Common use of No Merger of Fee and Leasehold Estates; Releases Clause in Contracts

No Merger of Fee and Leasehold Estates; Releases. Prior to Payment in Full, unless the Administrative Agent shall otherwise consent, the fee title to that portion of the Mortgaged Property subject to the Specified Ground Lease and the leasehold estate therein created pursuant to the provisions of the Specified Ground Lease shall not merge but shall always be kept separate and distinct, notwithstanding the union of such estates in the applicable Borrower Party, the Administrative Agent, or in any other person by purchase, operation of law or otherwise. The Collateral Agent reserves the right, at any time, to release portions of the Mortgaged Property, including, but not limited to, the leasehold estate created by the Specified Ground Lease, with or without consideration, at the Collateral Agent’s election, without waiving or affecting any of its or the Administrative Agent’s rights hereunder or under the other Loan Documents, and any such release shall not affect the Collateral Agent’s rights in connection with the portion of the Mortgaged Property not so released.

No Merger of Fee and Leasehold Estates; Releases. Prior to Payment in FullSo long as any portion of the Obligations shall remain unpaid, unless the Administrative Agent shall otherwise consent, the fee title to that portion of the Mortgaged Property subject to the Specified Qualified Ground Lease and the leasehold estate therein created pursuant to the provisions of the Specified Qualified Ground Lease shall not merge but shall always be kept separate and distinct, notwithstanding the union of such estates in the applicable Borrower Credit Party, the Administrative Agent, or in any other person by purchase, operation of law or otherwise. The Collateral Administrative Agent reserves the right, at any time, to release portions of the Mortgaged Property, including, but not limited to, the leasehold estate created by the Specified Qualified Ground Lease, with or without consideration, at the Collateral Administrative Agent’s election, without waiving or affecting any of its or the Administrative Agent’s rights hereunder or under the other Loan Credit Documents, and any such release shall not affect the Collateral Administrative Agent’s rights in connection with the portion of the Mortgaged Property not so released.