Release Property Clause Samples
The 'Release Property' clause defines the conditions under which a party must relinquish possession or control of a property, typically at the end of a lease or contractual agreement. In practice, this clause outlines the required state of the property upon return, such as cleanliness, removal of personal items, and repair of any damage beyond normal wear and tear. Its core function is to ensure a smooth and clear transition of property back to the owner, minimizing disputes over the property's condition and clarifying each party's responsibilities at the conclusion of the agreement.
Release Property. Other States Charge 658418 (a) All of the property of B▇▇▇▇ ▇▇▇▇▇ Camellia Pty Limited which is mortgaged or charged under the Initial Other States Charge.
Release Property. Provided that no Potential Default or Event of Default then exists and the conditions set forth below have been satisfied, Administrative Agent shall from time to time release from the Lien of the Security Instruments all, but not less than all, of a Real Property (such Real Property being released, a “Release Property”) and deliver to the trustee under the deed of trust constituting the Security Instrument a request for reconveyance and otherwise cause such trustee to record a duly executed release with respect to such Release Property in recordable form, a UCC-3 release of security interest and other such documents as may be reasonably required to release such Release Property from the Lien of the Security Instruments and the other Loan Documents. The release of any Release Property from the Lien of the Security Instruments shall occur pursuant to an escrow arrangement with the escrow agent and such arrangement shall be reasonably satisfactory to Administrative Agent. Any release pursuant to this Section 6.4(3)(iv) is conditional upon satisfaction of each of the following conditions as reasonably determined by Administrative Agent:
(A) Not less than thirty (30) days nor more than ninety (90) days prior to the desired release date, the Borrower shall have given to Administrative Agent a written request for the release accompanied by (1) a release of Liens and related Loan Documents for the applicable portion of the Mortgaged Property for execution by the Administrative Agent, which release documents shall be in a form appropriate in the applicable state and otherwise satisfactory to the Administrative Agent in its reasonable discretion; (2) evidence demonstrating to the reasonable satisfaction of Agents that the LTV Ratio immediately following the requested release shall not exceed forty percent (40.0%); and (3) an Officer’s Certificate certifying that the requirement described in Section 6.4(3)(iv)(C) below is satisfied in connection with such release; and all other evidence, information and other items reasonably required by Administrative Agent;
(B) Administrative Agent has received immediately available funds in the full amount of the Release Payment for the Release Property (and upon receipt by Administrative Agent such sums shall be applied in accordance with Section 2.5(1)(i) above);
(C) Neither the release from the Lien of the Security Instruments nor the conveyance of such Release Property will violate any Requirements of Law (including zoning an...
Release Property. Provided that no Default or Event of Default then exists, Administrative Agent shall from time to time release from the Lien of the Security Instruments portions of the Mortgaged Property subject to a Bona Fide Sales Contract (“Release Property”) and deliver to the Borrowers a duly executed partial release with respect to such Release Property in recordable form, a UCC-3 release of security interest and other such documents as may be reasonably required to release such Release Property from the Lien of the Security Instruments. Borrower agrees Administrative Agent may process such releases and other documents in batches not more often than twice in any calendar month. The release of any Release Property from the Lien of the Security Instruments shall occur pursuant to an escrow arrangement with the escrow agent and such arrangement shall be reasonably satisfactory to Administrative Agent. Any release pursuant to this Section 6.4(5)(iii) is conditional upon satisfaction of each of the following conditions:
(A) The Release Property is being sold in the Ordinary Course of Business or constitutes common areas of the project to be developed and is being conveyed to a community development district, homeowners’ association or condominium association which governs the development of infrastructure improvements for the benefit of the project;
(B) Not less than three (3) Business Days prior to the desired release date, the Borrowers shall have given to Administrative Agent a written request for the release accompanied by (i) a release of Liens and related Loan Documents for the applicable portion of the Mortgaged Property for execution by the Administrative Agent, which release documents shall be in a form appropriate in the applicable state and otherwise satisfactory to the Administrative Agent in its reasonable discretion; (ii) an Officer’s Certificate certifying that the requirement described in paragraph (D) below is satisfied in connection with such release; and (iii) all other evidence, information and other items required by Administrative Agent;
(C) Neither the release from the Lien of the Security Instrument nor the conveyance to the Purchaser of such Release Property will violate any Requirements of Law (including zoning and subdivision laws and regulations) and the Release Property, the remaining portion of the Mortgaged Property, and the conveyance shall be in compliance with all Requirements of Law (including zoning and subdivision laws and regulations...
Release Property. The property defined in this Agreement as ACC6. As of the date of this Agreement, ACC5 Phase I, ACC5 Phase II and ACC6 are located on a single parcel of property. No subdivision of the Mortgaged Property or creation of any land condominiums (or other type of property ownership structure) with respect to the Mortgaged Property shall be permitted unless (and only to the extent) necessary in connection with a release pursuant to §34 hereof and, in all cases, subject in all respects to the terms and conditions of §34 hereof.