Release Property definition
Examples of Release Property in a sentence
As a result of the release of any Release Property pursuant to this Section 2.5, any reference to terms in any Loan Document defined collectively with the inclusion of such Property and the Persons and documentation related thereto shall be read such that the released Property and applicable parties and documentation are excluded.
Notwithstanding anything to the contrary herein, upon the release of a Release Property in accordance with Section 2.5 hereof, the Maximum Advance Amount shall be reduced by the amount of the unadvanced portion of the Maximum Advance Amount allocated to such Release Property.
For example, terms including, without limitation, Assignment of Leases, Borrower, Franchise Agreement, Liquor License, Loan Documents, Management Agreement, Property, Operating Lease, Operating Lessee, PIP Budget, Pledgee Direct Subsidiaries, Pledgee Subsidiaries, Property Document, Security Instrument and Title Insurance Policy shall be deemed to include and/or refer to only those Properties, Persons and documentation not attributable to the Release Property.
For example, terms including, without limitation, Mortgage Borrower, Franchise Agreement, Liquor License, Loan Documents, Management Agreement, Property, Operating Lease, Operating Lessee, PIP Budget, Pledgee Direct Subsidiaries, Pledgee Subsidiaries, Property Document, Mortgage Security Instrument and Title Insurance Policy shall be deemed to include and/or refer to only those Properties, Persons and documentation not attributable to the Release Property.
Borrower shall not be permitted to obtain the release of any Individual Release Property from the Lien of the applicable Security Instrument thereon during the period that is sixty (60) days prior to and sixty (60) days after a Securitization (so long as Borrower is advised of any potential Securitization at least sixty (60) days prior to the same and at the time of such notification has not already entered into a purchase and sale agreement providing for a closing date within such period).