Assignment Upon Repayment Sample Clauses
The "Assignment Upon Repayment" clause establishes that, upon full repayment of a debt or obligation, the lender or creditor must transfer or assign their rights and interests in the relevant agreement or collateral to another party, typically the borrower or a designated third party. In practice, this means that once the borrower has satisfied all outstanding amounts, the lender is required to formally relinquish any claims or security interests they held, such as reassigning a mortgage or releasing a lien. This clause ensures that borrowers regain full control and ownership of their assets after fulfilling their repayment obligations, thereby preventing lingering encumbrances or claims by the lender.
Assignment Upon Repayment. At Borrower’s request, upon (a) Borrower’s prepayment or repayment of the Debt in full, whether by prepayment or otherwise and (b) payment by Borrower of Lender’s reasonable counsel fees and disbursements and other reasonable costs, if any, and provided Borrower (i) refinances the Loan through any institution other than Lender, or (ii) sells any of the Premises, and an institution other than Lender is involved in the financing of such sale, Lender shall deliver to Borrower or Borrower’s designee (x) an assignment of the Note, this Security Instrument and the other Loan Documents, without recourse, representation or warranty, together with the Note (or an affidavit of lost note) duly endorsed by Lender to Borrower’s designee, or (y) a satisfaction and release of lien in respect hereof, in recordable form, as well as all appropriate UCC termination statements and the release and termination of all other security for the Loan. Borrower shall pay all of Lender’s reasonable out-of-pocket costs and expenses incurred in connection with the foregoing.
Assignment Upon Repayment. If Mortgagor shall pay or cause to be repaid the Debt, at the request of Mortgagor at Mortgagor’s cost and expense and provided Mortgagor prepares, or causes to be prepared, all documentation in connection therewith, Mortgagee shall, or shall cause Lenders to, (a) assign the Note, this Security Instrument and all of the other Loan Documents to any Person(s) designated by Mortgagor, which assignment documents shall be in recordable form (but without representation or warranty by, or recourse to, Mortgagee, except that Mortgagee shall represent (i) that such assignment(s) has been duly authorized and that Lenders have not assigned or encumbered the Note, the Mortgages or the other Loan Documents and (ii) the principal amount outstanding on the Note as of the date of assignment), (b) deliver to or as directed by Mortgagor the originally executed Note and all originally executed other notes which may have been consolidated, amended and/or restated in connection with the execution of the Note or, with respect to any note where the original has been lost, destroyed or mutilated, a lost note affidavit for the benefit of the assignee lender and the title insurance company insuring the Mortgages, as assigned, in form sufficient to permit such title insurance company to insure the lien of this Security Instrument as assigned to and held by the assignee without exception for any matter relating to the lost, destroyed or mutilated note, (c) execute and deliver an allonge with respect to the Note and any other note(s) as described in the preceding subclause (b) above, (d) deliver the original executed Security Instruments or a certified copy of record (at Mortgagor’s sole cost and expense), and (e) execute and deliver (and where applicable, swear to and acknowledge) such other instruments of conveyance, assignment, termination and release (including appropriate UCC-3 termination/assignment statements) in recordable form as may reasonably be requested by Mortgagor or the title company to evidence such assignment.
Assignment Upon Repayment. Upon repayment or prepayment of the Loan in full by Borrower in accordance with the terms of this Agreement and the other Loan Documents, Lenders shall, on a one-time basis, assign the Note and Agent shall assign the Mortgage, each without recourse, covenant or warranty of any nature, express or implied, (except if any Lender is not delivering the original Note, in which case such Lender shall execute and deliver a "lost note affidavit" in its customary form with respect to the copy of its Note) to such new mortgagee designated by Borrower (other than Borrower or a nominee of Borrower); provided that Borrower (i) has caused to be paid the reasonable out-of-pocket expenses of Agent and Lenders incurred in connection therewith and Agent's and Lenders' reasonable attorneys' fees for the preparation, delivery and performance of such an assignment, (ii) has caused the delivery of an executed Statement of Oath under Section 275 of the New York Real Property Law; and (iii) has provided such other information and documents which a prudent mortgagee would reasonably require to effectuate such assignment. Borrower shall be responsible for all mortgage recording taxes, recording fees and other charges payable in connection with any such assignment.
Assignment Upon Repayment. At Borrower’s request, and upon (a) Borrower’s prepayment of the Debt in full, whether by prepayment or otherwise and (b) payment by Borrower of Lender’s reasonable counsel fees and disbursements and other reasonable costs, if any, and provided Borrower (a) refinances the Loan through any institution other than Lender, or (b) sells any of the Premises, and an institution other than Lender is involved in the financing of such sale, Lender shall deliver an assignment of the Note, this Security Instrument to Borrower’s designee without recourse, representation or warranty, together with the Note (or an affidavit of lost note) duly endorsed by Lender to Borrower’s designee.
Assignment Upon Repayment. 63 </TABLE> -vi- <PAGE> Index to Schedules and Exhibits SCHEDULES SCHEDULE I - Lenders' Ratable Share EXHIBITS EXHIBIT A The Land -vii- <PAGE> PROJECT LOAN AGREEMENT THIS PROJECT LOAN AGREEMENT, dated as of July 3, 2002 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this "AGREEMENT"), between 731 COMMERCIAL LLC ("COMMERCIAL OWNER") and 731 RESIDENTIAL LLC ("RESIDENTIAL OWNER"), each a Delaware limited liability company, having its principal place of business at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, collectively as Borrower ("Borrower"), and BAYERISCHE HYPO- UND VEREINSBANK AG, NEW YORK BRANCH, a German banking corporation organized under the laws of the Federal Republic of Germany, having an address at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, as administrative agent (including any of its successors and assigns, "AGENT") for itself and the other Lenders signatory hereto (collectively, together with such other co-lenders as may exist from time to time, "LENDERS"). All capitalized terms used herein shall have the respective meanings set forth in Article I hereof.
Assignment Upon Repayment. 63 Index to Schedules and Exhibits SCHEDULES SCHEDULE I - Lenders' Ratable Share EXHIBITS EXHIBIT A The Land PROJECT LOAN AGREEMENT THIS PROJECT LOAN AGREEMENT, dated as of July 3, 2002 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this "AGREEMENT"), between 731 COMMERCIAL LLC ("COMMERCIAL OWNER") and 731 RESIDENTIAL LLC ("RESIDENTIAL OWNER"), each a Delaware limited liability company, having its principal place of business at 888 Seventh Avenue, New York, New York 10019, collectively as Bo▇▇▇▇▇▇ ("▇▇▇▇▇▇▇▇"), ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇- ▇▇D VEREINSBANK AG, NEW YORK BRANCH, a German banking corporation organized under the laws of the Federal Republic of Germany, having an address at 622 Third Avenue, New York, New York 10017, as administrative ag▇▇▇ (▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇ssigns, "AGENT") for itself and the other Lenders signatory hereto (collectively, together with such other co-lenders as may exist from time to time, "LENDERS"). All capitalized terms used herein shall have the respective meanings set forth in Article I hereof.