Common use of Partial Reconveyance Clause in Contracts

Partial Reconveyance. Upon the prior written request by Trustor -------------------- to Beneficiary requesting that a portion of the Mortgaged Property that constitutes a separate legal parcel (hereinafter referred to as a "Lot") be reconveyed, Beneficiary shall cause such Lot(s) to be released from the lien of this Deed of Trust by depositing a request for such reconveyance into an escrow opened by or for Trustor in connection with the sale of such Lot(s) provided -------- that: ---- (a) No Event of Default has occurred and is continuing and no event has occurred which, with notice or lapse of time or both, would constitute an Event of Default; (b) Beneficiary is paid the "Release Price" for such Lot, as that term is defined in the Note; (c) Trustor shall be responsible for obtaining (and providing evidence of such to Beneficiary's satisfaction) all governmental approvals which may be required in order that the reconveyance or a subsequent foreclosure of the Mortgaged Property remaining subject to the lien of this Deed of Trust will not result in a disposition of property constituting a violation of any ordinance, law or regulation of any public authority relating to the subdivision, development or sale or resale of real property; (d) Beneficiary shall not be required to direct Trustee to reconvey any Lot if: (i) Such reconveyance would, in the opinion of Beneficiary, (A) result in a disposition of property constituting the violation of any ordinance, law or regulation of any public authority or covenant, condition or restriction affecting the Mortgaged Property relating to the subdivision, development, sale or resale of real property, or (B) result in the violation of any ordinance, law or regulation of any public authority or covenant, condition or restriction affecting the Mortgaged Property relating to the subdivision, development, sale or resale of real property upon foreclosure by Beneficiary of any portion of the Mortgaged Property remaining subject to the lien of this Deed of Trust; or (ii) Such reconveyance would, in the opinion of Beneficiary, deny any portion of the Mortgaged Property remaining subject to the lien of this Deed of Trust the right of ingress and egress to and from any dedicated street to which such Mortgaged Property would otherwise be entitled or the right of access to any public utility services, lines and facilities to which such Mortgaged Property would otherwise be entitled or would restrict or adversely affect any such rights of ingress, egress or access. (e) Beneficiary shall have obtained a form CLTA 111 endorsement to its lender's policy of title insurance, and if requested by Beneficiary, an endorsement ensuring that the partial reconveyance does not constitute a violation of the California Subdivision Map Act, all at the cost and expense of Trustor; (f) Trustor shall have reimbursed Beneficiary for all its costs and expenses incurred in effectuating the release requested by Trustor; and (g) For the release of the last Lot remaining subject to the lien of this Deed of Trust, the total amount of the Indebtedness shall be reduced to zero and all Obligations then outstanding shall be performed in full.

Partial Reconveyance. Upon the prior written request by Trustor -------------------- to Beneficiary requesting that a portion of the Mortgaged Property that constitutes a separate legal parcel (hereinafter referred to as a "LotParcel") be reconveyed, Beneficiary shall cause such Lot(sParcel(s) to be released from the lien of this Deed of Trust by depositing a request for such reconveyance into an escrow opened by or for Trustor in connection with the sale or refinance of such Lot(sParcel(s) provided -------- that: -------- ---- (a) No Event of Default has occurred and is continuing and no event has occurred which, with notice or lapse of time or both, would constitute an Event of Default; (b) Beneficiary is paid the "Release Price" for such LotParcel, as that term is defined in the Note; (c) Trustor shall be responsible for obtaining (and providing evidence of such to Beneficiary's satisfaction) all governmental approvals which may be required in order that the reconveyance or a subsequent foreclosure of the Mortgaged Property remaining subject to the lien of this Deed of Trust will not result in a disposition of property constituting a violation of any ordinance, law or regulation of any public authority relating to the subdivision, development or sale or resale of real property; (d) Beneficiary shall not be required to direct Trustee to reconvey any Lot Parcel if: (i) Such reconveyance would, in the opinion of Beneficiary, (A) result in a disposition of property constituting the violation of any ordinance, law or regulation of any public authority or covenant, condition or restriction affecting the Mortgaged Property relating to the subdivision, development, sale or resale of real property, or (B) result in the violation of any ordinance, law or regulation of any public authority or covenant, condition or restriction affecting the Mortgaged Property relating to the subdivision, development, sale or resale of real property upon foreclosure by Beneficiary of any portion of the Mortgaged Property remaining subject to the lien of this Deed of Trust; or (ii) Such reconveyance would, in the opinion of Beneficiary, deny any portion of the Mortgaged Property remaining subject to the lien of this Deed of Trust the right of ingress and egress to and from any dedicated street to which such Mortgaged Property would otherwise be entitled or the right of access to any public utility services, lines and facilities to which such Mortgaged Property would otherwise be entitled or would restrict or adversely affect any such rights of ingress, egress or access. (e) Beneficiary shall have obtained a form CLTA 111 endorsement to its lender's policy of title insurance, and if requested by Beneficiary, an endorsement ensuring that the partial reconveyance does not constitute a violation of the California Subdivision Map Act, all at the cost and expense of Trustor; (f) Trustor shall have reimbursed Beneficiary for all its costs and expenses incurred in effectuating the release requested by Trustor; and (g) For the release of the last Lot Parcel remaining subject to the lien of this Deed of Trust, the total amount of the Indebtedness shall be reduced to zero and all Obligations then outstanding shall be performed in full.