Eligible Release Parcel definition
Eligible Release Parcel means the approximately 25,000 square foot, three-story improved portion of the Property known as the “Executive Building”, as identified on the survey delivered to Lender in connection with closing the Loan, along with a small but commercially reasonable surrounding area of parking and/or access drive for purposes of redevelopment and construction activities on such Eligible Release Parcel following the Partial Release, which Eligible Release Parcel was not attributed any material value in the appraisal obtained in connection with the origination of the Loan or by Lender in determining the principal amount of the Loan.
Eligible Release Parcel means each of the following portions of the Property:
Examples of Eligible Release Parcel in a sentence
Such release shall be in a form appropriate in the jurisdiction in which the applicable Eligible Release Parcel is located and shall contain standard provisions protecting the rights of the releasing lender.
Borrower shall cause title to the Eligible Release Parcel so released from the lien of the applicable Security Instrument to be transferred to and held by a Person other than Borrower.