Common use of Conditions Precedent to Release of Property from the Collateral Pool Clause in Contracts

Conditions Precedent to Release of Property from the Collateral Pool. The release of a Mortgaged Property from the Collateral Pool is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the provisions of Section 3.04(f) are satisfied; (c) Receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (f) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy insuring the Security Instruments, amending the effective date of each Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by Lender; (g) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx Mae; (h) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and (i) Receipt by Lender on the Closing Date of a Confirmation of Obligations.

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Xxxxxx Xxx to release of a Mortgaged Property from the a Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction Xxxxxx Mae’s determination that each of the following conditions precedent on or before the Closing Datehas been satisfied: (a) Receipt by Lender The requirements of the fully executed Release RequestSection 3.02, as applicable, will be satisfied; (b) Immediately after giving effect to Receipt by Xxxxxx Xxx of the requested release, the provisions of Section 3.04(f) are satisfiedRe-Underwriting Fee; (c) Receipt by Lender Xxxxxx Mae of the Release PricePrice and any other amounts due under the terms of Section 3.02; (d) Receipt by Lender Xxxxxx Xxx of the Release Fee and all other amounts owing under Section 3.04(c)Fee; (e) Reserved; (f) Receipt by Lender Xxxxxx Mae on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than LenderXxxxxx Xxx) who is a party to such Release Document; (fg) If required by LenderXxxxxx Mae, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the applicable Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender Xxxxxx Xxx of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderLiens; (gh) If Lender Xxxxxx Mae determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the such Collateral Pool (“Remaining Mortgaged Properties”), Lender Xxxxxx Xxx must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties in such Collateral Pool and whether any cross use agreements or easements are necessary. In making this determination, Lender Xxxxxx Mae shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Mortgaged Properties and any other issues identified by Lender Xxxxxx Xxx in connection with similar loans anticipated to be sold to purchased by Xxxxxx Mae; (hi) Receipt by Lender Xxxxxx Xxx of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by LenderXxxxxx Mae, to reflect the release; and . Notwithstanding anything to the contrary herein, no release of any Mortgaged Property in a Collateral Pool shall be made unless the applicable Collateral Pool Borrower has provided title insurance to Xxxxxx Xxx in respect of each of the Remaining Mortgaged Properties in such Collateral Pool in an amount equal to (i) one hundred ten percent (110%) of the Initial Valuation of such Mortgaged Properties (taking into account the title insurance coverage provided by “tie-in” endorsements, if available) and, (ii) in the case of the Mortgaged Properties located in states where tie-in endorsements are not available, one hundred ten percent (110%) of the Valuation of such Mortgaged Properties; (j) Receipt by Lender Xxxxxx Mae on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by the applicable Collateral Pool Borrower and Guarantor, pursuant to which such Borrower and Guarantor confirm their obligations under the Loan Documents and the Guaranty to which they are a party; and (k) Receipt by Xxxxxx Xxx of all reasonable legal fees and expenses payable by the applicable Collateral Pool Borrower in connection with the Release Request.

Conditions Precedent to Release of Property from the Collateral Pool. The release of a Mortgaged Property from the Collateral Pool is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request;. (b) Immediately after giving effect to the requested release, the provisions of Section 3.04(f3.04(e) are satisfied;. (c) Receipt by Lender of the Release PricePrice and all amounts owing under Section 3.04(c); (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c)Fee; (e) Receipt by Lender of all legal fees and expenses payable by Borrower in connection with a Release Request. (f) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fg) If required by in Lender’s judgment under state law in order to preserve and protect Lender’s rights, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy insuring the Security Instruments, amending the effective date of each Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by Lender; (gh) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeXxx; (hi) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and; (ij) Receipt by Lender on the Closing Date of a Confirmation of Obligations; (k) Receipt by Lender prior to the Closing Date of the amendment to the Operating Lease evidencing only the release of the Release Mortgaged Property from the terms of the Operating Lease and adjusting the rent payment under the Operating Lease pursuant to the terms of the Operating Lease.

Conditions Precedent to Release of Property from the Collateral Pool. The release obligation of Lender to Release a Mortgaged Property from the Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction Lender’s determination that each of the following conditions precedent on or before the Closing Datehas been satisfied: (a) The requirements of Section 3.04 are satisfied; Colonial/PNC ARCS — Master Credit Facility Agreement (b) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the provisions of Section 3.04(f) are satisfiedPrice; (c) Receipt by Lender of the Release PriceFee; (d) Receipt by Lender of all legal fees and expenses payable by Borrower in connection with the Release Fee and all other amounts owing under Section 3.04(c)Request; (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (f) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderLiens; (g) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must reasonably determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Mortgaged Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx Mae; (h) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by Borrower and Guarantor, pursuant to which Borrower and Guarantor confirm their remaining obligations under the Loan Documents; and (i) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and . Notwithstanding anything to the contrary herein, no release of any Mortgaged Property in the Collateral Pool shall be made unless Borrower has provided title insurance to Lender in respect of each of the remaining Mortgaged Properties in the Collateral Pool in an amount equal to one hundred fifteen percent (i115%) Receipt of the Initial Valuation of such Mortgaged Properties (taking into account the title insurance coverage provided by Lender on the Closing Date of a Confirmation of Obligations“tie-in” endorsements, if available).

Conditions Precedent to Release of Property from the Collateral Pool. The release of a Mortgaged Property from the Collateral Pool is subject to the satisfaction of the following conditions precedent on or before the Closing DateDate of such release: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the provisions of Section 3.04(f) are satisfied; (c) Receipt by Lender of the Release PricePrice (as the same may be adjusted by Lender in a manner consistent with the last sentence of Section 3.04(f)) and all amounts owing under Section 3.04(c); (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c)Fee; (e) Receipt by Lender of all legal fees and expenses payable by Borrower in connection with a Release Request; (f) Receipt by Lender on the Closing Date of one (1) or more executed, original counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party which shall be in full force and effect, in form and substance satisfactory to such Release DocumentLender in all respects; (fg) If reasonably required by Lender, (i) amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, (ii) as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy (A) insuring the Security Instruments, (B) amending the effective date of each Title Insurance Policy to the Closing Date and (C) showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by Lender; (gh) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx Mae;Release (hi) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and (ij) Receipt by Lender on the Closing Date of a Confirmation of Obligations.

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Xxxxxx Mae to release of a Mortgaged Property from the a Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction Xxxxxx Mae’s determination that each of the following conditions precedent on or before the Closing Datehas been satisfied: (a) Receipt by Lender The requirements of the fully executed Release RequestSection 3.02(c), as applicable, will be satisfied; (b) Immediately after giving effect to Receipt by Xxxxxx Mae on the requested release, Closing Date of the provisions of Section 3.04(f) are satisfiedRe-Underwriting Fee; (c) Receipt by Lender Xxxxxx Xxx on the Closing Date of the Release PricePrice and any other amounts due under the terms of Section 3.02; (d) Receipt by Lender Xxxxxx Mae on the Closing Date of the Release Fee and all other amounts owing under Section 3.04(c)Fee; (e) Reserved; (f) Receipt by Lender Xxxxxx Xxx on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than LenderXxxxxx Mae) who is a party to such Release Document; (fg) If required by LenderXxxxxx Xxx, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the applicable Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender Xxxxxx Mae of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderLiens; (gh) If Lender Xxxxxx Xxx determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the such Collateral Pool (“Remaining Mortgaged Properties”), Lender Xxxxxx Mae must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties in such Collateral Pool and whether any cross use agreements or easements are necessary. In making this determination, Lender Xxxxxx Xxx shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Mortgaged Properties and any other issues identified by Lender Xxxxxx Mae in connection with similar loans anticipated to be sold to purchased by Xxxxxx MaeXxx; (hi) Receipt by Lender Xxxxxx Mae of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by LenderXxxxxx Xxx, to reflect the release; and . Notwithstanding anything to the contrary herein, no release of any Mortgaged Property in a Collateral Pool shall be made unless the applicable Collateral Pool Borrower has provided title insurance to Xxxxxx Mae in respect of each of the Remaining Mortgaged Properties in such Collateral Pool in an amount equal to (i) one hundred ten percent (110%) of the Initial Valuation of such Mortgaged Properties (taking into account the title insurance coverage provided by “tie-in” endorsements, if available) and, (ii) in the case of the Mortgaged Properties located in states where tie-in endorsements are not available, one hundred ten percent (110%) of the Valuation of such Mortgaged Properties; (j) Receipt by Lender Xxxxxx Xxx on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by the applicable Collateral Pool Borrower and Guarantor, pursuant to which such Borrower and Guarantor confirm their obligations under the Loan Documents and the Guaranty to which they are a party; and (k) Receipt by Xxxxxx Mae of all reasonable legal fees and expenses payable by the applicable Collateral Pool Borrower in connection with the Release Request.

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Lender to release of a Mortgaged Property from the Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the Coverage and LTV Tests will be satisfied or if the provisions of Section 3.04(f3.04(c)(ii) are satisfiedapplicable, immediately after such release the Aggregate Debt Service Coverage Ratio is 1.35:1.0 or greater and the Aggregate Loan to Value Ratio is sixty-five (65%) or less or if the provisions of Section 3.04(c)(iii) are applicable, immediately after such release the Aggregate Debt Service Coverage Ratio is 1.55:1.0 or greater and the Aggregate Loan to Value Ratio is sixty percent (60%) or less; (cb) Receipt by Lender of the Release Price, if due; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (ec) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fd) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy insuring the Security Instruments, amending the effective date of each Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderPool; (ge) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation whether the Remaining Mortgaged Properties comply with the terms of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeLender’s Underwriting Requirements; (hf) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and; (ig) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by Borrower and Sun, pursuant to which Borrower and Sun confirm their obligations under the Loan Documents; (h) The remaining Mortgaged Properties in the Collateral Pool shall satisfy the Geographical Diversification Requirements; and (i) Notwithstanding the other provisions of this Section 6.05, no release of any of the Mortgaged Properties shall be made unless Borrower has provided title insurance, taking into account tie-in endorsements, to Lender in respect of each of the remaining Mortgaged Properties in the Collateral Pool in an amount equal to the lesser of (i) one hundred fifteen percent (115%) of the Initial Value of the highest valued Mortgaged Property remaining in the Collateral Pool and (ii) the aggregate amount of Advances Outstanding. Notwithstanding the foregoing, if any of the tests set forth in clauses (a) and (h) of this Section 6.06 are not satisfied after the release of a Mortgaged Property, Lender may, without any obligation, permit such release if the release improves the Collateral Pool based on factors that are consistent with Lender’s Underwriting Requirements and results in improvement in one or both of the following areas: the then current Aggregate Debt Service Coverage Ratio or the then current Aggregate Loan to Value Ratio.

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Lender to release of a Mortgaged Property from the a Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction Lender’s determination that each of the following conditions precedent on or before the Closing Datehas been satisfied: (a) The requirements of Section 3.02(c), as applicable, will be satisfied; (b) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the provisions of Section 3.04(f) are satisfiedRe-Underwriting Fee; (c) Receipt by Lender of the Release PricePrice and any other amounts due under the terms of Section 3.02; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c)Fee; (e) Receipt by Lender of any portion of the Collateral Pool 6 Extension Fee then due pursuant to Section 8.02; (f) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fg) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the applicable Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderLiens; (gh) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the such Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties in such Collateral Pool and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Mortgaged Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx Maepurchased by Lender; (hi) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; . Notwithstanding anything to the contrary herein, no release of any Mortgaged Property in a Collateral Pool shall be made unless the applicable Collateral Pool Borrower has provided title insurance to Lender in respect of each of the Remaining Mortgaged Properties in such Collateral Pool in an amount equal to (i) one hundred ten percent (110%) of the Initial Valuation of such Mortgaged Properties (taking into account the title insurance coverage provided by “tie-in” endorsements, if available) and, (ii) in the case of the Mortgaged Properties located in states where tie-in endorsements are not available, one hundred ten percent (110%) of the Valuation of such Mortgaged Properties; (ij) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by the applicable Collateral Pool Borrower, IDOT Guarantor and Guarantor, pursuant to which such Borrower, IDOT Guarantor and Guarantor confirm their obligations under the Loan Documents to which they are a party; and (k) Receipt by Lender of all reasonable legal fees and expenses payable by the applicable Collateral Pool Borrower in connection with the Release Request.

Conditions Precedent to Release of Property from the Collateral Pool. The release of a Mortgaged Property from the Collateral Pool is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, release the provisions of Section 3.04(f) are Coverage and LTV Tests will be satisfied; (c) Receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (f) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by Lender; (g) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeXxx; (h) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and (i) Receipt by Lender on the Closing Date of a Confirmation of ObligationsObligation.

Conditions Precedent to Release of Property from the Collateral Pool. The release obligation of Lender to Release a Mortgaged Property from the Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction of the following conditions precedent on or before the Closing Dateprecedent: (a) Receipt receipt by Lender of the fully executed Release Request; (b) Immediately the requirements of Section 3.04(b) shall be satisfied immediately after giving effect to the requested release, the provisions of Section 3.04(f) are satisfiedproposed Release; (c) Receipt receipt by Lender of the Release Price; (d) Receipt receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c)Fee; (e) Receipt receipt by Lender of all reasonable legal fees and expenses in connection with the Release Request; (f) receipt by Lender on the Closing Date of one (1) or more executed, original counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fg) If if required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderLiens; (gh) If Lender determines if the Release Mortgaged Property to be is one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can must be able to be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether Properties, taking into account any cross use agreements or easements are necessary. In making this determinationeasements, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Remaining Mortgaged Properties and any other issues identified by relevant factors pursuant to the Underwriting and Servicing Requirements. Borrower shall deliver to Lender in connection with similar loans anticipated evidence satisfactory to be sold Lender that this condition precedent is satisfied prior to Xxxxxx Maethe closing of the transaction that is the subject of the Request. Borrower acknowledges that none of the Initial Mortgaged Properties are part of a phase of a project; (hi) Receipt receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by Borrower and Guarantor, pursuant to which Borrower and Guarantor confirm their remaining obligations under the Loan Documents; and (j) receipt by Lender prior to the Closing Date of the amendment to the Operating Lease evidencing the release of the Release Mortgaged Property from the terms of the Operating Lease and adjusting the rent payment under the Operating Lease pursuant to the terms of the Operating Lease; (k) receipt by Lender of endorsements to the tie-in endorsements (if available) of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and . Notwithstanding anything to the contrary herein, no release of any Mortgaged Property from the Collateral Pool shall be made unless Borrower has provided title insurance to Lender in respect of each of the remaining Mortgaged Properties in the Collateral Pool in an amount equal to (i) Receipt the Allocable Facility Amount for such Mortgaged Property if “tie-in” endorsements are available such that the total title coverage (taking into account the title coverage provided by Lender on the Closing Date “tie-in” endorsements) for a Mortgaged Property is equal to or greater than one hundred fifteen percent (115%) of a Confirmation the Initial Valuation of Obligationssuch Mortgaged Property, or (ii) if the preceding clause (i) cannot be satisfied, one hundred fifteen percent (115%) of the Initial Valuation of such Mortgaged Property.

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Lender to release of a Mortgaged Property from the Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the provisions of Section 3.04(f) are Coverage and LTV Tests will be satisfied; (cb) Receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (ec) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fd) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens Date and other exceptions approved by Lender; (ge) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“"Remaining Mortgaged Properties”"), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership whether the Remaining Mortgaged Properties comply with the terms of Sections 203 and operation 208 of Part III of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeDUS Guide; (hf) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and; (ig) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by Borrower and Sunrise, pursuant to which Borrower and Sunrise confirm their obligations under the Loan Documents; and (h) The remaining Mortgaged Properties in the Collateral Pool shall satisfy the Geographical Diversification Requirements.

Conditions Precedent to Release of Property from the Collateral Pool. The release obligation of Lender to Release a Mortgaged Property from the Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction Lender’s determination that each of the following conditions precedent on or before the Closing Datehas been satisfied: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the provisions The requirements of Section 3.04(f) 3.04 are satisfied; (c) Receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c)Fee; (e) Receipt by Lender of all legal fees and expenses payable by Borrower in connection with the Release Request; (f) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fg) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderLiens; (gh) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must reasonably determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Colonial/ Grandbridge — Master Credit Facility Agreement Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Mortgaged Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx Mae; (hi) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by Borrower and Guarantor, pursuant to which Borrower and Guarantor confirm their remaining obligations under the Loan Documents; and (j) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and . Notwithstanding anything to the contrary herein, no release of any Mortgaged Property in the Collateral Pool shall be made unless Borrower has provided title insurance to Lender in respect of each of the remaining Mortgaged Properties in the Collateral Pool in an amount equal to one hundred fifteen percent (i115%) Receipt of the Initial Valuation of such Mortgaged Properties (taking into account the title insurance coverage provided by Lender on the Closing Date of a Confirmation of Obligations“tie-in” endorsements, if available).

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Lender to release of a Mortgaged Property from the Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the Coverage and LTV Tests will be satisfied or if the provisions of Section 3.04(f3.04(c)(B) are satisfiedapplicable, immediately after such release the Aggregate Debt Service Coverage Ratio is 1.55:1.0 or greater and the Aggregate Loan to Value Ratio is 55% or less; (cb) Receipt by Lender of the Release Price, if due; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (ec) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fd) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy insuring the Security Instruments, amending the effective date of each Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderPool; (ge) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“"Remaining Mortgaged Properties”"), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership whether the Remaining Mortgaged Properties comply with the terms of Sections 203 and operation 208 of Part III of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeDUS Guide; (hf) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and; (ig) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by Borrower and Sun, pursuant to which Borrower and Sun confirm their obligations under the Loan Documents; and (h) The remaining Mortgaged Properties in the Collateral Pool shall satisfy the Geographical Diversification Requirements.

Conditions Precedent to Release of Property from the Collateral Pool. The release of a Mortgaged Property from the Collateral Pool is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested releaserelease the Coverage and LTV Tests will be satisfied, the provisions Aggregate Debt Service Coverage Ratio will not be reduced and the Aggregate Loan to Value Ratio will not be increased; (b) Receipt by Lender of Section 3.04(f) are satisfiedthe Release Price; (c) Receipt by Lender of the Release PriceFee; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fe) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens Date and other exceptions approved by Lender; (gf) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx Mae; (hg) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and; (ih) Receipt by Lender on the Closing Date of a Confirmation of Obligations; (i) Receipt by Lender of the Termination Fee unless Borrower elects to maintain the Allocable Facility Amount of the Release Property as Unused Capacity and pays an Unused Capacity Fee with respect thereto; provided, however, that, if (i) the Release Property is a Bond Property, (ii) Borrower will add a Substitute Mortgaged Property to the Collateral Pool in substitution for the Release Property, (iii) the Substitute Mortgaged Property is conventionally financed with a Fixed Advance or a Variable Advance, then, for purposes of calculating the Credit Enhancement Termination Fee, the Credit Enhancement Facility Fee Rate shall not include the Liquidity Rate, and, provided, further, however, if (i) the Release Property is a Bond Property sold to a third party, (ii) the acquiring Person finances such acquisition with a new loan with Loan Servicer as lender or servicer and Xxxxxx Xxx as credit enhancer or loan purchaser, and (iii) such new loan is made upon such terms and conditions (including pricing) as are then standard under the DUS Guide for new loans, then no Termination Fee shall be payable upon such release; and (j) The release shall not, in Lender’s judgment, adversely affect the geographical diversity of the Collateral Pool.

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Lender to release of a Mortgaged Property from the Collateral Pool is by executing and delivering the Release Documents on the Closing Date, are subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, release the provisions Coverage and LTV Tests will be satisfied; (b) Receipt by Lender of Section 3.04(f) are satisfiedthe Release Price; (c) Receipt by Lender of the Release PriceFee; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fe) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens Date and other exceptions approved by Lender; (gf) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“"Remaining Mortgaged Properties”"), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership whether the Remaining Mortgaged Properties comply with the terms of Sections 203 and operation 208 of Part III of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeDUS Guide; (hg) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and; (ih) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by Borrower and the Guarantor, pursuant to which Borrower and the Guarantor confirm their obligations under the Loan Documents; and (i) The remaining Mortgaged Properties in the Collateral Pool shall satisfy the Geographical Diversification Requirements.

Conditions Precedent to Release of Property from the Collateral Pool. The release of a Mortgaged Property from the Collateral Pool is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, release the provisions of Section 3.04(f) are Coverage and LTV Tests will be satisfied; (c) Receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (f) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy insuring the Security Instruments, amending the effective date of each Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by Lender; (g) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeXxx; (h) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and; (i) Receipt by Lender on the Closing Date of a Confirmation of Obligations; and (j) For any Release on or after the First Anniversary, the remaining Mortgaged Properties in the Collateral Pool shall satisfy the Geographical Diversification Requirements.

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Lender to release of a Mortgaged Property from the a Collateral Pool by executing and delivering the Release Documents on the Closing Date is subject to the satisfaction Lender’s determination that each of the following conditions precedent on or before the Closing Datehas been satisfied: (a) The requirements of Section 3.03(c), as applicable, will be satisfied; (b) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, the provisions of Section 3.04(f) are satisfiedRe-Underwriting Fee; (c) Receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c)Fee; (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (f) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the applicable Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by LenderLiens; (g) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the such Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties in such Collateral Pool and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Mortgaged Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeXxx; (h) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; . Notwithstanding anything to the contrary herein, no release of any Mortgaged Property in a Collateral Pool shall be made unless the applicable Collateral Pool Borrower has provided title insurance to Lender in respect of each of the Remaining Mortgaged Properties in such Collateral Pool in an amount equal to (i) one hundred ten percent (110%) of the Initial Valuation of such Mortgaged Properties (taking into account the title insurance coverage provided by “tie-in” endorsements, if available) and, (ii) in the case of the Mortgaged Properties located in states where tie-in endorsements are not available, one hundred ten (110%) of the Valuation of such Mortgaged Properties; (i) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by the applicable Collateral Pool Borrower, IDOT Guarantor and Guarantor, pursuant to which such Borrower, IDOT Guarantor and Guarantor confirm their obligations under the Loan Documents to which they are a party; and (j) Receipt by Lender of all reasonable legal fees and expenses payable by the applicable Collateral Pool Borrower in connection with the Release Request.

Conditions Precedent to Release of Property from the Collateral Pool. The release of a Mortgaged Property from the Collateral Pool is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, release the provisions of Section 3.04(f) are Coverage and LTV Tests will be satisfied; (c) Receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (f) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by Lender; (g) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx Mae; (h) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and (i) Receipt by Lender on the Closing Date of a Confirmation of ObligationsObligation.

Conditions Precedent to Release of Property from the Collateral Pool. The obligation of Lender to release of a Mortgaged Property from the Collateral Pool is by executing and delivering the Release Documents on the Closing Date, are subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender Satisfaction of the fully executed Release Request; (b) Immediately after giving effect conditions precedent to the requested releaserelease of the Property contained in Section 6.3 of the Master Reimbursement Agreement (including without limitation, the provisions of Section 3.04(f) are satisfied; (c) Receipt receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (eb) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (fc) If required by Lender, amendments to this Agreement, the Notes Note and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policyamended, the receipt by Lender of an endorsement to each the Title Insurance Policy insuring the Security InstrumentsInstrument, amending the effective date of each the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens Date and other exceptions approved by Lender; (gd) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership whether the Remaining Mortgaged Properties comply with the terms of Sections 203 and operation 208 of Part III of the Release Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx MaeDUS Guide; (he) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and (if) Receipt by Lender on the Closing Date of a Confirmation of Obligations, dated as of the Closing Date, signed by Borrower, pursuant to which Borrower confirms its obligations under the Loan Documents.

Conditions Precedent to Release of Property from the Collateral Pool. The release of a Mortgaged Property from the Collateral Pool is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) Receipt by Lender of the fully executed Release Request; (b) Immediately after giving effect to the requested release, release the provisions of Section 3.04(f) are satisfied; (c) Receipt by Lender of the Release Price; (d) Receipt by Lender of the Release Fee and all other amounts owing under Section 3.04(c); (e) Receipt by Lender on the Closing Date of one (1) or more counterparts of each Release Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Release Document; (f) If required by Lender, amendments to this Agreement, the Notes and the Security Instruments Instruments, reflecting the release of the Release Mortgaged Property from the Collateral Pool and, as to any Security Instrument or Note so amended or if Lender determines that such endorsement is necessary to maintain the priority of the Lien created in favor of Lender with respect to the Outstanding Indebtedness or to maintain the validity of any Title Insurance Policy, the receipt by Lender of an endorsement to each Title Insurance Policy insuring the Security Instruments, amending the effective date of each Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date, Permitted Liens and other exceptions approved by Lender; (g) If Lender determines the Release Mortgaged Property to be one (1) phase of a project, and one (1) or more other phases of the project are Mortgaged Properties which will remain in the Collateral Pool (“Remaining Mortgaged Properties”), Lender must determine that the Remaining Mortgaged Properties can be operated separately from the Release Mortgaged Property and any other phases of the project which are not Mortgaged Properties and whether any cross use agreements or easements are necessary. In making this determination, Lender shall evaluate access, utilities, marketability, community services, ownership and operation of the Release Remaining Mortgaged Properties and any other issues identified by Lender in connection with similar loans anticipated to be sold to Xxxxxx Mae; (h) Receipt by Lender of endorsements to the tie-in endorsements of the Title Insurance Policies, if deemed necessary by Lender, to reflect the release; and; (i) Receipt by Lender on the Closing Date of a Confirmation of Obligations; and (j) For any Release on or after the First Anniversary, the remaining Mortgaged Properties in the Collateral Pool shall satisfy the Geographical Diversification Requirements.