Common use of Additional Release Provisions Clause in Contracts

Additional Release Provisions. The Liable Parties will also have the right and option (referred to as the “Additional Release Option”), exercisable at any time in the applicable Liable Party’s discretion, to obtain a release of any Supplemental Parcel of the Property from the lien and encumbrance of a Mortgage (and other Loan Documents) without payment of a release price or fee, prepayment of any principal on the Loan, or any other consideration to Lender, except as otherwise set forth below, provided that the following conditions are satisfied in connection with the exercise of the Additional Release Option: (i) [intentionally deleted] (ii) the release of the Supplemental Parcel(s) shall not violate any of the leases, any restrictive covenants on the remaining Property or adversely affect the zoning, easements, streets, access rights or use of the remaining portion of the Property considered as a unit without the Supplemental Parcel(s), and the remaining Property and the Supplemental Parcels being released are taxed as separate parcels; (iii) The applicable Liable Party shall have delivered to the Lender a current boundary survey of the Supplemental Parcel(s) to be released, meeting the standards for surveys as required in the Application, and containing an accurate metes and bounds legal description of the Supplemental Parcel(s) to be released and, to the extent required by applicable law, a replat of the Unreleased Parcels establishing the boundaries of the Supplemental Parcel(s) located therein, the same being subject to Lender’s Approval; (iv) The applicable Liable Party shall have obtained or granted such easements, rights-of-way and approvals, including zoning approvals and variances, if applicable, to permit the Supplemental Parcel(s) and the remaining Unreleased Parcels to be owned, developed and occupied for their intended purposes, respectively, and in compliance with applicable laws, regulations and governmental requirements, the same being subject to Lender’s Approval. (v) No such partial release by Lender will affect any of Liable Party’s obligations as stated in the Loan Documents, as to the remaining Parcels. (vi) Lender agrees to cooperate reasonably with the Liable Parties in connection with the Liable Parties’ undertakings set forth in Sections 10.03 (b) (iii) and (iv) above and agrees to the reconfiguration of certain lot lines therein to establish the Supplemental Parcels to be located therein, provided that such reconfiguration and replat is in full compliance with applicable laws, regulations and governmental requirements. (vii) The Liable Parties shall pay to Lender all costs and expenses incurred by Lender in connection with the exercise of the Additional Release Option, including, without limitation, reasonable attorneys’ fees and costs, recording costs and title insurance premiums, if any. In addition, the Liable Parties shall pay a $10,000 processing fee for each exercise of the Additional Release Option. (viii) For purposes of the Additional Release Option, the term “Supplemental Parcel” shall mean the Building 400 parcel in Deerwood North.

Additional Release Provisions. The Liable Parties [Gran Park - Avenues and Gran Park Beacon Mortgages only] Borrower will also have the right and option (referred to as the “"Additional Release Option”"), exercisable at any time in the applicable Liable Party’s Borrower's discretion, to obtain a release of any Supplemental Undeveloped Parcel of the Property from the lien and encumbrance of a the Mortgage (and other Loan Documents) without payment of a release price or fee, prepayment of any principal on the Loan, or any other consideration to Lender, except as otherwise set forth below, provided that the following conditions are satisfied in connection with the exercise of the Additional Release Option: (i) [intentionally deleted] (ii) there shall then exist no Event of Default under the Loan Documents, the release of the Supplemental Undeveloped Parcel(s) shall not violate any of the leases, any restrictive covenants on the remaining Property or adversely affect the zoning, easements, streets, access rights or use of the remaining portion of the Property considered as a unit without the Supplemental Undeveloped Parcel(s), and the remaining Property and the Supplemental Undeveloped Parcels being released are taxed as separate parcels; (iiiii) The applicable Liable Party As to the Undeveloped Parcels to be located within Gran Park at Beacon Station, Borrower shall have delivered to the Lender a current boundary survey of the Supplemental Parcel(s) to be released, meeting the standards for surveys as required in the Application, and containing an accurate metes and bounds legal description of the Supplemental Parcel(s) to be released and, to the extent required by applicable law, a filed replat of the Unreleased Parcels Gran Park at Beacon Station, establishing the boundaries of the Supplemental Parcel(s) Undeveloped Parcels located therein, the same being subject and otherwise in form and content acceptable to Lender’s Approval; (iv) The applicable Liable Party shall have obtained or granted such easements, rights-of-way and approvals, including zoning approvals and variances, if applicable, to permit the Supplemental Parcel(s) and the remaining Unreleased Parcels to be owned, developed and occupied for their intended purposes, respectively, and in compliance with applicable laws, regulations and governmental requirements, the same being subject to Lender’s Approval. (viii) No such partial release by Lender will affect any of Liable Party’s Borrower's obligations as stated in the Loan Documents, as to the remaining Parcels. (viiv) Lender agrees to cooperate reasonably with the Liable Parties Borrower in connection with the Liable Parties’ undertakings set forth in Sections 10.03 (b) (iii) and (iv) above proposed replat of Gran Park at Beacon Station, and agrees to the reconfiguration of certain lot lines therein to establish the Supplemental Undeveloped Parcels to be located therein, provided that such reconfiguration and replat is in full compliance with applicable laws, regulations and governmental requirements. (viiv) The Liable Parties Borrower shall pay to Lender all costs and expenses incurred by Lender in connection with the exercise of the Additional Release Option, including, without limitation, reasonable attorneys’ ' fees and costs, recording costs and title insurance premiums, if any. In addition, the Liable Parties Borrower shall pay a $10,000 processing fee for each exercise of the Additional Release Option. (viiivi) For purposes of the Additional Release Option, capitalized terms used above will have the term “Supplemental Parcel” shall mean the Building 400 parcel in Deerwood North.following definitions:

Additional Release Provisions. The Liable Parties Borrower will also have the right and option (referred to as the “"Additional Release Option”"), exercisable at any time in the applicable Liable Party’s Borrower's discretion, to obtain a release of any Supplemental Parcel of the Property from the lien and encumbrance of a the Mortgage (and other Loan Documents) without payment of a release price or fee, prepayment of any principal on the Loan, or any other consideration to Lender, except as otherwise set forth below, provided that the following conditions are satisfied in connection with the exercise of the Additional Release Option: (i) [intentionally deleted] (ii) the release of the Supplemental Parcel(s) shall not violate any of the leases, any restrictive covenants on the remaining Property or adversely affect the zoning, easements, streets, access rights or use of the remaining portion of the Property considered as a unit without the Supplemental Parcel(s), and the remaining Property and the Supplemental Parcels being released are taxed as separate parcels; (iii) The applicable Liable Party Borrower shall have delivered to the Lender Metlife a current boundary survey of the Supplemental Parcel(s) to be released, meeting the standards for surveys as required in the Application, and containing an accurate metes and bounds legal description of the Supplemental Parcel(s) to be released and, to the extent required by applicable law, a replat of the Unreleased Parcels establishing the boundaries of the Supplemental Parcel(s) located therein, the same being subject to Lender’s 's Approval; (iv) The applicable Liable Party Borrower shall have obtained or granted such easements, rights-of-way and approvals, including zoning approvals and variances, if applicable, to permit the Supplemental Parcel(s) and the remaining Unreleased Parcels to be owned, developed and occupied for their intended purposes, respectively, and in compliance with applicable laws, regulations and governmental requirements, the same being subject to Lender’s 's Approval. (v) No such partial release by Lender will affect any of Liable Party’s Borrower's obligations as stated in the Loan Documents, as to the remaining Parcels. (vi) Lender agrees to cooperate reasonably with the Liable Parties Borrower in connection with the Liable Parties’ Borrower's undertakings set forth in Sections 10.03 (b) (iii) and (iv) above and agrees to the reconfiguration of certain lot lines therein to establish the Supplemental Parcels to be located therein, provided that such reconfiguration and replat is in full compliance with applicable laws, regulations and governmental requirements. (vii) The Liable Parties Borrower shall pay to Lender all costs and expenses incurred by Lender in connection with the exercise of the Additional Release Option, including, without limitation, reasonable attorneys’ ' fees and costs, recording costs and title insurance premiums, if any. In addition, the Liable Parties Borrower shall pay a $10,000 processing fee for each exercise of the Additional Release Option. (viii) For purposes of the Additional Release Option, the term “"Supplemental Parcel” " shall mean the Building 400 parcel in Deerwood North300 lot, as improved, the Building 500 lot, as improved, and the undeveloped Building 700 lot.

Additional Release Provisions. The Liable Parties will also have the right and option (referred to as the “Additional Release Option”), exercisable at any time in the applicable Liable Party’s discretion, to obtain a release of any Supplemental Parcel of the Property from the lien and encumbrance of a Mortgage (and other Loan Documents) without payment of a release price or fee, prepayment of any principal on the Loan, or any other consideration to Lender, except as otherwise set forth below, provided that the following conditions are satisfied in connection with the exercise of the Additional Release Option: (i) [intentionally deleted] (ii) the release of the Supplemental Parcel(s) shall not violate any of the leases, any restrictive covenants on the remaining Property or adversely affect the zoning, easements, streets, access rights or use of the remaining portion of the Property considered as a unit without the Supplemental Parcel(s), and the remaining Property and the Supplemental Parcels being released are taxed as separate parcels; (iii) The applicable Liable Party shall have delivered to the Lender a current boundary survey of the Supplemental Parcel(s) to be released, meeting the standards for surveys as required in the Application, and containing an accurate metes and bounds legal description of the Supplemental Parcel(s) to be released and, to the extent required by applicable law, a replat of the Unreleased Parcels establishing the boundaries of the Supplemental Parcel(s) located therein, the same being subject to Lender’s Approval; (iv) The applicable Liable Party shall have obtained or granted such easements, rights-of-way and approvals, including zoning approvals and variances, if applicable, to permit the Supplemental Parcel(s) and the remaining Unreleased Parcels to be owned, developed and occupied for their intended purposes, respectively, and in compliance with applicable laws, regulations and governmental requirements, the same being subject to Lender’s Approval. (v) No such partial release by Lender will affect any of the Liable Party’s obligations as stated in the Loan Documents, as to the remaining Parcels. (vi) Lender agrees to cooperate reasonably with the Liable Parties in connection with the Liable Parties’ undertakings set forth in Sections 10.03 (b) (iii) and (iv) above and agrees to the reconfiguration of certain lot lines therein to establish the Supplemental Parcels to be located therein, provided that such reconfiguration and replat is in full compliance with applicable laws, regulations and governmental requirements. (vii) The Liable Parties shall pay to Lender all costs and expenses incurred by Lender in connection with the exercise of the Additional Release Option, including, without limitation, reasonable attorneys’ fees and costs, recording costs and title insurance premiums, if any. In addition, the Liable Parties shall pay a $10,000 processing fee for each exercise of the Additional Release Option. (viii) For purposes of the Additional Release Option, the term “Supplemental Parcel” shall mean the Building 400 parcel in Deerwood North.

Additional Release Provisions. a. The Liable Parties will also have parties acknowledge and agree that this Agreement and the right releases granted hereunder shall be and option (referred to as the “Additional Release Option”)remain in effect, exercisable and not be affected at all, for any time in the applicable Liable Party’s discretion, to obtain a release of reason whatsoever including any Supplemental Parcel of the Property from the lien and encumbrance of a Mortgage (and other Loan Documents) without payment of a release price or fee, prepayment of any principal on the Loan, or any other consideration to Lender, except as otherwise set forth below, provided that the following conditions are satisfied in connection with the exercise of the Additional Release Option: reasons: (i) [intentionally deleted] if a party or a Releasor may be or hereafter becomes liable for claims or other payment obligations, or discovers facts or there is an occurrence, in each case which are not now known to or suspected to exist or discoverable by such party or Releasor (even though it may be known, suspected to exist or discoverable by the other party or another Releasor) or to have occurred pursuant to the Reinsurance Agreements, even if such claims or other payment obligations or facts or occurrences, (x) had they been known or suspected to exist by one or both of the parties hereto on or prior to the date hereof, could have affected such party's decision to enter into this Agreement or (y) were not within the contemplation of the parties on the date hereof; or (ii) the breach of any obligation or representation hereunder. For the avoidance of any doubt and without limiting the foregoing, should any such claim or other payment obligation or fact or occurrence pursuant to the Reinsurance Agreements become known or be discovered or occur, it will not entitle any Releasors, or their respective successors and assigns, if any, to void, set aside or re-open the commutation effected by this Agreement, nor to recover any further reinsurance indemnity in respect of such claim. b. Nothing in Sections 2, 3, 4 or 5 hereof is intended or shall be deemed to release any party from any obligation undertaken pursuant to this Agreement. Neither this Agreement nor the payment of the Supplemental Parcel(s) Commutation Amount nor any other facts or positions taken in preparation for negotiations of or in connection with negotiating this Agreement shall not violate be considered or deemed an admission of liability or wrongdoing by any party or any Releasor or entities released hereunder. c. The releases contained in this Agreement are full and final. Each party hereby waives any right to assert hereafter that any matter or claim released by this Agreement has, through ignorance, oversight or error, been erroneously included in the scope of the leases, release. Each party hereby waives any restrictive covenants on rights under any law that may in any way limit the remaining Property or adversely affect the zoning, easements, streets, access rights or use effect of the remaining releases purported to be effected by this Agreement. d. In the event that all or any portion of the Property considered as consideration provided by either the Companies or the Reinsurer is deemed to constitute a unit without void or voidable preference under the Supplemental Parcel(slaw of any jurisdiction, the party receiving such consideration (or its successors or assigns, if any), shall return such consideration to the other party and thereupon this Agreement shall be fully rescinded, and the remaining Property Reinsurance Agreements and the Supplemental Parcels being released are taxed as separate parcels; (iii) The applicable Liable Party shall have delivered original liabilities and obligations of the parties pursuant to the Lender a current boundary survey Reinsurance Agreements shall be reinstated. Such reinstated liabilities and obligations may be asserted in any proceeding and shall be subject to any rights, claims and defenses of the Supplemental Parcel(s) parties. e. On the Closing Date The Companies shall deliver the LOC's to be released, meeting the standards LOC Banks for surveys as required cancellation without a draw thereon and shall deliver letters to the trustees of the Trust Accounts instructing such trustees to allow the withdrawal transfer or disposition by the Reinsurer of all assets held in the Applicationsuch Trust Accounts, and containing an accurate metes the Companies shall execute any and bounds legal description of the Supplemental Parcel(s) all required documents to be released and, acknowledge and effect such cancellation without draw with respect to the extent required by applicable law, a replat of the Unreleased Parcels establishing the boundaries of the Supplemental Parcel(s) located therein, the same being subject to Lender’s Approval; (iv) The applicable Liable Party shall have obtained LOC's and effect such withdrawal transfer or granted such easements, rights-of-way and approvals, including zoning approvals and variances, if applicable, to permit the Supplemental Parcel(s) and the remaining Unreleased Parcels to be owned, developed and occupied for their intended purposes, respectively, and in compliance disposition with applicable laws, regulations and governmental requirements, the same being subject to Lender’s Approval. (v) No such partial release by Lender will affect any of Liable Party’s obligations as stated in the Loan Documents, as respect to the remaining ParcelsTrust Accounts. (vi) Lender agrees to cooperate reasonably with the Liable Parties in connection with the Liable Parties’ undertakings set forth in Sections 10.03 (b) (iii) and (iv) above and agrees to the reconfiguration of certain lot lines therein to establish the Supplemental Parcels to be located therein, provided that such reconfiguration and replat is in full compliance with applicable laws, regulations and governmental requirements. (vii) The Liable Parties shall pay to Lender all costs and expenses incurred by Lender in connection with the exercise of the Additional Release Option, including, without limitation, reasonable attorneys’ fees and costs, recording costs and title insurance premiums, if any. In addition, the Liable Parties shall pay a $10,000 processing fee for each exercise of the Additional Release Option. (viii) For purposes of the Additional Release Option, the term “Supplemental Parcel” shall mean the Building 400 parcel in Deerwood North.

Additional Release Provisions. The Liable Parties Borrower will also have the right and option (referred to as the “"Additional Release Option”"), exercisable at any time in the applicable Liable Party’s Borrower's discretion, to obtain a release of any Supplemental Parcel of the Property from the lien and encumbrance of a the Mortgage (and other Loan Documents) without payment of a release price or fee, prepayment of any principal on the Loan, or any other consideration to Lender, except as otherwise set forth below, provided that the following conditions are satisfied in connection with the exercise of the Additional Release Option: (i) [intentionally deleted] (ii) the release of the Supplemental Parcel(s) shall not violate any of the leases, any restrictive covenants on the remaining Property or adversely affect the zoning, easements, streets, access rights or use of the remaining portion of the Property considered as a unit without the Supplemental Parcel(s), and the remaining Property and the Supplemental Parcels being released are taxed as separate parcels; (iii) The applicable Liable Party Borrower shall have delivered to the Lender a current boundary survey of the Supplemental Parcel(s) to be released, meeting the standards for surveys as required in the Application, and containing an accurate metes and bounds legal description of the Supplemental Parcel(s) to be released and, to the extent required by applicable law, a replat of the Unreleased Parcels establishing the boundaries of the Supplemental Parcel(s) located therein, the same being subject to Lender’s 's Approval; (iv) The applicable Liable Party Borrower shall have obtained or granted such easements, rights-of-way and approvals, including zoning approvals and variances, if applicable, to permit the Supplemental Parcel(s) and the remaining Unreleased Parcels to be owned, developed and occupied for their intended purposes, respectively, and in compliance with applicable laws, regulations and governmental requirements, the same being subject to Lender’s 's Approval. (v) No such partial release by Lender will affect any of Liable Party’s Borrower's obligations as stated in the Loan Documents, as to the remaining Parcels. (vi) Lender agrees to cooperate reasonably with the Liable Parties Borrower in connection with the Liable Parties’ Borrower's undertakings set forth in Sections 10.03 (b) (iii) and (iv) above and agrees to the reconfiguration of certain lot lines therein to establish the Supplemental Parcels to be located therein, provided that such reconfiguration and replat is in full compliance with applicable laws, regulations and governmental requirements. (vii) The Liable Parties Borrower shall pay to Lender all costs and expenses incurred by Lender in connection with the exercise of the Additional Release Option, including, without limitation, reasonable attorneys’ ' fees and costs, recording costs and title insurance premiums, if any. In addition, the Liable Parties Borrower shall pay a $10,000 processing fee for each exercise of the Additional Release Option. (viii) For purposes of the Additional Release Option, the term “"Supplemental Parcel” " shall mean all of Tract D except the Building 400 parcel Parcel subject to the existing Lease to Bombardier Capital, Inc. (the "Bombardier Parcel"), as presently improved by the Bombardier building and existing parking lots; provided, however, that the unimproved portion of the Bombardier Parcel and surplus existing parking areas located therein may be classified as Supplemental Parcels and released hereunder upon (i) an approved subdivision of the Bombardier Parcel to create a new building lot for development and (ii) either (x) the release by Bombardier of any options or rights of first refusal with respect to such Supplemental Parcel; or (y) an appropriate recorded restriction thereof to reflect any continuing rights of Bombardier therein; or (z) the expiration of such options or rights in Deerwood Northaccordance with their terms.

Additional Release Provisions. The Liable Parties Borrower will also have the right and option (referred to as the “"Additional Release Option”"), exercisable at any time in the applicable Liable Party’s Borrower's discretion, to obtain a release of any Supplemental Undeveloped Parcel of the Property from the lien and encumbrance of a the Mortgage (and other Loan Documents) without payment of a release price or fee, prepayment of any principal on the Loan, or any other consideration to Lender, except as otherwise set forth below, provided that the following conditions are satisfied in connection with the exercise of the Additional Release Option: (i) [intentionally deleted] (ii) there shall then exist no Event of Default under the Loan Documents, the release of the Supplemental Undeveloped Parcel(s) shall not violate any of the leases, any restrictive covenants on the remaining Property or adversely affect the zoning, easements, streets, access rights or use of the remaining portion of the Property considered as a unit without the Supplemental Undeveloped Parcel(s), and the remaining Property and the Supplemental Undeveloped Parcels being released are taxed as separate parcels; (iiiii) The applicable Liable Party As to the Undeveloped Parcels located within Gran Park at the Avenues, Borrower shall have delivered to the Lender a current boundary survey of the Supplemental Parcel(s) Undeveloped Parcels to be released, meeting the standards for surveys as required in under the ApplicationLoan Documents, and containing an accurate metes and bounds legal description of the Supplemental Parcel(s) to be released and, to the extent required by applicable law, a replat of the Unreleased Parcels establishing the boundaries of the Supplemental Parcel(s) located therein, the same being subject to Lender’s Approval; (iv) The applicable Liable Party shall have obtained or granted such easements, rights-of-way and approvals, including zoning approvals and variances, if applicable, to permit the Supplemental Parcel(s) and the remaining Unreleased Undeveloped Parcels to be owned, developed and occupied for their intended purposes, respectively, and in compliance with applicable laws, regulations and governmental requirements, the same being subject to Lender’s Approval.released; and (viii) No such partial release by Lender will affect any of Liable Party’s Borrower's obligations as stated in the Loan Documents, as to the remaining Parcels. (vi) Lender agrees to cooperate reasonably with the Liable Parties in connection with the Liable Parties’ undertakings set forth in Sections 10.03 (b) (iii) and (iv) above and agrees to the reconfiguration of certain lot lines therein to establish the Supplemental Parcels to be located therein, provided that such reconfiguration and replat is in full compliance with applicable laws, regulations and governmental requirements. (vii) The Liable Parties Borrower shall pay to Lender all costs and expenses incurred by Lender in connection with the exercise of the Additional Release Option, including, without limitation, reasonable attorneys’ ' fees and costs, recording costs and title insurance premiums, if any. In addition, the Liable Parties Borrower shall pay a $10,000 processing fee for each exercise of the Additional Release Option. (viiiv) For purposes of the Additional Release Option, capitalized terms used above will have the term “Supplemental Parcel” shall mean the Building 400 parcel in Deerwood North.following definitions: