Common use of Partial Release of Mortgaged Property Clause in Contracts

Partial Release of Mortgaged Property. Lender agrees to release from the lien of the Mortgage and the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Borrower (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower of the following terms and conditions: 2.3.1 Lender approves such release in writing, which consent will not be unreasonably withheld; 2.3.2 Borrower shall have made such request at least ten (10) business days prior to the requested release date; 2.3.3 On requested release date, and on the actual release date, no Default or Event of Default shall exist under the Mortgage and Loan Documents; 2.3.4 A Release Parcel must be released as a whole and not in part; and 2.3.5 Upon any such release of a Release Parcel, Borrower shall pay Lender in immediately available funds an amount (hereinafter referred to as a “Release Amount”) equal to the greater of (i) the fair market value of the Release Parcel as determined by a new appraisal completed at the time of requested release by an appraiser acceptable to the Lender and agreed to by the Borrower, or (ii) the value for the Release Parcel shown on Exhibit 2.3 attached hereto. The Release Amount for the release of each Release Parcel shall be applied to the principal, interest, fees, costs and expenses due to Lender under Loan 1, whether then due and payable or not, and if Loan 1 is paid in full then to the principal, interest, fees, costs and expenses due to Lender under Loan 2, whether then due and payable or not, and will not be subject to any pre-payment penalty. The cost of the appraisal for the Release Parcel will be paid by the Borrower.

Partial Release of Mortgaged Property. During the term of Loan, Lender agrees to will release from the lien of the Mortgage and Deed of Trust on any Mortgaged Property provided the other Loan Documentsfollowing conditions are met: (i) Prior to such release, as Borrower provides Lender 30 days advance written notice of its request to have a certain Mortgaged Property released; (ii) At the time of such release, if applicable, portions Borrower shall deliver to Lender an endorsement to the Title Policy insuring Lender's first lien granted under the Deeds of Trust, in form and substance satisfactory to Lender, assuring that Lender's first lien remains in full force and effect as to all Mortgaged Properties remaining subject to such Deeds of Trust, subject only to the permitted encumbrances, and is in no way adversely affected by such release, and remains in the full Loan amount; (iii) Prior to such release, Borrower shall provide evidence acceptable and satisfactory to Lender demonstrating that the requested release will not violate any local, state or other governmental plat act or other governmental regulatory restriction, or any covenant, condition, restriction, limitation, zoning or other requirement applicable to any other portion of the Mortgaged Property; (iv) No Event of Default on the part of Borrower or Guarantor shall have occurred and be continuing under the Loan; (v) Borrower pays a Release Amount equal to the then outstanding principal balance of the Advance in respect of the Mortgaged Property upon the closing being released. Upon payment of the sale thereof or by request of Release Amount, the Borrower (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower of the following terms and conditions: 2.3.1 Lender approves such release in writing, which consent will not be unreasonably withheld; 2.3.2 Borrower shall have made such request at least ten (10) business days prior to the requested release date; 2.3.3 On requested release date, and on the actual release date, no Default or Event of Default shall exist total monthly payment due under the Mortgage and Loan Documents; 2.3.4 A Release Parcel must will be released as a whole and not in partadjusted to reflect such payment; and 2.3.5 Upon any such release of a Release Parcel, (vi) Borrower shall pay Lender's reasonable out of pocket expenses incurred by Lender in immediately available funds an amount (hereinafter referred to as a “Release Amount”) equal to the greater of (i) the fair market value of the Release Parcel as determined by a new appraisal completed at the time of requested release by an appraiser acceptable to the Lender and agreed to by the Borrowerconnection with such partial release, or (ii) the value for the Release Parcel shown on Exhibit 2.3 attached hereto. The Release Amount for the release of each Release Parcel shall be applied to the principalincluding but not limited to, interest, escrow fees, costs legal fees and expenses due to Lender under Loan 1expenses, whether then due and payable or not, and if Loan 1 is paid in full then to the principal, interest, appraisal fees, costs recording fees and expenses due endorsements to Lender under Loan 2, whether then due and payable or not, and will not be subject to any pre-payment penalty. The cost of the appraisal for the Release Parcel will be paid by the BorrowerLender's Title Policy.

Partial Release of Mortgaged Property. Lender agrees to release from the lien of the Mortgage and the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Borrower (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower of the following terms and conditions: 2.3.1 2.4.1 Lender approves such release in writing, which consent will not be unreasonably withheld; 2.3.2 2.4.2 Borrower shall have made such request at least ten (10) business days prior to the requested release date; 2.3.3 2.4.3 On requested release date, and on the actual release date, no Default or Event of Default shall exist under the Mortgage and Loan Documents; 2.3.4 2.4.4 A Release Parcel must be released as a whole and not in part; and 2.3.5 2.4.5 Upon any such release of a Release Parcel, Borrower shall pay Lender in immediately available funds an amount (hereinafter referred to as a “Release Amount”) equal to the greater of (i) the fair market value of the Release Parcel as determined by a new appraisal completed at the time of requested release by an appraiser acceptable to the Lender and agreed to by the Borrower, or (ii) the value for the Release Parcel shown on Exhibit 2.3 2.4 attached hereto. The Release Amount for the release of each Release Parcel shall be applied to the principal, interest, fees, costs and expenses due to Lender under Loan 1, whether then due and payable or not, and if Loan 1 is paid in full then to the principal, interest, fees, costs and expenses due to Lender under Loan 2, whether then due and payable or not, and will not be subject to any pre-payment penalty. The cost of the appraisal for the Release Parcel will be paid by the Borrower.

Partial Release of Mortgaged Property. At any time after the date hereof, Lender agrees shall consent to a release from the lien of the applicable Mortgage and the other Loan Documents, as applicable, portions of the a portion but less than all (a "Partial Release") of any individual Mortgaged Property upon (the closing of the sale thereof or by request of the Borrower (hereinafter referred to as a “Release Parcel”"Released Mortgaged Property"), upon satisfaction by provided that Borrower has satisfied each of the following terms and conditionsrequirements: 2.3.1 Lender approves such release in writing, which consent will not be unreasonably withheld; 2.3.2 Borrower shall have made such request at least ten (10a) business days prior to the requested release date; 2.3.3 On requested release date, and on the actual release date, no Default or No Event of Default shall exist under the Mortgage have occurred and Loan Documentsbe continuing or shall result therefrom; 2.3.4 A Release Parcel must (b) At least one of the following conditions shall be released as a whole and not in part; andsatisfied: 2.3.5 Upon any such release of a Release Parcel, Borrower shall pay Lender in immediately available funds an amount (hereinafter referred to as a “Release Amount”) equal to the greater of (i) the fair market Loan to Value Ratio immediately following such Partial Release shall not be materially greater than the Loan to Value Ratio immediately prior to such Partial Release, (ii) Borrower shall pay or cause to be paid to Lender and Lender shall apply such amount as is necessary to assure that the Loan to Value Ratio immediately following such Partial Release shall not be materially greater than the Loan to Value Ratio immediately prior to such Partial Release, or (iii) the value of the Release Parcel as determined by a new appraisal completed Released Mortgage Property shall not have been included in the Appraisal of such Mortgaged Property delivered at the time of requested release the Initial Advance or Future Advance secured by an appraiser acceptable such Mortgaged Property; (c) Borrower's capacity to meet its payment obligations with respect to the Lender and agreed to Note secured by the Borrower, or Mortgaged Property subject to such Partial Release is neither substantially enhanced nor impaired within the meaning of Treasury Regulation ss.1.100-3(e)(4)(iv); and (iid) Borrower shall have paid the value for the Release Parcel shown on Exhibit 2.3 attached hereto. The Release Amount for the release of each Release Parcel shall be applied to the principal, interest, fees, reasonable costs and expenses due to of Lender under Loan 1, whether then due and payable or not, and if Loan 1 is paid Lender's counsel incurred in full then to the principal, interest, fees, costs and expenses due to Lender under Loan 2, whether then due and payable or not, and will not be subject to any pre-payment penaltyconnection with such Partial Release. The cost Upon satisfaction of the appraisal for foregoing conditions, Lender shall release the Release Parcel will be paid Released Mortgaged Property and related collateral. Lender shall promptly execute and deliver to Borrower, at Borrower's sole cost and expense, any additional documents required by law in order to release the BorrowerReleased Mortgaged Property and related collateral.

Partial Release of Mortgaged Property. Lender Mortgagee agrees to release from the lien of the Mortgage and the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Borrower Mortgagor (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower Mortgagor of the following terms and conditions: 2.3.1 Lender 7.12.1 Mortgagee approves such release in writing, which consent will not be unreasonably withheld; 2.3.2 Borrower 7.12.2 Mortgagor shall have made such request at least ten (10) business days prior to the requested release date; 2.3.3 7.12.3 On the requested release date, and on the actual release date, no Default or Event of Default shall exist under the Mortgage and Loan Documents; 2.3.4 7.12.4 A Release Parcel must be released as a whole and not in part; and 2.3.5 7.12.5 Upon any such release of a Release Parcel, Borrower Mortgagor shall pay Lender Mortgagee in immediately available funds an amount (hereinafter referred to as a “Release Amount”) equal to the greater of (i) the fair market value of the Release Parcel as determined by a new appraisal completed at the time of requested release by an appraiser acceptable to the Lender Mortgagee and agreed to by the Borrower, Mortgagor; or (ii) the value for the Release Parcel shown on Exhibit 2.3 B attached hereto. The Release Amount for the release of each Release Parcel shall be applied to the principal, interest, fees, costs and expenses due to Lender under Loan 1the Loan, whether then due and payable or not, and if the Loan 1 is paid in full then to the principal, interest, fees, costs and expenses due to Lender under Loan 2any subordinate loan, whether then due and payable or not, and will not be subject to any pre-payment penalty. The cost of the appraisal for the Release Parcel will be paid by the Borrower.

Partial Release of Mortgaged Property. Upon at least thirty (30) days prior written notice to Lender, Lender agrees to release an Individual Mortgaged Property ("Partial Release") from the lien Lien of the Mortgage Deed of Trust and the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Borrower (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower Documents provided all of the following terms and conditionsconditions are satisfied: 2.3.1 Lender approves such release (a) A Partial Release shall only be permitted between March 1, 2012 through and including February 28, 2017 (the "Release/Substitution Period"). (b) The total number of Individual Mortgaged Properties that are released from the Lien of the Deed of Trust under either this Section 8.4 or under Section 8.5 shall not exceed 4 (in writingthe aggregate). (c) After the Partial Release and required principal payment, which consent will the outstanding principal balance of the Loan shall not be unreasonably withheld;less than $175,000,000 unless the Loan is fully repaid. 2.3.2 (d) On the date of the Partial Release, Borrower shall pay to Lender (i) in reduction of the principal balance of the Loan, an amount equal to 110% of the Allocated Loan Amount for the Individual Mortgaged Property to be released, plus (ii) any applicable Prepayment Fee due in connection with such principal payment. (e) The Debt Yield, after giving effect to the Partial Release and principal repayment as required herein, shall be no less than the Debt Yield that existed prior to the Partial Release, and in no event shall the Debt Yield, after giving effect to the Partial Release and principal repayment as required herein, be less than 10.5%. (f) The Loan to Value Ratio, after giving effect to the Partial Release and principal repayment as required herein, shall be no greater than the Loan to Value Ratio that existed prior to the Partial Release, and in no event shall the Loan to Value Ratio, after giving effect to the Partial Release and principal repayment as required herein, be greater than 65% based upon the value of the remaining Mortgaged Property as reasonable estimated by Lender. (g) No Event of Default shall have occurred and be continuing at the time such request for Partial Release is made through the completion of the Partial Release, nor shall any event have occurred which, after notice or passage of time or both, would constitute an Event of Default under the Loan Documents. Notwithstanding the foregoing, if the removal of an Individual Mortgaged Property from the Mortgaged Property through a Partial Release will cure each default and Event of Default under the Loan Documents, then the Partial Release shall be permitted so long as all other requirements pursuant to this Section have been satisfied. (h) Borrower shall submit to Lender, not less than five (5) Business Days prior to the date of the Partial Release, a release of Lien with respect to the Deed of Trust and Assignment of Leases and Rents pertaining to the Individual Mortgaged Property to be released for execution by Lender. Such release shall be in proper form for recording in the jurisdiction in which the Individual Mortgaged Property to be released is located and shall be reasonably satisfactory to Lender. (i) Prior to the Partial Release, Borrower shall have made such request at least executed and delivered to Lender all documents (in addition to the release referred to in (h) above) relating to the Partial Release reasonably required by Lender in form and substance reasonably satisfactory to Lender. (j) Borrower shall pay (i) within ten (10) business days prior after request (and receipt of bxxxxxxx) all of Lender's actual and reasonable out-of-pocket costs associated with the Partial Release and (ii) upon request for the Partial Release, a processing fee of $10,000 for all Individual Mortgaged Properties proposed to the requested release date; 2.3.3 On requested release date, and on the actual release date, no Default or Event of Default shall exist under the Mortgage and Loan Documents; 2.3.4 A Release Parcel must be released from the Lien of the Deed of Trust pursuant to such request. Lender agrees that, except for any out of pocket costs, expenses and fees provided for in the last paragraph of this Section and any applicable Prepayment Fee, Lender shall not charge Borrower any additional fees in connection with a Partial Release. Borrower shall have the right in connection with a Partial Release to pay down the principal balance of the Loan by an amount necessary so that the Debt Yield is equal to 10.5% and/or the Loan to Value Ratio is equal to 65%, as long as Borrower also pays any applicable Prepayment Fee. In the event of such a whole pay down, the monthly Loan payment shall be adjusted accordingly based upon a new amortization schedule calculated using (i) the outstanding principal balance of the Loan as of the date of the Partial Release (i.e., giving effect to such pay down), (ii) the Contract Rate and not in part; and 2.3.5 Upon any such release (iii) a period equal to three hundred sixty (360) months less the number of a Release Parcelmonths elapsed since the thirty-sixth (36th) month of the Loan term. Without limiting anything herein above provided, Borrower shall pay Lender in immediately available funds an amount within ten (hereinafter referred to as a “10) days after receipt of bxxxxxxx, all costs arising from any request for Partial Release, whether or not such Partial Release Amount”) equal to the greater of (i) the fair market value of the Release Parcel as determined by a new appraisal completed at the time of requested release by an appraiser acceptable to the Lender and agreed to by the Borroweris actually approved or completed, or (ii) the value for the Release Parcel shown on Exhibit 2.3 attached hereto. The Release Amount for the release of each Release Parcel shall be applied to the principalincluding without limitation, interest, legal fees, costs and expenses due to Lender under Loan 1, whether then due and payable or not, and if Loan 1 is paid in full then to the principal, interest, appraisal fees, costs market studies and expenses due to Lender under Loan 2expenses, whether then due title insurance premiums, recording fees and payable or not, and will not be subject to any pre-payment penalty. The cost of the appraisal for the Release Parcel will be paid by the Borrowertaxes.

Partial Release of Mortgaged Property. Lender Mortgagee agrees to release from the lien of the Mortgage and the other Loan Documents, as applicable, portions of the Mortgaged Property upon the closing of the sale thereof or by request of the Borrower Mortgagor (hereinafter referred to as a “Release Parcel”), upon satisfaction by Borrower Mortgagor of the following terms and conditions: 2.3.1 Lender 7.12.1 Mortgagee approves such release in writing, which consent will not be unreasonably withheld; 2.3.2 Borrower 7.12.2 Mortgagor shall have made such request at least ten (10) business days prior to the requested release date; 2.3.3 7.12.3 On the requested release date, and on the actual release date, no Default or Event of Default shall exist under the Mortgage and Loan Documents; 2.3.4 7.12.4 A Release Parcel must be released as a whole and not in part; and 2.3.5 7.12.5 Upon any such release of a Release Parcel, Borrower Mortgagor shall pay Lender Mortgagee in immediately available funds an amount (hereinafter referred to as a “Release Amount”) equal to the greater of (i) the fair market value of the Release Parcel as determined by a new appraisal completed at the time of requested release by an appraiser acceptable to the Lender Mortgagee and agreed to by the Borrower, Mortgagor; or (ii) the value for the Release Parcel shown on Exhibit 2.3 B attached hereto. The Release Amount for the release of each Release Parcel shall be applied first to the principal, interest, fees, costs and expenses due to Lender under Loan 1any loan that has priority, whether then due and payable or not, and if Loan 1 the priority loan is paid in full full, then to the principal, interest, fees, costs and expenses due to Lender under Loan 2Loan, whether then due and payable or not, and will not be subject to any pre-payment penalty. The cost of the appraisal for the Release Parcel will be paid by the Borrower.