Voluntary Defeasance. (a) Provided no Event of Default shall then exist, Borrower shall have the right at any time after the Defeasance Expiration Date and prior to the date voluntarily prepayments are permitted under Section 2.4.1 hereof to voluntarily defease all, but not part, of the Loan by and upon satisfaction of the following conditions (such event being a "DEFEASANCE EVENT"):
Voluntary Defeasance. 21 2.4.2 Successor Borrower .......................................... 23 Section 2.5 Release of Property ..................................... 23 2.5.1 Release of all Properties .................................. 23 2.5.2 Release of Individual Property ............................. 24 2.5.3 Release on Payment in Full ................................ 24 Section 2.6 Manner of Making Payments; Cash Management .............. 25 2.6.1 Deposits into Lockbox Account .............................. 25 2.6.2 Making of Payments .......................................... 25 2.6.3 Payments Received in the Lockbox Account ................... 25 2.6.4 No Deductions, etc .......................................... 26 Section 2.7 Property Substitutions .................................. 26 2.7.1 Substitution of Property ................................... 26
Voluntary Defeasance. (a) Provided no Event of Default shall then exist, at any time after the earlier to occur of (i) the Defeasance Lockout Date and (ii) three (3) years after the date hereof, Borrowers shall have the right at any time prior to the Prepayment Lockout Expiration Date to voluntarily defease the Loan in whole, but not in part, by and upon satisfaction of the following conditions (such event being a “Defeasance Event”):
Voluntary Defeasance. (a) Provided that no Event of Default has occurred and is then continuing, on and after the date which is two years after the Start-Up Day (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) a portion of the Loan, but only pursuant to Section ------- 5.1(b)(P); provided, that, for any defeasance, Borrower must comply with Section --------- -------- ------- 2.11. ----
Voluntary Defeasance. (a) Provided no Event of Default shall then exist (other than an Event of Default that will be cured by such defeasance in accordance with Section 2.5.2 hereof, and provided that Lxxxxx has not applied for the appointment of a receiver, declared the entire unpaid Debt to be immediately due and payable or commenced a foreclosure action), Borrower shall have the right at any time after the Permitted Defeasance Date to voluntarily defease all of the Loan, or a portion thereof in connection with a release of one or more Individual Properties pursuant to Section 2.5.2 hereof, by and upon satisfaction of the following conditions (such event being a “Total Defeasance Event” with respect to the defeasance of the entire Loan and a “Partial Defeasance Event” with respect to a defeasance of only a portion of the Loan in connection with the release of an Individual Property pursuant to Section 2.5.2 hereof):
Voluntary Defeasance. 27 Section 2.7. Prepayment.................................................................. 27 Section 2.8. Application of Payments..................................................... 28 Section 2.9. Payment of Debt Service, Method and Place of Payment........................ 28 Section 2.10. Taxes...................................................................... 28 Section 2.11. Defeasance Requirements.................................................... 28 Section 2.12. Central Cash Management.................................................... 30 Section 2.13. Security Agreement......................................................... 37 Section 2.14. Securitization............................................................. 39 Section 2.15. Supplemental Mortgage Affidavits........................................... 40 Section 2.16. Transfer of Mortgaged Property............................................. 40
Voluntary Defeasance. (a) Provided no Event of Default shall then exist, Borrower shall have the right at any time after the Permitted Release Date and prior to the Open Prepayment Date, to cause the release of all of the Properties (such event being a “Full Defeasance Event”) or an individual Property (such event being a “Partial Defeasance Event”; any such Full Defeasance Event or Partial Defeasance Event is referred to herein as a “Defeasance Event”) from the lien of the applicable Security Instrument and the other Loan Documents upon the satisfaction of the following conditions:
Voluntary Defeasance. (a) Provided no Event of Default shall then exist, Borrower shall have the right on any Payment Date after the Permitted Defeasance Date to voluntarily defease all, but not part, of the Loan by and upon satisfaction of the following conditions (such event being a “Defeasance Event”): (i) Borrower shall provide not less than thirty (30) days prior written notice to Lender (which notice shall be revocable by Borrower on at least two (2) Business Days’ prior written notice to Xxxxxx, provided that Xxxxxxxx
Voluntary Defeasance. 25 2.4.2 Successor Borrower......................................................... 26 2.4.3 Release of Property........................................................ 27 Section 2.5 Release on Payment in Full............................................. 27 III.
Voluntary Defeasance. 29 Section 2.7. Prepayment . . . . . . . . . . . . . . . . . . . . . . . . 30 Section 2.8. Application of Payments. . . . . . . . . . . . . . . . . . 32 Section 2.9. Payment of Debt Service, Method and Place of Payment . . . 32 Section 2.10. Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Section 2.11. Defeasance Requirements . . . . . . . . . . . . . . . . . 32 Section 2.12. Central Cash Management . . . . . . . . . . . . . . . . . 34 Section 2.13. Security Agreement. . . . . . . . . . . . . . . . . . . . 42 Section 2.14. Securitization. . . . . . . . . . . . . . . . . . . . . . 44 Section 2.15. Supplemental Deed of Trust Affidavits . . . . . . . . . . 46 Section 2.16. Transfer of Trust Property. . . . . . . . . . . . . . . . 46 ARTICLE III.
