Common use of Conditions for Release Clause in Contracts

Conditions for Release. Notwithstanding anything to the contrary set forth in this Agreement or the other Loan Documents, Adjacent Borrower shall have the right, without the prior consent of Lender and without violating the Loan Documents, to (1) sell one or more portions of the Release Parcel (each, including the entire Release Parcel, a “Partial Release Parcel”) either to a bonafide third party purchaser (a “Bonafide Release Parcel Purchaser”) or to an Affiliate of Borrower or any other Restricted Party (an “Affiliate Release Parcel Purchaser”; and together with a Bonafide Release Parcel Purchaser, individually, a “Release Parcel Purchaser”), or (2) refinance one or more Partial Release Parcels (each of the foregoing, including a sale or refinancing of the entire Release Parcel, a “Release Parcel Sale”, it being agreed that, for purposes of this Section 2.5.1, a refinancing of a Partial Release Parcel, including the entire Release Parcel, shall be treated as a Release Parcel Sale thereof to an Affiliate Release Parcel Purchaser), and obtain a release of such Partial Release Parcel from the Liens of the Mortgage and the other Loan Documents encumbering such Partial Release Parcel, provided that all of the following conditions shall be satisfied with respect to each such Release Parcel Sale:

Conditions for Release. Notwithstanding anything to the contrary set forth in this Agreement or the other Loan Documents, Adjacent Borrower shall have the right, without the prior consent of Lender and without violating the Loan Documents, to (1) sell one or more portions of the Release Remaining Adjacent Parcel (each, including the entire Release Remaining Adjacent Parcel, a “Partial Release Adjacent Parcel”) either to a bonafide third party purchaser (a “Bonafide Release Adjacent Parcel Purchaser”) or to an Affiliate of Borrower or any other Restricted Party (an “Affiliate Release Adjacent Parcel Purchaser”; and together with a Bonafide Release Adjacent Parcel Purchaser, individually, a an “Release Adjacent Parcel Purchaser”), or (2) refinance one or more Partial Release Adjacent Parcels (each of the foregoing, including a sale or refinancing of the entire Release Remaining Adjacent Parcel, a an “Release Adjacent Parcel Sale”, it being agreed that, for purposes of this Section 2.5.12.5.2, a refinancing of a Partial Release Adjacent Parcel, including the entire Release Remaining Adjacent Parcel, shall be treated as a Release an Adjacent Parcel Sale thereof to an Affiliate Release Adjacent Parcel Purchaser), and obtain a release of such Partial Release Adjacent Parcel from the Liens of the Mortgage and the other Loan Documents encumbering such Partial Release Adjacent Parcel, provided that all of the following conditions shall be satisfied with respect to each such Release Adjacent Parcel Sale:

Conditions for Release. Notwithstanding anything to the contrary set forth in this Agreement or the other Loan Documents, Adjacent Borrower shall have the right, without the prior consent of Lender and without violating the Loan Documents, to (1) sell one or more portions of the Release Parcel Adjacent Property (each, including the entire Release ParcelAdjacent Property, a “Partial Release Parcel”) either to a bonafide third party purchaser (a “Bonafide Release Parcel Purchaser”) or to an Affiliate of Borrower or any other Restricted Party (an “Affiliate Release Parcel Purchaser”; and together with a Bonafide Release Parcel Purchaser, individually, a “Release Parcel Purchaser”), or (2) refinance one or more Partial Release Parcels (each of the foregoing, including a sale or refinancing of the entire Release ParcelAdjacent Property, a “Release Parcel Sale”, it being agreed that, for purposes of this Section 2.5.1, a refinancing of a Partial Release Parcel, including the entire Release ParcelAdjacent Property, shall be treated as a Release Parcel Sale thereof to an Affiliate Release Parcel Purchaser), and obtain a release of such Partial Release Parcel from the Liens of the Mortgage and the other Loan Documents encumbering such Partial Release Parcel, provided that all of the following conditions shall be satisfied with respect to each such Release Parcel Sale: