Common use of Partial Release of Collateral Option Clause in Contracts

Partial Release of Collateral Option. Borrower will have the right and option (referred to as the "Partial Release of Collateral Option") to release in the aggregate, not more than ten individual Parcels (upon which the buildings described in Exhibit "A" to the Application are located) of the Property and Other Properties, combined, during the last five (5) years of the Loan term, upon and subject to the following terms and conditions: (i) Borrower will have the right or option to exercise the Partial Release of Collateral Option for an individual Parcel, and obtain a release of such Parcel (the "Release Parcel"), provided however, that in no event shall any such Partial Release be allowed: (1) if Borrower is in default under the Loan or an event has occurred which with the giving of notice or passage of time would constitute a default; or (2) prior to the end of the fifth Loan Year; or