Common use of DE MINIMIS RELEASE Clause in Contracts

DE MINIMIS RELEASE. Notwithstanding the foregoing provisions of Section I of this Exhibit H-9 but subject to the limitations set forth in Section III of this Exhibit H-9, Borrower shall have the right to obtain a Release for any Release Parcel for any reason upon satisfaction of the following conditions (a “De Minimis Release”): (a) The principal amount of the Loan allocated to the Release Parcel at Closing shall not exceed $2,500,000 (and such allocation shall be based upon the balance of the loan amount at the time of such release), (b) Not less than 90 days prior to the date of the Release, Borrower shall deliver to Lender a notice setting forth (i) the date of the Release, (ii) the name of the proposed transferee, and (iii) any other information reasonably necessary for Lender to analyze the terms of the Release. (c) Lender shall receive (i) the Release Amount to be applied to the outstanding principal balance of the Loan, and (ii) accrued interest and all other sums due on the Loan allocated to the Release Parcel; in connection with such payment, Lender will reset the monthly installments of principal and interest based upon the remaining term of the original amortization schedule. (d) Borrower shall provide any consents or approvals which may be necessary pursuant to Law or documents affecting the Release Parcel and shall confirm that the Property which remains encumbered by the mortgage/deed of trust complies with applicable Law and has direct access to streets and utilities. (e) Borrower shall comply with the conditions set forth in paragraphs (b), (c), (d), (e) and (j) of Section I of this Exhibit H-9.

DE MINIMIS RELEASE. Notwithstanding the foregoing provisions of Section I of this Exhibit H-9 but subject to the limitations set forth in Section III of this Exhibit H-9, Borrower shall have the right to obtain a Release for any Release Parcel for any reason upon satisfaction of the following conditions (a “De Minimis Release”): (a) The principal amount of the Loan allocated to the Release Parcel at Closing shall not exceed $2,500,000 (and such allocation shall be based upon the balance of the loan amount at the time of such release),) . (b) Not less than 90 days prior to the date of the Release, Borrower shall deliver to Lender a notice setting forth (i) the date of the Release, (ii) the name of the proposed transferee, and (iii) any other information reasonably necessary for Lender to analyze the terms of the Release. (c) Lender shall receive (i) the Release Amount to be applied to the outstanding principal balance of the Loan, and (ii) accrued interest and all other sums due on the Loan allocated to the Release Parcel; in connection with such payment, Lender will reset the monthly installments of principal and interest based upon the remaining term of the original amortization schedule. (d) Borrower shall provide any consents or approvals which may be necessary pursuant to Law or documents affecting the Release Parcel and shall confirm that the Property which remains encumbered by the mortgage/deed of trust complies with applicable Law and has direct access to streets and utilities. (e) Borrower shall comply with the conditions set forth in paragraphs (b)) , (c), (d), (e) and (j) of Section I of this Exhibit H-9.