Partial Termination Procedures Clause Samples

Partial Termination Procedures. On the date of the payment by the Lessee of all amounts required to be paid under Section 15.1, in accordance with the procedures set forth in Section 15.1 (such date, the "Partial Termination Date"), this Master Lease shall terminate with respect to such Affected Property and, if applicable, the Construction Agency Agreement Supplement relating to such Affected Property shall terminate, and the Lessee and the Agent Certificate Holder shall take the following actions:

Partial Termination Procedures. On the date of the payment by the Lessee of all amounts required to be paid under Section 15.1 in accordance with the procedures set forth in Section 15.1 (such date, the "Partial Termination Date"), the Lease Supplement relating to the affected Property shall terminate (or if the relevant Property is a Mortgaged Property, the Lessor Mortgage relating Master Lease to such Mortgage shall be released) and this Master Lease shall terminate with respect to such affected Property, and the Lessor shall, at the Lessee's sole cost and expense, take the following actions in respect of the applicable affected Property upon the Lessor's receipt of all amounts due with respect to such affected Property and all other amounts then due in accordance with Section 15.1: (a) if the relevant Property is a Leased Property, the Lessor shall execute and deliver to the Lessee (or to the Lessee's designee) at the Lessee's sole cost and expense: (x) a quitclaim deed with respect to the affected Property, containing representations and warranties of grantor regarding the absence of Lessor Liens (but no other representations or warranties), and (y) an assignment of the entire interest of the Lessor in such affected Property (which shall include an assignment of all of the right, title and interest of the Lessor in and to any Excess Casualty/Condemnation Proceeds), in each case in recordable form and otherwise in conformity with local custom to the extent consistent with the foregoing scope of the Lessor's representations and warranties and free and clear of the Lien of the Lessor Mortgage and any Lessor Liens; (b) if the relevant Property is a Leased Property, such affected Property shall be conveyed to the Lessee (or to the Lessee's designee) "AS IS" and in its then present physical condition; (c) the Lessor shall convey to the Lessee any Excess Casualty/Condemnation Proceeds with respect to the affected Property; (d) if the relevant Property is a Leased Property, the Lessor shall execute and deliver to the Lessee (or its designee) and, if requested by the Lessee, the Lessee's title insurance company, an affidavit as to the absence of Lessor Liens; and (i) the Lessee and the Lessor shall execute and deliver to each other a statement of termination of this Master Lease with respect to such affected Property and, if the relevant Property is a Leased Property, a termination of the Lease Supplement covering such affected Property, and (ii) the Lessor shall execute such terminations, re...

Partial Termination Procedures. On the date of the payment by the ------------------------------ Lessee of the Equipment Balance with respect to any of the Equipment in accordance with Section 15.1 (such date, the "Partial Termination Date"), this ------------ ------------------------ Master Lease shall terminate with respect to such Equipment and, concurrent with the Lessor's receipt of such payment, (a) the Lessor shall execute and deliver to the Lessee (or to the Lessee's designee) at the Lessee's cost and expense a ▇▇▇▇ of sale with respect to such Equipment, without recourse, representation or warranty of any kind whatsoever, and with the disclaimers set forth in Section 2.4 ----------- hereof, in each case in conformity with local custom and free and clear of the Lien of the Lessor First Security Agreement and the Lessor Second Security Agreement, and any Lessor Liens attributable to the Lessor; (b) such item of the Equipment shall be conveyed to the Lessee (or to the Lessee's designee) "AS IS" and in its then present physical condition subject to each of the disclaimers set forth in Section 2.4 hereof; and ----------- (c) any Net Proceeds with respect to the Casualty or Condemnation giving rise to the termination of this Master Lease with respect to such item of the Equipment theretofore received by the Agent shall be applied against sums due hereunder and any remaining balance shall be paid to the Lessee provided that no Lease Event of Default is then existing.