Partial Releases of Property Sample Clauses

Partial Releases of Property. Provided the Borrower is not then in Default hereunder, under the Note, the Mortgage or any other Loan Document, Bank will provide partial releases in respect of its interest under the Mortgage and other Loan Documents upon the terms and conditions set out in Exhibit "B" attached. Payments made for releases shall be applied by Bank against the outstanding principal of the Loan unless the release payment is calculated to take into account allocable interest or other constituent costs or accruals, in which event Bank may apply the release payment in accordance with such calculations. Borrower agrees to reimburse Bank for all out-of-pocket fees and costs, as set forth in Exhibit "B" hereto in connection with the granting of such partial releases and shall provide Bank with any and all information requested by Bank with respect to the Unit to be released. Notwithstanding anything contained herein to the contrary, if Borrower applies for the partial release of a lot from the lien of the Mortgage and other Loan Documents and there is not then any outstanding principal balance under the A&D Note, but there are outstanding letters of credit (either drawn or undrawn upon) issued by Bank on Borrower's behalf which are secured by the Mortgage (the "Secured Letters of Credit"), the Lot Release Price (computed in a redefined manner as follows: that certain amount derived by dividing the sum of all remaining outstanding letters of credit by the number of remaining developed lots encumbered by the Mortgage) shall nevertheless be due and payable as a precondition to Bank's obligation to grant a partial release or permit the commencement of a Unit on a particular lot, as applicable, and the Lot Release Prices paid for partial releases in this situation (collectively, the "Partial Release Funds") shall be placed by Bank in an account in Borrower's name, which account shall be pledged by Borrower to Bank as additional collateral for the Loan and the indebtedness of Borrower to Bank arising out of the Secured Letters of Credit. Borrower shall have no rights to make withdrawals or otherwise receive disbursements from the pledged account. Borrower agrees to execute any and all documents required by Bank to evidence the pledge of the Partial Release Funds. If the Secured Letters of Credit are drawn, or if Borrower Defaults under the Loan Documents, Bank may, in its sole and absolute discretion, and in addition to any and all of its available rights and remedies under the Loan Do...
Sample 1
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Partial Releases of Property. The Borrower shall be entitled to a partial release from the lien of a Mortgage of each Property upon payment of a principal payment on the Loan, in addition to all scheduled payments of principal, in the amount shown for the applicable Property in Schedule 10.1 attached. Any such principal payment shall be applied to the outstanding principal balance of the Loans, on a pro-rata basis, and, at Borrower’s request, the amount of the regularly scheduled payments of principal due thereafter shall be adjusted to the amount necessary to amortize the remaining principal balance over the remainder of the original amortization period. Upon receipt of such payment, the Agent shall execute and record a discharge of the Mortgage encumbering the applicable Property.
Sample 1
Partial Releases of Property. Provided that an Event of Default does not exist hereunder, or any other Loan Document, and that the Administrative Agent shall reasonably determine that the remaining Properties will continue to satisfy the Debt Service Coverage Ratio covenant contained in Section 6.21, the Administrative Agent will provide partial releases in respect of its interest under the Mortgages and other Loan Documents upon payment of a Release Price as a principal payment, in addition to all other payments of principal and interest required under the Notes, for each Property to be released. Payments made for releases shall be applied by Lenders against the outstanding principal of the Loans. Borrower agrees to reimburse Administrative Agent and Lenders for all reasonable out-of-pocket fees and costs incurred in connection with the granting of such partial releases and shall provide Administrative Agent with any and all information reasonably requested by Administrative Agent with respect to the Property to be released.
Sample 1
Partial Releases of Property. Provided Borrower is not then in Default hereunder, under the Note, the Deed of Trust or any other Loan Document, Bank will provide partial releases in respect of its interest under the Deed of Trust and other Loan Documents upon the terms and conditions set out in Exhibit “B” attached. Borrower agrees to reimburse Bank for all out-of-pocket fees and costs, including, without limitation, reasonable legal fees, in connection with the granting of such partial releases and shall provide Bank with any and all information requested by Bank with respect to the Unit or Lot to be released.
Sample 1

Related to Partial Releases of Property

  • Partial Releases If any of the Collateral shall be sold, transferred or otherwise disposed of by any Pledgor in a transaction permitted by the Credit Agreement, then the Administrative Agent, at the request and sole expense of such Pledgor, shall promptly execute and deliver to such Pledgor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral and the Equity Interests of the Issuer thereof. At the request and sole expense of the Borrower, a Guarantor shall be released from its obligations hereunder in the event that all the Equity Interests of such Guarantor shall be sold, transferred or otherwise disposed of in a transaction permitted by the Credit Agreement; provided that the Borrower shall have delivered to the Administrative Agent, at least ten Business Days prior to the date of the proposed release, a written request of a Responsible Officer of the Borrower for release identifying the relevant Guarantor and the terms of the sale or other disposition in reasonable detail, including the price thereof and any expenses in connection therewith, together with a certification by the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents.

  • Partial Release of Collateral Lender hereby releases the following collateral:

  • Release of Properties From time to time the Borrower may request, upon not less than 10 days prior written notice to the Administrative Agent (or such shorter period as may be acceptable to the Administrative Agent in its sole discretion), that a Borrowing Base Asset be no longer considered a Borrowing Base Asset, which release (a “Property Release”) shall be effected by the Administrative Agent if the Administrative Agent determines all of the following conditions are satisfied as of the date of such Property Release:

  • Release of Property Except as set forth in this Section 2.6, no repayment, prepayment or defeasance of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

  • Partial Release 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 “Partial Release”) 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 “Partial Release Property”), provided that all of the following conditions precedent have been satisfied with respect to any such Partial Release of any such Partial Release Property:

  • Condition of Properties All facilities, machinery, equipment, fixtures and other properties owned, leased or used by the Company are in reasonably good operating condition and repair, subject to ordinary wear and tear, and are adequate and sufficient for the Company’s business.

  • Condition of Property Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve months of the Cut-off Date. An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than twelve months prior to the Cut-off Date. To Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than (i) deferred maintenance for which escrows were established at origination and (ii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.

  • Lease of Property Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease.

  • Release of Individual Property Concurrently with the release of an Individual Property from the Lien of the Mortgage (and related Mortgage Loan Documents) pursuant to Section 2.5.1 of the Mortgage Loan Agreement (a “Release” and such Individual Property, a “Release Property”), Borrower may obtain the release of the related Individual Borrower with an indirect ownership interest in such Individual Property (a “Release Borrower”) and such Release Borrower’s obligations under the Loan Documents with respect to the Release Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions:

  • Release of Encumbrances The Company shall have filed or recorded (where necessary) and delivered to Buyer all documents necessary to release the Shares and assets of the Company from all Encumbrances (except for Encumbrances permitted under Section 4.9), which documents shall be in a form reasonably satisfactory to Buyer's counsel.

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