}, {"key": "upon-closing", "type": "clause", "offset": [3616, 3628]}, {"key": "affiliate-of-borrower", "type": "definition", "offset": [3720, 3741]}, {"key": "borrower-will", "type": "clause", "offset": [3747, 3760]}, {"key": "date-of", "type": "clause", "offset": [3768, 3775]}, {"key": "partial-release-date", "type": "definition", "offset": [3802, 3822]}, {"key": "pursuant-to-section", "type": "clause", "offset": [3856, 3875]}, {"key": "a-portion", "type": "definition", "offset": [3891, 3900]}, {"key": "if-borrower", "type": "clause", "offset": [4107, 4118]}, {"key": "the-provisions-of", "type": "clause", "offset": [4284, 4301]}, {"key": "for-purposes-of", "type": "clause", "offset": [4427, 4442]}, {"key": "consent-in-writing", "type": "clause", "offset": [4514, 4532]}, {"key": "obligations-under-the-loan-documents", "type": "clause", "offset": [4560, 4596]}, {"key": "a-party", "type": "clause", "offset": [4615, 4622]}, {"key": "notwithstanding-the", "type": "definition", "offset": [4623, 4642]}, {"key": "other-instruments-or-documents", "type": "clause", "offset": [4718, 4748]}, {"key": "required-by", "type": "definition", "offset": [4759, 4770]}, {"key": "commercial-standards", "type": "clause", "offset": [4785, 4805]}, {"key": "mortgage-loans", "type": "definition", "offset": [4842, 4856]}, {"key": "in-order-to", "type": "clause", "offset": [4875, 4886]}, {"key": "lien-and-security-interest", "type": "clause", "offset": [4922, 4948]}, {"key": "cost-and-expense", "type": "clause", "offset": [5187, 5203]}, {"key": "policy-of-title-insurance", "type": "definition", "offset": [5248, 5273]}, {"key": "form-and-content", "type": "clause", "offset": [5290, 5306]}, {"key": "continued-validity", "type": "clause", "offset": [5373, 5391]}, {"key": "of-lender", "type": "clause", "offset": [5392, 5401]}, {"key": "lien-position", "type": "definition", "offset": [5410, 5423]}, {"key": "created-by", "type": "definition", "offset": [5424, 5434]}, {"key": "lien-created", "type": "clause", "offset": [5566, 5578]}, {"key": "valid-first-lien", "type": "clause", "offset": [5611, 5627]}, {"key": "borrower-shall", "type": "clause", "offset": [5676, 5690]}, {"key": "pay-for", "type": "definition", "offset": [5691, 5698]}, {"key": "costs-of", "type": "clause", "offset": [5703, 5711]}, {"key": "partial-releases", "type": "clause", "offset": [5736, 5752]}, {"key": "loan-modification-documents", "type": "definition", "offset": [5778, 5805]}, {"key": "restrictive-covenants", "type": "definition", "offset": [5839, 5860]}, {"key": "reasonable-attorneys", "type": "definition", "offset": [5890, 5910]}, {"key": "fees-and-costs", "type": "clause", "offset": [5912, 5926]}, {"key": "charges-and-costs", "type": "clause", "offset": [5939, 5956]}, {"key": "documentary-stamps", "type": "clause", "offset": [5988, 6006]}, {"key": "the-release", "type": "clause", "offset": [6035, 6046]}, {"key": "in-accordance-with", "type": "definition", "offset": [6079, 6097]}, {"key": "the-requirements", "type": "clause", "offset": [6098, 6114]}, {"key": "expenses-incurred-by-lender", "type": "clause", "offset": [6189, 6216]}, {"key": "requested-release", "type": "definition", "offset": [6240, 6257]}, {"key": "rating-confirmation", "type": "definition", "offset": [6338, 6357]}, {"key": "reasonable-costs-and-expenses", "type": "clause", "offset": [6427, 6456]}, {"key": "pay-or-reimburse", "type": "clause", "offset": [6532, 6548]}, {"key": "request-for", "type": "definition", "offset": [6637, 6648]}, {"key": "not-limited", "type": "clause", "offset": [6683, 6694]}, {"key": "review-of", "type": "clause", "offset": [6732, 6741]}], "samples": [{"hash": "lX0QY8ZsDIa", "uri": "/contracts/lX0QY8ZsDIa#partial-release", "label": "Loan Agreement (Affordable Residential Communities Inc)", "score": 21.0, "published": true}, {"hash": "f0qOGSjLtpH", "uri": "/contracts/f0qOGSjLtpH#partial-release", "label": "Loan Agreement (Affordable Residential Communities Inc)", "score": 21.0, "published": true}, {"hash": "dJuDdaFZqtK", "uri": "/contracts/dJuDdaFZqtK#partial-release", "label": "Loan Agreement (Affordable Residential Communities Inc)", "score": 21.0, "published": true}], "snippet": "After the First Open Defeasance Date and prior to the First Open Payment Date, and provided no Event of Default exists, Borrower may from time to time obtain a partial release (a \u201cPartial Release\u201d) from the lien of the Mortgage and the Loan Documents of up to two of the individual Mortgaged Properties listed on Schedule 2.17 hereto (each such individual Mortgaged Property to be released, a \u201cPartial Release Property\u201d), provided that all of the following conditions precedent have been satisfied with respect to any such Partial Release of any such Partial Release Property:\n(a) No Partial Release of a Partial Release Property will be permitted until after the First Open Defeasance Date or if any Event of Default has occurred and is continuing. No Partial Release of the Partial Release Property will be permitted on or after the First Open Payment Date. No more than two Partial Release Properties may be released during the term of the Loan.\n(b) No Partial Release of the Partial Release Parcel will be permitted unless Borrower establishes to Lender\u2019s satisfaction that the Debt Service Coverage Ratio for the remainder of the Mortgaged Property (i.e., exclusive of any income from the Partial Release Property) is and shall continue to be equal to or greater than the greater of (i) the Debt Service Coverage Ratio for the Mortgaged Property calculated immediately prior to the Partial Release (i.e., inclusive of the income from the Partial Release Property), and (ii) 1.30:1.00. If the foregoing condition would not be satisfied by defeasance of the Partial Defeasance Amount indicated in subparagraph (e) below, Borrower may by written notice to Lender given not less than ten (10) days prior to the Partial Defeasance increase the Partial Defeasance Amount to an amount which would result in the foregoing condition being satisfied upon completion of the Partial Defeasance of such larger Partial Defeasance Amount. No Partial Defeasance, nor any increase in any Partial Defeasance Amount under this paragraph (b) or paragraphs (c) below, shall affect the allocated loan amounts for the remaining Mortgaged Property as set forth on Schedule 2.17.\n(c) No Partial Release of the Partial Release Parcel will be permitted unless Borrower establishes to Lender\u2019s satisfaction that the value of the remainder of the Mortgaged Property (as determined by then-current Appraisals prepared by Appraisers approved by Lender, the fees and expenses of which shall be paid by Borrower) is sufficient to satisfy a loan-to-value ratio (based on the outstanding principal balance of the Loan immediately prior to the Partial Release, less the allocated loan amount for the Partial Release Property) which is the lesser of (i) 75% and (ii) the loan-to-value ratio for the Mortgaged Property (inclusive of the Partial Release Property, and based on the outstanding principal balance of the Loan immediately prior to the Partial Release) calculated immediately prior to the Partial Release. If the foregoing condition would not be satisfied by defeasance of the Partial Defeasance Amount indicated in subparagraph (e) below, Borrower may by written notice to Lender given not less than ten (10) days prior to the Partial Defeasance increase the Partial Defeasance Amount to an amount which would result in the foregoing condition being satisfied upon completion of the Partial Defeasance of such larger Partial Defeasance Amount.\n(d) The Partial Release shall be allowed only in connection with a bona fide all-cash sale of the Partial Release Parcel to an unaffiliated third party on arms-length terms and conditions, and upon closing of such sale (and thereafter) shall not be owned, purchased or acquired by Borrower or any Affiliate of Borrower.\n(e) Borrower will on the date of the Partial Release (the \u201cPartial Release Date\u201d) complete a Partial Defeasance, pursuant to Section 2.7 hereof, of a portion of the Loan (the \u201cPartial Defeasance Amount\u201d for such Partial Release Property) equal to 125% of the allocated loan amount for the Partial Release Property set forth on Schedule 2.17 hereto; provided, that if Borrower elects in connection with a Partial Defeasance of a Partial Release Property to increase the Partial Defeasance Amount for such Partial Release Property pursuant to the provisions of paragraphs (b) and/or (c) above, the Partial Defeasance Amount for such Partial Release Property shall be such higher amount for purposes of such Partial Defeasance.\n(f) Borrower will execute (and Guarantor will consent in writing thereto and reaffirm their obligations under the Loan Documents to which they are a party notwithstanding the Partial Release) and deliver all such amendments to the Loan Documents and other instruments or documents as may be required by Lender (using commercial standards customarily applied with respect to mortgage loans such as the Loan) in order to continue to fully protect Lender\u2019s lien and security interest in the remainder of the Mortgaged Property.\n(g) Borrower will cause the Master Homesite Lease(s) to be amended to exclude the Partial Release Property pursuant to documentation reasonably satisfactory to Lender.\n(h) Borrower, at its sole cost and expense, shall obtain endorsements to Lender\u2019s loan policy of title insurance satisfactory in form and content to Lender, which endorsements will (a) affirmatively evidence the continued validity of Lender\u2019s first lien position created by the Loan Documents through the date of recordation of the partial release of the Partial Release Property, and (b) insure that the lien created by the Loan Documents remains a valid first lien on the remainder of the Mortgaged Property.\n(i) Borrower shall pay for the costs of preparing and recording partial releases, UCC-3 releases, and any loan modification documents, easements, declarations, and/or restrictive covenants required by Lender, Lender\u2019s reasonable attorneys\u2019 fees and costs, all survey charges and costs, all title premiums and costs, documentary stamps incurred in connection with the release of the Partial Release Property in accordance with the requirements contained herein, and all other reasonable out-of-pocket costs, fees, and expenses incurred by Lender in connection with the requested release of the Partial Release Property.\n(j) Borrower shall have provided Lender with a Rating Confirmation with respect to the Partial Release.\n(k) Borrower shall pay Lender\u2019s reasonable costs and expenses in connection with the Partial Release, as set forth below. Borrower shall pay or reimburse Lender for all reasonable costs and expenses incurred by Lender in connection with such request for a Partial Release, including, but not limited to, the preparation, negotiation and review of any and all materials required to be provided in connection therewith (including Lender\u2019s reasonable attorneys\u2019 fees and expenses).", "size": 31, "hash": "772f4ef1adb920b33281b467d01b6587", "id": 1}, {"snippet_links": [{"key": "the-borrower", "type": "clause", "offset": [11, 23]}, {"key": "the-property", "type": "clause", "offset": [44, 56]}, {"key": "in-accordance-with", "type": "definition", "offset": [57, 75]}, {"key": "upon-borrower", "type": "definition", "offset": [100, 113]}, {"key": "written-request", "type": "definition", "offset": [116, 131]}, {"key": "prior-notice", "type": "clause", "offset": [183, 195]}, {"key": "individual-properties", "type": "clause", "offset": [240, 261]}, {"key": "loan-year", "type": "clause", "offset": [294, 303]}, {"key": "the-cumulative", "type": "clause", "offset": [320, 334]}, {"key": "set-out", "type": "definition", "offset": [342, 349]}, {"key": "the-lien", "type": "clause", "offset": [362, 370]}, {"key": "the-documents", "type": "clause", "offset": [374, 387]}, {"key": "release-property", "type": "definition", "offset": [390, 406]}, {"key": "the-following-terms-and-conditions", "type": "clause", "offset": [415, 449]}, {"key": "the-request", "type": "clause", "offset": [470, 481]}, {"key": "the-release", "type": "clause", "offset": [498, 509]}, {"key": "event-of-default-under", "type": "definition", "offset": [529, 551]}, {"key": "no-condition", "type": "clause", "offset": [589, 601]}, {"key": "state-of", "type": "definition", "offset": [605, 613]}, {"key": "passage-of-time", "type": "clause", "offset": [635, 650]}, {"key": "giving-of-notice", "type": "clause", "offset": [658, 674]}, {"key": "an-event-of-default", "type": "definition", "offset": [701, 720]}, {"key": "date-of-this", "type": "clause", "offset": [810, 822]}, {"key": "prior-to-the", "type": "clause", "offset": [874, 886]}, {"key": "loan-term", "type": "definition", "offset": [914, 923]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [929, 957]}, {"key": "consist-of", "type": "clause", "offset": [1002, 1012]}, {"key": "the-individual", "type": "clause", "offset": [1020, 1034]}, {"key": "street-address", "type": "clause", "offset": [1091, 1105]}, {"key": "exhibit-e", "type": "clause", "offset": [1127, 1136]}, {"key": "borrower-shall", "type": "clause", "offset": [1226, 1240]}, {"key": "payment-to-lender", "type": "clause", "offset": [1271, 1288]}, {"key": "equal-to", "type": "definition", "offset": [1303, 1311]}, {"key": "lesser-of", "type": "definition", "offset": [1354, 1363]}, {"key": "applicable-to", "type": "clause", "offset": [1422, 1435]}, {"key": "payments-made", "type": "clause", "offset": [1532, 1545]}, {"key": "applicable-prepayment-premium", "type": "clause", "offset": [1639, 1668]}, {"key": "the-note", "type": "clause", "offset": [1675, 1683]}, {"key": "based-on", "type": "definition", "offset": [1685, 1693]}, {"key": "in-addition", "type": "clause", "offset": [1790, 1801]}, {"key": "all-amounts-due", "type": "clause", "offset": [1807, 1822]}, {"key": "with-respect-to", "type": "clause", "offset": [1823, 1838]}, {"key": "date-of-payment", "type": "definition", "offset": [1902, 1917]}, {"key": "costs-and-expenses", "type": "clause", "offset": [1942, 1960]}, {"key": "pro-rata-basis", "type": "definition", "offset": [2143, 2157]}, {"key": "allocated-loan-amounts", "type": "clause", "offset": [2182, 2204]}, {"key": "release-prices", "type": "definition", "offset": [2289, 2303]}, {"key": "debt-service-coverage-ratio", "type": "definition", "offset": [2341, 2368]}, {"key": "remaining-property", "type": "definition", "offset": [2401, 2419]}, {"key": "the-portfolio", "type": "definition", "offset": [2423, 2436]}, {"key": "value-ratio", "type": "definition", "offset": [2562, 2573]}, {"key": "in-the-event-the", "type": "clause", "offset": [2717, 2733]}, {"key": "ratio-of", "type": "clause", "offset": [2748, 2756]}, {"key": "by-lender", "type": "definition", "offset": [2812, 2821]}, {"key": "sole-discretion", "type": "definition", "offset": [2829, 2844]}, {"key": "required-level", "type": "definition", "offset": [2858, 2872]}, {"key": "the-right", "type": "clause", "offset": [2894, 2903]}, {"key": "payment-of-the", "type": "clause", "offset": [2916, 2930]}, {"key": "the-provisions", "type": "clause", "offset": [2980, 2994]}, {"key": "to-pay", "type": "clause", "offset": [3018, 3024]}, {"key": "the-proposed", "type": "clause", "offset": [3222, 3234]}, {"key": "the-assignment", "type": "definition", "offset": [3323, 3337]}, {"key": "in-no-event-will", "type": "clause", "offset": [3343, 3359]}, {"key": "in-total", "type": "clause", "offset": [3438, 3446]}, {"key": "term-of-the-loan", "type": "clause", "offset": [3458, 3474]}, {"key": "pay-to", "type": "definition", "offset": [3547, 3553]}, {"key": "release-fee", "type": "clause", "offset": [3563, 3574]}, {"key": "balance-of-the", "type": "clause", "offset": [3625, 3639]}, {"key": "in-no-event-shall", "type": "clause", "offset": [3779, 3796]}, {"key": "payable-to", "type": "definition", "offset": [3871, 3881]}, {"key": "request-for", "type": "definition", "offset": [3904, 3915]}, {"key": "recording-costs", "type": "definition", "offset": [3990, 4005]}, {"key": "not-limited", "type": "clause", "offset": [4021, 4032]}, {"key": "cost-of", "type": "definition", "offset": [4041, 4048]}, {"key": "conveyance-documentation", "type": "clause", "offset": [4081, 4105]}, {"key": "modification-of", "type": "clause", "offset": [4110, 4125]}, {"key": "legal-fees-and-costs", "type": "clause", "offset": [4151, 4171]}, {"key": "title-insurance-endorsements", "type": "clause", "offset": [4189, 4217]}, {"key": "lender-may", "type": "definition", "offset": [4223, 4233]}, {"key": "expenses-incurred", "type": "definition", "offset": [4247, 4264]}, {"key": "by-the-lender", "type": "clause", "offset": [4265, 4278]}, {"key": "in-connection-with", "type": "clause", "offset": [4279, 4297]}, {"key": "due-and-payable", "type": "definition", "offset": [4337, 4352]}, {"key": "release-of", "type": "clause", "offset": [4419, 4429]}, {"key": "loan-balance", "type": "clause", "offset": [4525, 4537]}, {"key": "the-closing-date", "type": "clause", "offset": [4643, 4659]}, {"key": "other-terms-and-conditions", "type": "definition", "offset": [4686, 4712]}, {"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [4749, 4789]}, {"key": "borrower-and-guarantor", "type": "clause", "offset": [4841, 4863]}, {"key": "substitutions-of-collateral", "type": "clause", "offset": [4975, 5002]}, {"key": "substitution-of-collateral", "type": "clause", "offset": [5039, 5065]}, {"key": "substituted-property", "type": "definition", "offset": [5182, 5202]}, {"key": "five-percent", "type": "clause", "offset": [5319, 5331]}, {"key": "total-value", "type": "clause", "offset": [5345, 5356]}, {"key": "to-borrower", "type": "definition", "offset": [5470, 5481]}, {"key": "the-third-party", "type": "definition", "offset": [5495, 5510]}, {"key": "other-transferee", "type": "definition", "offset": [5533, 5549]}], "samples": [{"hash": "5xBjG5jpBT4", "uri": "/contracts/5xBjG5jpBT4#partial-release", "label": "Mortgage and Security Agreement (Cornerstone Realty Income Trust Inc)", "score": 18.0, "published": true}], "snippet": "So long as the Borrower has not transferred the Property in accordance with Section 5.03 hereof and upon Borrower's written request, to be received with not less than sixty (60) days prior notice, Lender shall release not more than two (2) Individual Properties (defined below) (during any one loan year, but subject to the cumulative limits set out below) from the lien of the Documents (\"Release Property\"), upon the following terms and conditions:\n(a) At the time of the request and the time of the release, there shall be no Event of Default under the Documents, and there shall exist no condition or state of facts which with the passage of time or the giving of notice or both, would constitute an Event of Default under the Documents;\n(b) Any such request may be made beginning six (6) months after the date of this Instrument and any such partial release must occur prior to the last six (6) months of the Loan term;\n(c) For purposes of this Section 10.01, each Release Property released shall consist of one of the Individual Properties (herein so called) as identified by either a street address or a complex name on Exhibit E attached hereto and by this reference made a part hereof;\n(d) For each Release Property, Borrower shall have made the \"Release Price\" payment to Lender, in an amount equal to one hundred fifteen percent (115%) of the lesser of (i) the Allocated Loan Amount (as set forth on Exhibit E) applicable to the Release Property, or (ii) the subsequently reduced allocated Loan Amount as a result of the payments made under this subparagraph 10.01(d) and allocated under subparagraph 10.01(e) together with the applicable Prepayment Premium under the Note (based on the Release Price);\n(e) The Release Price shall be applied against the Note and Borrower shall, in addition, pay all amounts due with respect to such Release Price with respect to interest thereon due to the date of payment, Prepayment Premium and costs and expenses. Lender shall apply the portion of the Release Price (but specifically excluding any Prepayment Premium) which is in excess of the Allocated Loan Amount to the Release Property on a pro rata basis to all of the remaining Allocated Loan Amounts (which shall, as to subparagraph 10.01(d), reduce the amount for calculating future Release Prices;\n(f) At the time of the release, the Debt Service Coverage Ratio, calculated with respect to the remaining property in the Portfolio (excluding the Release Property) shall be equal to or greater than 1.90 to 1.00;\n(g) At the time of the release, the Loan to Value Ratio, calculated with respect to the remaining property in the Portfolio (excluding the Release Property), does not exceed sixty-two percent (62%). In the event the Loan to Value Ratio of the remaining property in the Portfolio (as determined by Lender in its sole discretion) exceeds the required level, Borrower shall have the right, subject to payment of the Prepayment Premium calculated in accordance with the provisions set forth in the Note, to pay Lender the amount necessary to reduce the Loan to Value Ratio of the remaining property in the Portfolio to the required level. Lender shall have determined, in its sole discretion, that following the proposed partial release, the entire Portfolio shall meet the leasing percentage requirements in the Assignment.\n(h) In no event will Lender be required to release more than five (5) of the Individual Properties in total during the term of the Loan;\n(i) For each Release Property requested to be released, Borrower shall pay to Lender a release fee equal to one-half percent (0.5%) of the principal balance of the Allocated Loan Amount (as the same may be reduced by payments described in Section 10.01(e) above) applicable to the Release Property (but in no event shall such release fee be less than $10,000), which shall be non-refundable and payable to Lender at the time of request for partial release;\n(j) Borrower shall pay to Lender all escrow, closing and recording costs including, but not limited to, the cost of preparing and delivering any re-conveyance documentation and modification of the Documents, including legal fees and costs, the cost of any title insurance endorsements that Lender may require, any expenses incurred by the Lender in connection with the partial release, and any sums then due and payable under the Documents;\n(k) Lender has determined that following the release of the Release Property the remaining property in the Portfolio shall have an aggregate allocated loan balance equal to or greater than 50% of the aggregate allocated loan balance of the property in the Portfolio on the Closing Date of the Loan; and\n(l) Such other terms and conditions as Lender shall reasonably require. Notwithstanding anything to the contrary in this Section 10.01 and Section 10.02 below, (x) Borrower and Guarantor shall only have the right, during any one loan year, to a cumulative total of (1) two partial releases,(2) two substitutions of collateral, or (3) one partial release and one substitution of collateral and (y) after any partial release or substitution of collateral, the remaining Individual Properties (including any substituted property which becomes part of the Individual Properties) shall always be in at least three markets with no more than thirty-five percent (35%) of the total value (as determined by Lender) of all of the Individual Properties in any one market.\nSection 10.01 shall be personal to Borrower, and neither the Third Party Single Entity nor any other transferee shall have any rights under this paragraph.", "size": 14, "hash": "3dc66f853940e2057586476372a4dd22", "id": 3}, {"snippet_links": [{"key": "specific-provision", "type": "clause", "offset": [101, 119]}, {"key": "the-deed-of-trust", "type": "clause", "offset": [154, 171]}, {"key": "in-the-event", "type": "clause", "offset": [173, 185]}, {"key": "release-provision", "type": "clause", "offset": [196, 213]}, {"key": "in-this-deed", "type": "clause", "offset": [226, 238]}, {"key": "comply-with-the", "type": "clause", "offset": [271, 286]}, {"key": "release-of-property", "type": "clause", "offset": [382, 401]}, {"key": "not-in-default", "type": "clause", "offset": [420, 434]}, {"key": "compliance-with", "type": "definition", "offset": [450, 465]}, {"key": "the-note", "type": "clause", "offset": [501, 509]}], "samples": [{"hash": "jA56BaBpYKf", "uri": "/contracts/jA56BaBpYKf#partial-release", "label": "Deed of Trust", "score": 19.143737793, "published": true}, {"hash": "Vua0o6ac3W", "uri": "/contracts/Vua0o6ac3W#partial-release", "label": "Deed of Trust", "score": 19.143737793, "published": true}], "snippet": "Grantor shall not be entitled to the partial release of any of the above described property unless a specific provision providing therefor is included in the Deed of Trust. In the event a partial release provision is included in this Deed of Trust, Grantor must strictly comply with the terms thereof. Notwithstanding anything herein contained. Grantor shall not be entitled to any release of property unless Grantor is not in default and is in full compliance with all of the terms and provisions of the Note, this Deed of Trust, and any other instrument that may be securing said Note.", "size": 8, "hash": "d68b3d1e7f41c245eae64c91027dfece", "id": 6}, {"snippet_links": [{"key": "lender-may", "type": "definition", "offset": [4, 14]}, {"key": "at-all-times", "type": "clause", "offset": [15, 27]}, {"key": "the-lands", "type": "clause", "offset": [57, 66]}, {"key": "other-security", "type": "definition", "offset": [74, 88]}, {"key": "payment-of", "type": "clause", "offset": [107, 117]}, {"key": "the-borrower", "type": "clause", "offset": [188, 200]}, {"key": "any-other-person", "type": "definition", "offset": [222, 238]}, {"key": "liability-to-pay", "type": "clause", "offset": [266, 282]}, {"key": "the-value", "type": "clause", "offset": [405, 414]}, {"key": "by-the-lender", "type": "clause", "offset": [472, 485]}, {"key": "in-this-mortgage", "type": "clause", "offset": [581, 597]}, {"key": "and-covenants", "type": "clause", "offset": [675, 688]}], "samples": [{"hash": "aS5r0Zq7i7B", "uri": "/contracts/aS5r0Zq7i7B#partial-release", "label": "Mortgage Agreement", "score": 21.0, "published": true}, {"hash": "aFulXkeezeY", "uri": "/contracts/aFulXkeezeY#partial-release", "label": "Mortgage Agreement", "score": 21.0, "published": true}, {"hash": "9FhJikyL6j1", "uri": "/contracts/9FhJikyL6j1#partial-release", "label": "Mortgage Agreement", "score": 21.0, "published": true}], "snippet": "The Lender may at all times release any part or parts of the Lands or any other security or any surety for payment of all or any part of the monies secured by this Mortgage or may release the Borrower or the Covenantor or any other person from any covenant or other liability to pay the said monies or any part thereof, either with or without any consideration therefor, and without being accountable for the value thereof or for any monies except those actually received by the Lender, and without thereby releasing any other part of the Lands, or any other security or covenants in this Mortgage or elsewhere contained. Notwithstanding any such release the Lands, security and covenants remaining unreleased shall remain a charge for all the monies secured by this Mortgage.", "size": 10, "hash": "7199e466fa53a90b313fe577d8af5f1d", "id": 4}, {"snippet_links": [{"key": "collateral-shall", "type": "definition", "offset": [18, 34]}, {"key": "otherwise-disposed-of", "type": "definition", "offset": [69, 90]}, {"key": "by-the-borrower", "type": "clause", "offset": [91, 106]}, {"key": "subsidiary-guarantor", "type": "definition", "offset": [114, 134]}, {"key": "by-this-agreement", "type": "clause", "offset": [162, 179]}, {"key": "transfer-of", "type": "definition", "offset": [224, 235]}, {"key": "other-disposition", "type": "definition", "offset": [236, 253]}, {"key": "to-the-borrower", "type": "definition", "offset": [254, 269]}, {"key": "the-release", "type": "clause", "offset": [311, 322]}, {"key": "in-writing", "type": "clause", "offset": [372, 382]}, {"key": "the-majority-lenders", "type": "clause", "offset": [386, 406]}, {"key": "the-lenders", "type": "clause", "offset": [436, 447]}, {"key": "in-accordance-with", "type": "definition", "offset": [478, 496]}, {"key": "written-request", "type": "definition", "offset": [526, 541]}, {"key": "the-administrative-agent", "type": "clause", "offset": [555, 579]}, {"key": "sole-expense", "type": "definition", "offset": [614, 626]}, {"key": "applicable-subsidiary", "type": "definition", "offset": [651, 672]}, {"key": "deliver-to", "type": "definition", "offset": [711, 721]}, {"key": "termination-statements", "type": "definition", "offset": [778, 800]}, {"key": "reasonably-necessary", "type": "clause", "offset": [824, 844]}, {"key": "release-of-liens", "type": "clause", "offset": [874, 890]}, {"key": "applicable-loan-documents", "type": "definition", "offset": [928, 953]}, {"key": "provided-that", "type": "definition", "offset": [955, 968]}, {"key": "the-borrower-shall", "type": "clause", "offset": [969, 987]}, {"key": "request-for-release", "type": "definition", "offset": [1041, 1060]}, {"key": "and-other-documents", "type": "clause", "offset": [1085, 1104]}, {"key": "certification-by", "type": "clause", "offset": [1175, 1191]}, {"key": "agreement-and-the-other-loan-documents", "type": "clause", "offset": [1266, 1304]}, {"key": "no-collateral", "type": "definition", "offset": [1314, 1327]}, {"key": "release-a", "type": "definition", "offset": [1439, 1448]}, {"key": "obligations-under-the-loan-documents", "type": "clause", "offset": [1468, 1504]}, {"key": "without-limitation", "type": "clause", "offset": [1517, 1535]}, {"key": "guaranty-and-collateral-agreement", "type": "definition", "offset": [1561, 1594]}, {"key": "liens-on-the-property", "type": "clause", "offset": [1604, 1625]}, {"key": "security-instruments", "type": "clause", "offset": [1668, 1688]}, {"key": "in-the-event", "type": "clause", "offset": [1689, 1701]}, {"key": "the-capital-stock", "type": "clause", "offset": [1715, 1732]}, {"key": "other-equity-interests", "type": "definition", "offset": [1736, 1758]}, {"key": "material-subsidiary", "type": "clause", "offset": [1997, 2016]}, {"key": "unrestricted-subsidiary", "type": "definition", "offset": [2061, 2084]}, {"key": "applicable-guarantor", "type": "definition", "offset": [2171, 2191]}, {"key": "relevant-guarantor", "type": "definition", "offset": [2504, 2522]}, {"key": "no-guarantor", "type": "clause", "offset": [2678, 2690]}, {"key": "the-guarantor", "type": "clause", "offset": [2716, 2729]}], "samples": [{"hash": "gck1EuKGJLa", "uri": "/contracts/gck1EuKGJLa#partial-release", "label": "Credit Agreement (Northern Oil & Gas, Inc.)", "score": 32.4168395996, "published": true}, {"hash": "bJJ1jIVibYp", "uri": "/contracts/bJJ1jIVibYp#partial-release", "label": "Credit Agreement (Northern Oil & Gas, Inc.)", "score": 30.9000682831, "published": true}, {"hash": "6ulIzsdeI2K", "uri": "/contracts/6ulIzsdeI2K#partial-release", "label": "Credit Agreement (Northern Oil & Gas, Inc.)", "score": 29.7693367004, "published": true}], "snippet": "If (i) any of the Collateral shall be sold, transferred, conveyed or otherwise disposed of by the Borrower or any Subsidiary Guarantor in a transaction permitted by this Agreement (other than any sale, transfer, conveyance, transfer of other disposition to the Borrower or another Subsidiary Guarantor) or (ii) the release of such Lien is approved, authorized or ratified in writing by the Majority Lenders (or such other percentage of the Lenders whose consent may be required in accordance with Section 12.02(b)), then upon written request delivered to the Administrative Agent, the Administrative Agent, at the sole expense of the Borrower and the applicable Subsidiary Guarantor, shall promptly execute and deliver to the Borrower or such Subsidiary Guarantor all releases, termination statements and/or other documents reasonably necessary or desirable to evidence the release of Liens on such Collateral created under the applicable Loan Documents; provided that the Borrower shall have delivered to the Administrative Agent a written request for release, termination statements and other documents identifying the Borrower or such Subsidiary Guarantor together with a certification by the Borrower stating (x) that such transaction is in compliance with this Agreement and the other Loan Documents, and (y) no Collateral other than the Collateral required to be released is being released. The Administrative Agent is authorized to release a Guarantor from its obligations under the Loan Documents (including, without limitation, any guarantee under the Guaranty and Collateral Agreement) and any Liens on the Property of such Guarantor granted pursuant to the Security Instruments in the event that (i) all the capital stock or other Equity Interests of such Guarantor are sold, transferred, conveyed, associated or otherwise disposed of in a transaction permitted by the Loan Documents, (ii) upon written request by the Borrower to the Administrative Agent, such Guarantor ceases to be a Material Subsidiary or (iii) such Guarantor is designated as an Unrestricted Subsidiary. In such event, the Administrative Agent, at the sole expense of the Borrower and the applicable Guarantor, shall promptly execute and deliver to the Borrower or such Guarantor all releases, termination statements and/or other documents reasonably necessary or desirable to evidence such release; provided that the Borrower shall have delivered to the Administrative Agent a written request for release identifying the relevant Guarantor together with a certification by the Borrower stating (x) that such transaction is in compliance with this Agreement and the other Loan Documents, and (y) no Guarantor or Collateral other than the Guarantor or Collateral required to be released is being released.", "size": 23, "hash": "21e6bcfa19af54ba6edc7c8990dc6614", "id": 2}, {"snippet_links": [{"key": "release-or-reconveyance", "type": "clause", "offset": [11, 34]}, {"key": "liens-and-security-interests", "type": "clause", "offset": [44, 72]}, {"key": "created-by", "type": "definition", "offset": [73, 83]}, {"key": "the-collateral", "type": "clause", "offset": [115, 129]}, {"key": "by-trustee", "type": "clause", "offset": [130, 140]}, {"key": "secured-party", "type": "definition", "offset": [144, 157]}, {"key": "effect-of-this", "type": "clause", "offset": [212, 226]}, {"key": "except-as-specifically", "type": "clause", "offset": [368, 390]}, {"key": "full-force-and-effect", "type": "clause", "offset": [528, 549]}, {"key": "not-modify", "type": "clause", "offset": [598, 608]}, {"key": "the-terms", "type": "clause", "offset": [619, 628]}, {"key": "provisions-of-this", "type": "clause", "offset": [644, 662]}, {"key": "nothing-contained-in", "type": "clause", "offset": [685, 705]}, {"key": "waiver-of", "type": "clause", "offset": [789, 798]}, {"key": "other-term", "type": "clause", "offset": [862, 872]}], "samples": [{"hash": "83siyXjJN6B", "uri": "/contracts/83siyXjJN6B#partial-release", "label": "Deed of Trust (Recovery Energy, Inc.)", "score": 21.1697463989, "published": true}, {"hash": "4OkCTRQVSjw", "uri": "/contracts/4OkCTRQVSjw#partial-release", "label": "Deed of Trust (Recovery Energy, Inc.)", "score": 19.2272415161, "published": true}, {"hash": "jg0moKmOHee", "uri": "/contracts/jg0moKmOHee#partial-release", "label": "Deed of Trust (Foreland Corp)", "score": 18.0, "published": true}], "snippet": "No partial release or reconveyance from the liens and security interests created by this Instrument of any part of the Collateral by Trustee or Secured Party shall in any way alter, vary or diminish the force or effect of this Instrument or impair, release or subordinate the liens and security interests created by this Instrument on the remainder of the Collateral. Except as specifically provided in any such partial release or reconveyance (i) this Instrument and liens and security interests created hereby shall remain in full force and effect, (ii) such partial release or reconveyance will not modify or affect the terms, conditions or provisions of this Instrument, and (iii) nothing contained in any such partial release or reconveyance shall be deemed to be, or construed as, a waiver of any such terms, conditions or provisions or as a waiver of any other term, condition or provision.", "size": 9, "hash": "ad924bf07858860b9a2d6629b6b7d548", "id": 5}, {"snippet_links": [{"key": "no-consideration", "type": "clause", "offset": [25, 41]}, {"key": "payment-of", "type": "clause", "offset": [45, 55]}, {"key": "reimbursement-of-lender", "type": "clause", "offset": [87, 110]}, {"key": "costs-and-expenses", "type": "clause", "offset": [134, 152]}, {"key": "without-limitation", "type": "clause", "offset": [165, 183]}, {"key": "fees-and-legal-expenses", "type": "clause", "offset": [219, 242]}, {"key": "by-lender", "type": "definition", "offset": [253, 262]}, {"key": "in-connection-with", "type": "clause", "offset": [263, 281]}, {"key": "release-of", "type": "clause", "offset": [305, 315]}, {"key": "a-portion", "type": "definition", "offset": [316, 325]}, {"key": "the-land", "type": "clause", "offset": [329, 337]}, {"key": "the-deed-of-trust", "type": "clause", "offset": [343, 360]}, {"key": "wastewater-treatment-facilities", "type": "definition", "offset": [439, 470]}, {"key": "parcel-of-land", "type": "definition", "offset": [500, 514]}, {"key": "exhibit-f", "type": "definition", "offset": [572, 581]}, {"key": "description-of", "type": "definition", "offset": [609, 623]}, {"key": "a-proposed", "type": "clause", "offset": [676, 686]}, {"key": "release-parcel", "type": "clause", "offset": [757, 771]}, {"key": "satisfaction-of", "type": "clause", "offset": [780, 795]}, {"key": "a-copy-of", "type": "clause", "offset": [846, 855]}, {"key": "recorded-plat", "type": "definition", "offset": [858, 871]}, {"key": "of-record", "type": "definition", "offset": [878, 887]}, {"key": "property-records", "type": "clause", "offset": [900, 916]}, {"key": "prior-to-the", "type": "clause", "offset": [969, 981]}, {"key": "date-of", "type": "clause", "offset": [982, 989]}, {"key": "borrower-shall", "type": "clause", "offset": [1012, 1026]}, {"key": "deliver-to-lender", "type": "clause", "offset": [1027, 1044]}, {"key": "form-of", "type": "definition", "offset": [1071, 1078]}, {"key": "executed-by", "type": "clause", "offset": [1105, 1116]}, {"key": "form-and-substance", "type": "clause", "offset": [1200, 1218]}, {"key": "prior-to-or-contemporaneously", "type": "clause", "offset": [1225, 1254]}, {"key": "delivery-of-the", "type": "clause", "offset": [1278, 1293]}, {"key": "cost-and-expense", "type": "clause", "offset": [1339, 1355]}, {"key": "title-insurance", "type": "clause", "offset": [1412, 1427]}, {"key": "with-respect-to", "type": "clause", "offset": [1466, 1481]}, {"key": "access-to-utilities", "type": "clause", "offset": [1627, 1646]}, {"key": "public-roads", "type": "clause", "offset": [1664, 1676]}, {"key": "and-lender", "type": "clause", "offset": [1694, 1704]}, {"key": "utility-service", "type": "definition", "offset": [1778, 1793]}, {"key": "detention-facilities", "type": "definition", "offset": [1884, 1904]}, {"key": "required-by", "type": "definition", "offset": [1909, 1920]}, {"key": "governmental-authority", "type": "definition", "offset": [1925, 1947]}, {"key": "rights-of", "type": "clause", "offset": [2016, 2025]}, {"key": "for-the-benefit-of", "type": "definition", "offset": [2127, 2145]}, {"key": "a-separate", "type": "definition", "offset": [2211, 2221]}, {"key": "governmental-requirements", "type": "definition", "offset": [2327, 2352]}, {"key": "the-release", "type": "clause", "offset": [2402, 2413]}, {"key": "by-borrower", "type": "clause", "offset": [2439, 2450]}, {"key": "district-no", "type": "clause", "offset": [2486, 2497]}, {"key": "waste-water-treatment", "type": "clause", "offset": [2546, 2567]}, {"key": "the-mortgaged-property", "type": "clause", "offset": [2583, 2605]}, {"key": "served-by", "type": "definition", "offset": [2625, 2634]}, {"key": "good-faith", "type": "clause", "offset": [2719, 2729]}, {"key": "diligent-efforts", "type": "clause", "offset": [2731, 2747]}, {"key": "separate-tax-lot", "type": "clause", "offset": [2792, 2808]}, {"key": "tax-assessment", "type": "definition", "offset": [2825, 2839]}, {"key": "the-foregoing", "type": "clause", "offset": [2909, 2922]}], "samples": [{"hash": "fOiD0IgX5XC", "uri": "/contracts/fOiD0IgX5XC#partial-release", "label": "Construction Loan Agreement", "score": 31.3408622742, "published": true}, {"hash": "gPETXN4y863", "uri": "/contracts/gPETXN4y863#partial-release", "label": "Construction Loan Agreement (Stratus Properties Inc)", "score": 28.7015743256, "published": true}], "snippet": "Borrower may obtain, for no consideration or payment of any kind to Lender, other than reimbursement of Lender\u2019s actual out-of-pocket costs and expenses, including, without limitation, reasonable third-party attorney\u2019s fees and legal expenses, incurred by Lender in connection with the Partial Release, a release of a portion of the Land from the Deed of Trust (the \u201cPartial Release\u201d), consisting of approximately 4.322 acres on which the wastewater treatment facilities have been constructed, which parcel of land is generally depicted and more particularly described in Exhibit F attached hereto, the legal description of which shall be acceptable to Lender and verified by a proposed replat of the Land (the \u201cPlat\u201d) reasonably acceptable to Lender (the \u201cRelease Parcel\u201d), upon satisfaction of the following conditions:\n(a) Lender\u2019s receipt of a copy of a recorded Plat filed of record in the Real Property Records of \u2587\u2587\u2587\u2587\u2587\u2587 County, Texas.\n(b) At least ten (10) days prior to the date of such Partial Release, Borrower shall deliver to Lender at Borrower\u2019s expense the form of the Partial Release to be executed by Lender (which form of Partial Release must be reasonably satisfactory to Lender in form and substance); and prior to or contemporaneously with the execution and delivery of the Partial Release, Borrower shall, at its sole cost and expense, obtain and deliver to Lender a T-38 endorsement to the Title Insurance, reasonably acceptable to Lender.\n(c) With respect to any portion of the Land not released (the \u201cUnreleased Land\u201d), the Partial Release shall not result in leaving any of the Unreleased Land without access to utilities or access to any public roads or right-of-way, and Lender shall be reasonably satisfied that there is adequate ingress, egress and utility service to and from the Unreleased Land and dedicated public roads or rights-of-way, and adequate detention facilities (if required by any Governmental Authority) on the Unreleased Land (or perpetual, non-terminable and insurable rights of ingress, egress, utility service and detention facilities, if required by any Governmental Authority for the benefit of the Unreleased Land), such that the remaining Unreleased Land is a separate, economically viable project and otherwise complies (and will comply after the Partial Release) with all Governmental Requirements.\n(d) Contemporaneously with the Partial Release, the Release Parcel shall be conveyed by Borrower to \u2587\u2587\u2587\u2587\u2587\u2587 County Municipal Utility District No. 4, and shall be restricted to use for only the waste water treatment facilities for the Mortgaged Property and other property served by such facilities.\n(e) Upon the recording of the Partial Release, Borrower shall, use good faith, diligent efforts to cause the Release Parcel to constitute a separate tax lot with a separate tax assessment, independent of the Unreleased Land, and shall in any event complete the foregoing no later than August 1, 2019.", "size": 7, "hash": "13191046747fa8b71bf9ef400168a623", "id": 8}, {"snippet_links": [{"key": "the-term", "type": "clause", "offset": [0, 8]}, {"key": "release-of", "type": "clause", "offset": [40, 50]}, {"key": "the-property", "type": "clause", "offset": [90, 102]}, {"key": "executed-and-delivered", "type": "clause", "offset": [128, 150]}, {"key": "by-lender", "type": "definition", "offset": [151, 160]}, {"key": "satisfaction-of", "type": "clause", "offset": [171, 186]}, {"key": "all-requirements", "type": "clause", "offset": [187, 203]}, {"key": "of-lender", "type": "clause", "offset": [204, 213]}, {"key": "repayment-of", "type": "clause", "offset": [233, 245]}, {"key": "advances-of-the-loan", "type": "clause", "offset": [250, 270]}, {"key": "and-other-charges", "type": "clause", "offset": [318, 335]}, {"key": "with-respect-to", "type": "clause", "offset": [365, 380]}, {"key": "reasonable-discretion", "type": "clause", "offset": [448, 469]}], "samples": [{"hash": "88eq0EF3mlj", "uri": "/contracts/88eq0EF3mlj#partial-release", "label": "Construction Loan Agreement (MCI Income Fund VII, LLC)", "score": 36.9452438354, "published": true}, {"hash": "65ebkvmE6jt", "uri": "/contracts/65ebkvmE6jt#partial-release", "label": "Construction Loan Agreement (MCI Income Fund VII, LLC)", "score": 36.8083496094, "published": true}, {"hash": "lqbqQwcY3ml", "uri": "/contracts/lqbqQwcY3ml#partial-release", "label": "Construction Loan Agreement (MCI Income Fund VII, LLC)", "score": 36.7535934448, "published": true}], "snippet": "The term \u201cPartial Release\u201d shall mean a release of \u2587\u2587\u2587\u2587\u2587\u2587\u2019s lien on a specific portion of the Property, which shall be granted, executed and delivered by Lender only upon satisfaction of all requirements of Lender, which may include repayment of all Advances of the Loan made by \u2587\u2587\u2587\u2587\u2587\u2587 for the portion of the Property and other charges due under such Loan, if any, with respect to such portion of the Property, as determined by \u2587\u2587\u2587\u2587\u2587\u2587, in Lender\u2019s reasonable discretion.", "size": 6, "hash": "1561ca76a688a1ce55d0b91f639d5c45", "id": 10}, {"snippet_links": [{"key": "the-lender", "type": "clause", "offset": [0, 10]}, {"key": "agrees-to", "type": "clause", "offset": [11, 20]}, {"key": "encumbered-properties", "type": "definition", "offset": [80, 101]}, {"key": "the-lien", "type": "clause", "offset": [107, 115]}, {"key": "the-mortgage", "type": "clause", "offset": [119, 131]}, {"key": "provided-that", "type": "definition", "offset": [133, 146]}, {"key": "agreement-or", "type": "definition", "offset": [212, 224]}, {"key": "the-note", "type": "clause", "offset": [246, 254]}, {"key": "other-loan-documents", "type": "definition", "offset": [276, 296]}, {"key": "in-the-event", "type": "clause", "offset": [302, 314]}, {"key": "the-property", "type": "clause", "offset": [348, 360]}, {"key": "loan-to-value", "type": "definition", "offset": [379, 392]}, {"key": "not-acceptable", "type": "clause", "offset": [412, 426]}, {"key": "outstanding-principal-balance-of-the-loan", "type": "definition", "offset": [469, 510]}, {"key": "compliance-with-a", "type": "clause", "offset": [545, 562]}, {"key": "pursuant-to-section", "type": "clause", "offset": [588, 607]}, {"key": "deliver-to", "type": "definition", "offset": [641, 651]}, {"key": "release-of-property", "type": "clause", "offset": [683, 702]}, {"key": "adversely-affect", "type": "definition", "offset": [742, 758]}, {"key": "rights-of", "type": "clause", "offset": [763, 772]}, {"key": "any-lease", "type": "definition", "offset": [790, 799]}, {"key": "rental-income", "type": "definition", "offset": [801, 814]}, {"key": "other-income", "type": "definition", "offset": [843, 855]}, {"key": "with-regard-to-the-bank", "type": "clause", "offset": [949, 972]}, {"key": "existing-mortgagee", "type": "definition", "offset": [975, 993]}, {"key": "title-insurance-policy", "type": "definition", "offset": [996, 1018]}, {"key": "effective-date-of-the-release", "type": "definition", "offset": [1083, 1112]}, {"key": "benefits-of", "type": "clause", "offset": [1211, 1222]}, {"key": "easement-agreement", "type": "definition", "offset": [1242, 1260]}, {"key": "a-compliance-certificate", "type": "clause", "offset": [1290, 1314]}, {"key": "by-borrower", "type": "clause", "offset": [1324, 1335]}, {"key": "to-establish", "type": "definition", "offset": [1336, 1348]}, {"key": "in-compliance-with", "type": "definition", "offset": [1366, 1384]}, {"key": "financial-covenants", "type": "definition", "offset": [1389, 1408]}, {"key": "no-event-of-default", "type": "clause", "offset": [1448, 1467]}, {"key": "passage-of-time", "type": "clause", "offset": [1491, 1506]}, {"key": "an-event-of-default", "type": "definition", "offset": [1524, 1543]}, {"key": "net-proceeds", "type": "definition", "offset": [1591, 1603]}, {"key": "payment-of", "type": "clause", "offset": [1610, 1620]}, {"key": "reasonable-and-customary", "type": "definition", "offset": [1621, 1645]}, {"key": "closing-costs", "type": "definition", "offset": [1646, 1659]}, {"key": "costs-and-expenses", "type": "clause", "offset": [1705, 1723]}, {"key": "reasonable-attorneys", "type": "definition", "offset": [1735, 1755]}, {"key": "fees-and-disbursements", "type": "clause", "offset": [1757, 1779]}, {"key": "in-connection-with", "type": "clause", "offset": [1790, 1808]}, {"key": "approval-of", "type": "clause", "offset": [1841, 1852]}, {"key": "information-required", "type": "clause", "offset": [1871, 1891]}, {"key": "value-ratio", "type": "definition", "offset": [1955, 1966]}, {"key": "equal-to", "type": "definition", "offset": [1985, 1993]}, {"key": "at-the-time", "type": "clause", "offset": [2045, 2056]}, {"key": "in-addition", "type": "clause", "offset": [2074, 2085]}, {"key": "expenses-of", "type": "clause", "offset": [2148, 2159]}, {"key": "third-parties", "type": "clause", "offset": [2160, 2173]}, {"key": "relating-to", "type": "definition", "offset": [2174, 2185]}, {"key": "without-limitation", "type": "clause", "offset": [2210, 2228]}, {"key": "cost-of", "type": "definition", "offset": [2234, 2241]}, {"key": "recording-costs", "type": "definition", "offset": [2268, 2283]}, {"key": "zoning-report", "type": "clause", "offset": [2303, 2316]}], "samples": [{"hash": "exiyUNi9QpG", "uri": "/contracts/exiyUNi9QpG#partial-release", "label": "Loan Agreement (Generation Income Properties, Inc.)", "score": 33.2628326416, "published": true}, {"hash": "2ka7SJqp155", "uri": "/contracts/2ka7SJqp155#partial-release", "label": "Loan Agreement (Generation Income Properties, Inc.)", "score": 33.2628326416, "published": true}], "snippet": "The Lender agrees to cooperate in all reasonable respects to release any of the encumbered Properties from the lien of the Mortgage, provided that:\n(a) There shall exist no default or Event of Default under this Agreement or default under any of the Note, the Mortgage or the other Loan Documents;\n(b) In the event that a partial release of any of the Property would result in a loan to value percentage that is not acceptable to the Lender, Borrowers shall reduce the outstanding principal balance of the Loan to an amount necessary to restore compliance with a loan to value percentage pursuant to Section 3(o) hereof;\n(c) Borrowers shall deliver to the Bank:\ni. evidence that the release of Property from the lien of the Mortgage does not adversely affect the rights of any tenant under any Lease, rental income generated from any Lease or other income generated from the Property;\nii. Borrowers shall have delivered to the Lender an endorsement with regard to the Bank\u2019s existing mortgagee\u2019s title insurance policy that (i) extends the date of such title insurance policy to the effective date of the release, (ii) insures that the priority of the Mortgage is not affected, and (iii) insures the rights and benefits of any new or amended easement agreement affecting the Property;\niii. a compliance certificate executed by Borrower to establish that Borrower is in compliance with all financial covenants set forth herein and that there are is no Event of Default or event that with the passage of time would constitute an Event of Default; and\niv. Borrowers shall have paid 100% of the net proceeds after payment of reasonable and customary closing costs all of the Lender\u2019s reasonable out-of-pocket costs and expenses (including reasonable attorneys\u2019 fees and disbursements) incurred in connection with the Property and the review and approval of the documents and information required to be delivered in connection therewith, such that the loan-to-value ratio, collectively, is equal to the lower of that required in Section 3(o) or that at the time of such release. In addition, Borrowers shall have paid reasonable out-of-pocket costs and expenses of third parties relating to the release (including, without limitation, the cost of title, survey charges and recording costs, and the cost of a zoning report) incurred in connection with the release of Property.", "size": 8, "hash": "d01255938d0f47aed2b8f05f5070119b", "id": 7}, {"snippet_links": [{"key": "the-mortgaged-property", "type": "clause", "offset": [10, 32]}, {"key": "otherwise-disposed-of", "type": "definition", "offset": [63, 84]}, {"key": "the-mortgagor", "type": "clause", "offset": [88, 101]}, {"key": "the-credit-agreement", "type": "clause", "offset": [132, 152]}, {"key": "the-mortgagee", "type": "clause", "offset": [159, 172]}, {"key": "the-request", "type": "clause", "offset": [177, 188]}, {"key": "sole-expense", "type": "definition", "offset": [193, 205]}, {"key": "deliver-to", "type": "definition", "offset": [251, 261]}, {"key": "other-documents", "type": "clause", "offset": [308, 323]}, {"key": "reasonably-necessary", "type": "clause", "offset": [324, 344]}, {"key": "release-of", "type": "clause", "offset": [374, 384]}, {"key": "liens-created", "type": "clause", "offset": [389, 402]}, {"key": "as-required", "type": "clause", "offset": [453, 464]}], "samples": [{"hash": "lFVNgoDppS5", "uri": "/contracts/lFVNgoDppS5#partial-release", "label": "Mortgage, Deed of Trust, Assignment of as Extracted Collateral, Security Agreement, Fixture Filing and Financing Statement (Sundance Energy Australia LTD)", "score": 29.3285427094, "published": true}, {"hash": "jyBmDqXJt8l", "uri": "/contracts/jyBmDqXJt8l#partial-release", "label": "Mortgage, Deed of Trust, Assignment of as Extracted Collateral, Security Agreement, Fixture Filing and Financing Statement (Sundance Energy Australia LTD)", "score": 29.3285427094, "published": true}, {"hash": "jmM5xAgb9MT", "uri": "/contracts/jmM5xAgb9MT#partial-release", "label": "Mortgage, Deed of Trust, Assignment of as Extracted Collateral, Security Agreement, Fixture Filing and Financing Statement (Sundance Energy Australia LTD)", "score": 29.3285427094, "published": true}], "snippet": "If any of the Mortgaged Property shall be sold, transferred or otherwise disposed of by the Mortgagor in a transaction permitted by the Credit Agreement, then the Mortgagee, at the request and sole expense of the Mortgagor, shall promptly execute and deliver to the Mortgagor all releases, re-conveyances or other documents reasonably necessary or desirable to evidence the release of the Liens created hereby on the Mortgaged Property and in such form as required for recordation or filing in all jurisdictions in which this Mortgage has been recorded or filed.", "size": 6, "hash": "d0731e9cabe6a12dbd4ebf254f30bbf4", "id": 9}], "next_curs": "ClgSUmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjQLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhhwYXJ0aWFsLXJlbGVhc2UjMDAwMDAwMGEMogECZW4YACAA", "clause": {"parents": [["miscellaneous", "Miscellaneous"], ["releases", "Releases"], ["general-terms", "General Terms"], ["miscellaneous-provisions", "Miscellaneous Provisions"], ["termination-and-release", "Termination and Release"]], "title": "Partial Release", "children": [["", ""], ["intentionally-omitted", "Intentionally omitted"], ["events-of-default", "Events of Default"], ["partial-release", "Partial Release"], ["authority", "Authority"]], "size": 455, "id": "partial-release", "related": [["partial-releases", "Partial Releases", "<strong>Partial Releases</strong>"], ["general-release", "General Release", "General Release"], ["general-release-and-waiver", "General Release and Waiver", "General Release and Waiver"], ["waiver-and-release", "Waiver and Release", "Waiver and Release"], ["general-release-of-claims", "General Release of Claims", "General Release of Claims"]], "related_snippets": [], "updated": "2026-04-02T05:40:27+00:00", "also_ask": ["What are the essential elements to include in a partial release to avoid ambiguity?", "How can a partial release be strategically limited to protect future claims?", "What are the most common enforceability challenges for partial releases in court?", "How does a partial release differ from a full release in terms of legal effect and risk?", "What negotiation leverage can be gained or lost by agreeing to a partial release?"], "drafting_tip": "Specify the conditions triggering partial release to prevent disputes; detail the portion and timing of release to ensure clarity; require written confirmation to provide evidence of compliance.", "explanation": "A Partial Release clause allows for the release of certain obligations, rights, or claims under a contract while leaving the remaining terms in effect. In practice, this means that one party may be discharged from specific duties or liabilities, such as releasing a portion of collateral in a loan agreement or settling part of a dispute, without terminating the entire contract. The core function of this clause is to provide flexibility, enabling parties to address and resolve discrete issues or obligations as they arise without affecting the overall contractual relationship."}, "json": true, "cursor": ""}}