Partial Defeasance. The Loan is cross-collateralized with certain other loans, subject to the terms of the Master Cross-Collateralization Agreement. The Master Cross-Collateralization Agreement provides that, under certain circumstances, a borrower named therein may obtain the release of the mortgage securing a particular loan, subject to (i) the prepayment or defeasance, as applicable, of the amount of the outstanding indebtedness under such loan, and (ii) on a pro-rata basis, the prepayment or defeasance, as applicable, of the indebtedness of the other loans remaining outstanding under the Master Cross-Collateralization Agreement in the total amount of the “Release Price” or “Defeasance Release Price” defined in the Master Cross-Collateralization Agreement. During the Defeasance Period, Borrower will have the right to partially defease the Loan in the amount of any part of a “Defeasance Release Price” allocated to the Loan subject to the provisions of Section 44.
Appears in 8 contracts
Samples: And Security Agreement (NTS Realty Holdings Lp), And Security Agreement (NTS Realty Holdings Lp), And Security Agreement (NTS Realty Holdings Lp)