Common use of Releases of Mortgaged Property Clause in Contracts

Releases of Mortgaged Property. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property (that was included in the appraisal for such Mortgaged Property and/or generates income) from the lien of the related Mortgage, except (i) upon payment in full of all amounts due under the related Mortgage Loan, (ii) in connection with a full or partial defeasance pursuant to provisions in the related loan documents, (iii) those Mortgage Loans set forth on Schedule B-1 which provide for certain releases upon the satisfaction of certain legal and underwriting requirements or (iv) upon the payment of a release price and prepayment consideration in connection therewith. Except with respect to a release of a portion of the Mortgaged Properties that was not included in the appraisal or does not generate income, no Mortgage Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that such release or substitution of collateral (a) would not constitute a "significant modification" of such Mortgage Loan within the meaning of Treas. Reg. ss.1.1001-3 and (b) would not cause such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.

Releases of Mortgaged Property. No Except as described in the next sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property (that was included in the appraisal for such Mortgaged Property and/or generates income) from the lien of the related Mortgage, Mortgage except (i) upon payment in full or defeasance of all amounts due under the related Mortgage Purchased Loan, (ii) in connection with a full or partial defeasance pursuant . The Mortgages relating to provisions in those Purchased Loans identified on the Purchased Loan Schedule require the mortgagee to grant releases of portions of the related loan documents, Mortgaged Properties upon (iiia) those Mortgage Loans set forth on Schedule B-1 which provide for certain releases upon the satisfaction of certain legal and underwriting requirements or and (ivb) upon except where the portion of the Mortgaged Property permitted to be released was not considered by the Seller to be material in the underwriting of the Purchased Loan, either (1) the payment of a release price set forth therein and prepayment consideration in connection therewiththerewith or (2) the partial defeasance of such Purchased Loan. Except with respect to a release of a portion of the Mortgaged Properties that was not included in the appraisal or does not generate income, no Mortgage No Purchased Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that if such release or substitution of collateral (a) would not constitute create a "significant modification" of such Mortgage Purchased Loan within the meaning of Treas. Reg. ss.1.1001-ss.1.1001 3 and or (b) would not cause such Mortgage Purchased Loan to fail not to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A860G(a)(3) of the CodeCode (without regard to clauses (A)(i) or (A)(ii) thereof).

Releases of Mortgaged Property. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property (that was included in the appraisal for such Mortgaged Property and/or generates income) from the lien of the related Mortgage, except (i) upon payment in full of all amounts due under the related Mortgage Loan, (ii) in connection with a full or partial defeasance pursuant to provisions in the related loan documents, (iii) those Mortgage Loans set forth on Schedule B-1 C-1 which provide for certain releases upon the satisfaction of certain legal and underwriting requirements or (iv) upon the payment of a release price and prepayment consideration in connection therewith. Except with respect to a release of a portion of the Mortgaged Properties that was not included in the appraisal or does not generate income, no Mortgage Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that such release or substitution of collateral (a) would not constitute a "significant modification" of such Mortgage Loan within the meaning of Treas. Reg. ss.1.1001-3 and (b) would not cause such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.

Releases of Mortgaged Property. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property (that was included in the appraisal for such Mortgaged Property and/or generates income) from the lien of the related Mortgage, except (i) upon payment in full of all amounts due under the related Mortgage Loan, (ii) in connection with a full or partial defeasance pursuant to provisions in the related loan documents, (iii) those Mortgage Loans set forth on Schedule B-1 C-4 which provide for certain releases upon the satisfaction of certain legal and underwriting requirements or (iv) upon the payment of a release price and prepayment consideration in connection therewith. Except with respect to a release of a portion of the Mortgaged Properties that was not included in the appraisal or does not generate income, no Mortgage Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that such release or substitution of collateral (a) would not constitute a "significant modification" of such Mortgage Loan within the meaning of Treas. Reg. ss.1.1001-3 ss.1.860G-2 and (b) would not cause such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.

Releases of Mortgaged Property. No Except as described in the next sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property (that was included in the appraisal for such Mortgaged Property and/or generates income) income from the lien of the related Mortgage, Mortgage except (i) upon payment in full of all amounts due under the related Mortgage Loan, (ii) in connection with a full or partial defeasance pursuant . The Mortgages relating to provisions in the related loan documents, (iii) those Mortgage Loans set forth identified on Schedule B-1 which provide for certain A hereto require the mortgagee to grant releases of portions of the related Mortgaged Properties upon (a) the satisfaction of certain legal and underwriting requirements or and/or (ivb) upon the payment of a release price and prepayment consideration in connection therewith. Except with respect to a release of a portion of the Mortgaged Properties that was not included as described in the appraisal or does not generate incomefirst sentence hereof and for those Mortgage Loans identified on Schedule A, no Mortgage Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that such release or substitution of collateral (a) would not constitute a "significant modification" of such Mortgage Loan within the meaning of Treas. Reg. ss.1.1001-3 and (b) would not cause such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.

Releases of Mortgaged Property. No Except as described in the next ------------------------------ sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property (that was included in the appraisal for such Mortgaged Property and/or generates income) from the lien of the related Mortgage, Mortgage except (i) upon payment in full or defeasance of all amounts due under the related Mortgage Purchased Loan, (ii) in connection with a full or partial defeasance pursuant . The Mortgages relating to provisions in those Purchased Loans identified on the Purchased Loan Schedule require the mortgagee to grant releases of portions of the related loan documents, Mortgaged Properties upon (iiia) those Mortgage Loans set forth on Schedule B-1 which provide for certain releases upon the satisfaction of certain legal and underwriting requirements or and (ivb) upon except where the portion of the Mortgaged Property permitted to be released was not considered by the Seller to be material in the underwriting of the Purchased Loan, either (1) the payment of a release price set forth therein and prepayment consideration in connection therewiththerewith or (2) the partial defeasance of such Purchased Loan. Except with respect to a release of a portion of the Mortgaged Properties that was not included in the appraisal or does not generate income, no Mortgage No Purchased Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that if such release or substitution of collateral (a) would not constitute create a "significant modification" of such Mortgage Purchased Loan within the meaning of Treas. Reg. ss.1.1001-(S)1.1001 3 and or (b) would not cause such Mortgage Purchased Loan to fail not to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A860G(a)(3) of the CodeCode (without regard to clauses (A)(i) or (A)(ii) thereof).

Releases of Mortgaged Property. No Except as described in the next sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property (that was included in the appraisal for such Mortgaged Property Property, and/or generates income) income from the lien of the related Mortgage, Mortgage except (i) upon payment in full of all amounts due under the related Mortgage Loan, (ii) in connection with a full or partial defeasance pursuant . The Mortgages relating to provisions in the related loan documents, (iii) those Mortgage Loans set forth identified on Schedule B-1 which provide for certain A hereto require the mortgagee to grant releases of portions of the related Mortgaged Properties upon (a) the satisfaction of certain legal and underwriting requirements or and/or (ivb) upon the payment of a release price and prepayment consideration in connection therewith. . Except with respect to a release of a portion of the Mortgaged Properties that was not included as described in the appraisal or does not generate incomefirst sentence hereof and for those Mortgage Loans identified on Schedule A, no Mortgage Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that such release or substitution of collateral (a) would not constitute a "significant modification" of such Mortgage Loan within the meaning of Treas. Reg. ss.1.1001-3 and (b) would not cause such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.