Partial Releases Generally Sample Clauses
The "Partial Releases Generally" clause defines the conditions under which a party may release a portion of its interest or claim in a contract or property, rather than requiring a full release of all rights. In practice, this clause allows for the incremental release of obligations, liens, or claims as certain milestones are met, such as partial payments or completion of specific work segments. Its core function is to provide flexibility and facilitate ongoing transactions by enabling parties to obtain or grant releases in stages, thereby reducing risk and supporting continued progress without waiting for full completion or final settlement.
POPULAR SAMPLE Copied 1 times
Partial Releases Generally. The Lender hereby acknowledges and agrees that the Owner has subdivided and intends to subdivide portions of the Property into separate residential building Lots and other Parcels of land and to convey such Lots and Parcels to third-parties (including NVR). Thus, notwithstanding anything contained in the Deed of Trust or in any of the other Loan Documents to the contrary, but except as otherwise expressly provided in Section 2 below of this Exhibit B, upon the achievement of each of the Release Conditions (as hereinafter defined), as determined by the Lender in its sole, but reasonable discretion, the Owner shall have the right to obtain a release of individual Lots and Parcels from the lien of the Deed of Trust in connection with a conveyance of the same to NVR pursuant to the terms of the NVR Purchase Contracts or to another third-party purchaser under a contract of sale approved by the Lender. The satisfaction of each and every one of the following conditions (hereinafter referred to as the "Release Conditions") shall be a condition precedent to the right of the Owner to obtain a release of a Lot or Parcel from the lien and effect of the Deed of Trust:
(a) The Lender shall have previously received and approved, which approval shall not be unreasonably withheld or delayed, a legal and valid subdivision plat covering that portion of the Property in which the Lot or Parcel proposed to be released shall be located, approved (to the extent necessary) by all required governmental authorities, which shall confirm (i) that the Lot or Parcel which is proposed to be released is a separate and distinct lot or parcel of property, and (ii) that the balance of the Property remaining subject to the lien of the Deed of Trust conforms in all respects with all required zoning and building codes, rules and regulations, with adequate means of ingress and egress from a public roadway, together with such cross easement agreements as may be deemed reasonably necessary by the Lender;
(b) Unless such Lot or Parcel is being conveyed pursuant to the terms of the NVR Purchase Contracts, the Lender shall have previously received and approved, which approval shall not be unreasonably withheld or delayed, a fully executed contract of sale covering the Lot or Parcel proposed to be released, which shall provide for a purchase price acceptable to the Lender in all respects and which shall provide sufficient sums for the payment of the Release Fee required pursuant to the terms hereof;
(...