Common use of Defeasance Process Clause in Contracts

Defeasance Process. Pursuant to the Existing Loan Documents, the Existing Lender is not required to consummate the Defeasance unless certain conditions set forth in Section 1.02(c)(i) of the Note are satisfied (collectively, the “Defeasance Conditions”). Subject to the payment obligations of Buyer at the Closing as more particularly described in Section 1.02(c) hereof, Seller shall use commercially reasonable efforts to satisfy all of the Defeasance Conditions on an expedited basis, including, without limitation, delivering required opinions and preparing all required documentation. In particular, Seller agrees to provide written notice to the Existing Lender required by Section 1.02(c)(i)(A) of the Note not later than October 1, 2004, specifying a Release Date (as defined in the Note) of December 1, 2004 (or such earlier date as is agreed to by Seller and Buyer). Seller agrees to keep Buyer informed of the progress of the discussions with the Existing Lender related to the Defeasance, and to provide copies to Buyer of all written communications and documentation between Seller and the Existing Lender with respect thereto.