PARTIAL RELEASE OF PROPERTIES Sample Clauses

PARTIAL RELEASE OF PROPERTIES. Borrower shall have the right to obtain releases of individual Properties from the lien of the Mortgages and the other Loan Documents (and to obtain a release of any Ordinary Capital Expenditure Funds, Capital Improvement Funds, Tax Funds and Insurance Premium Funds held in connection therewith) upon the following terms and conditions: (i) no default shall have occurred and be continuing under the Loan Documents; (ii) the covenant set forth in SECTION 5.1.11 entitled "Single Purpose" shall be fully satisfied, such that the Borrower will no longer own the released Property;
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PARTIAL RELEASE OF PROPERTIES. 68 Section 13.1. Partial Release of Properties.......................68
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PARTIAL RELEASE OF PROPERTIES. 68 Section 13.1. Partial Release of Properties....................................68 Section 13.2. [Intentionally Reserved].........................................69 Section 13.3. Allocated Loan Amounts...........................................70 ARTICLE XIV. MISCELLANEOUS............................................................70 Section 14.1. Non-Waiver.......................................................70 Section 14.2. Sole Discretion..................................................70
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PARTIAL RELEASE OF PROPERTIES. The Real Property is comprised of the Executive II project located at 8360 LBJ Freeway, Dallas, Texas (the "EXECUTIVE II PROPERTY"), and txx Xxxxxxxxx XXX xxxxxxx 0000 XBJ Freeway, Dallas, Texas (the "EXECUTIVE III PROPERTY"). Granxxx xxxxx xxxx xxx xxxxx xx xxxain releases of either one of the Executive II Property or the Executive III Property (each, a "RELEASE PROPERTY"), from the lien of this Deed of Trust and the other Loan Documents upon a written request made not later than ten (10) business days prior to the requested release (and accompanied by any purchase agreements and other supporting documentation), subject to the following terms and conditions: (a) no default or Event of Default exists or shall have occurred during the most recent two (2) calendar quarters under the Loan Documents; (b) the applicable Release Property shall be sold to a third-party party purchaser in an arms-length transaction such that the Grantor and its partners, principals and affiliates will no longer own the applicable Release Property; (c) Grantor shall pay to Beneficiary in immediately available funds, the release price for Release Property, which release price shall be the greater of (i) 125% of the Allocated Loan Amount, as set forth on EXHIBIT E attached hereto and made a part hereof (the "RELEASE PRICE"); and (ii) ninety percent (90%) of the Net Sales Proceeds with respect to the applicable Release Property. (d) The Debt Service Coverage for the remaining unreleased Real Property shall be the Minimum Debt Service Coverage (as defined in the Note).
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PARTIAL RELEASE OF PROPERTIES. 68 Section 13.1. Partial Release of Properties......................68 Section 13.2. Release of Portions of Zoppe's Property and Burntwood Property.................................69 Section 13.3. Allocated Loan Amounts.............................70 ARTICLE XIV. MISCELLANEOUS..............................................70 Section 14.1. Non-Waiver.........................................70 Section 14.2. Sole Discretion....................................70
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PARTIAL RELEASE OF PROPERTIES. 68 Section 13.1. Partial Release of Properties....................................68 Section 13.2. Release of Portions of Mobile Gardens, Xxxxxxxxxx Village and Lakeside of the Palm Beaches Properties...............................................69 Section 13.3. Allocated Loan Amounts...........................................70 ARTICLE XIV. MISCELLANEOUS............................................................70 Section 14.1. Non-Waiver.......................................................70 Section 14.2. Sole Discretion..................................................70
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Related to PARTIAL RELEASE OF PROPERTIES

  • Release of Property Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

  • Lease of Property Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease.

  • Condition of Properties All facilities, machinery, equipment, fixtures and other properties owned, leased or used by the Company are in reasonably good operating condition and repair, subject to ordinary wear and tear, and are adequate and sufficient for the Company’s business.

  • Maintenance of Properties and Leases Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof.

  • Operation of Properties The Borrower will and will cause each Subsidiary to operate its Properties or cause such Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance in all material respects with all Governmental Requirements.

  • Lease of Premises Landlord hereby demises and leases to Tenant for the Term of this Lease and upon the terms and conditions hereinafter set forth, and Tenant hereby accepts from Landlord, the Premises.

  • Condition of Property Seller or the originator of the Mortgage Loan inspected or caused to be inspected each related Mortgaged Property within six months of origination of the Mortgage Loan and within twelve months of the Cut-off Date. An engineering report or property condition assessment was prepared in connection with the origination of each Mortgage Loan no more than twelve months prior to the Cut-off Date. To Seller’s knowledge, based solely upon due diligence customarily performed in connection with the origination of comparable mortgage loans, as of the Closing Date, each related Mortgaged Property was free and clear of any material damage (other than (i) deferred maintenance for which escrows were established at origination and (ii) any damage fully covered by insurance) that would affect materially and adversely the use or value of such Mortgaged Property as security for the Mortgage Loan.

  • Condition of Property; Condemnation In the case of each Mortgage Loan, except as set forth in an engineering report prepared by an independent engineering consultant in connection with the origination of such Mortgage Loan, the related Mortgaged Property is, to the Seller's knowledge, in good repair and free and clear of any damage that would materially and adversely affect its value as security for such Mortgage Loan (except in any such case where an escrow of funds, letter of credit or insurance coverage exists sufficient to effect the necessary repairs and maintenance). As of the date of origination of the Mortgage Loan, there was no proceeding pending for the condemnation of all or any material part of the related Mortgaged Property. As of the Closing Date, the Seller has not received notice and has no knowledge of any proceeding pending for the condemnation of all or any material portion of the Mortgaged Property securing any Mortgage Loan. As of the date of origination of each Mortgage Loan and, to the Seller's knowledge, as of the date hereof, (a) none of the material improvements on the related Mortgaged Property encroach upon the boundaries and, to the extent in effect at the time of construction, do not encroach upon the building restriction lines of such property, and none of the material improvements on the related Mortgaged Property encroached over any easements, except, in each case, for encroachments that are insured against by the lender's title insurance policy referred to in representation 8 below or that do not materially and adversely affect the Value or current use of such Mortgaged Property and (b) no improvements on adjoining properties encroached upon such Mortgaged Property so as to materially and adversely affect the Value of such Mortgaged Property, except those encroachments that are insured against by the lender's title insurance policy referred to in representation 8 below.

  • Purchase of Property With any cash at any time held by it, to purchase or subscribe for any Authorized Investment (as defined in Section 6.3) and to retain the same in trust.

  • Operation of Property (a) Borrower shall not cause or permit Mortgage Borrower to, without Lender’s prior consent: (i) surrender, terminate or cancel (or permit to be surrendered, terminated or canceled) any of the Operating Leases (other than in connection with a sale and release of an Individual Property permitted hereunder), or exercise any remedies under any of the Operating Leases; (ii) reduce or consent to the reduction of (or permit the reduction or the consent to the reduction) of the term of any of the Operating Leases or any Operating Lease Guaranty; (iii) decrease or consent to any decrease (or permit to be decreased or the consent to the decrease) of the amount of any rent or other charges payable under any of the Operating Leases; (iv) Transfer, convey, assign, sell, mortgage, encumber, pledge, hypothecate, grant a security interest in, grant an option or options with respect to, or otherwise dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, whether or not for consideration) the Properties or any collateral for the Mortgage Loan (or permit Operating Company to do so), in each case without the prior written consent of Lender or except as expressly permitted in Section 5.1.20 or Section 5.2.10, or (v) otherwise modify, change, supplement, alter or amend, or waive or release (or permit to be modified, changed, supplemented, altered, amended, waived or released) any of the rights and remedies of Borrower, Mortgage Borrower or any Operating Company under any of the Operating Leases in any material respect or any Operating Lease Guaranty (provided that Lender shall not unreasonably withhold its consent to any modification, change, supplement, alteration, amendment, waiver or release of the Operating Lease as may be reasonably necessary to comply with the requirements of this Agreement or any other Loan Document). (b) During the continuance of an Event of Default, Borrower shall not exercise (and shall not cause or permit Mortgage Borrower to exercise) any rights, make any decisions, grant any approvals or otherwise take any action under any Operating Lease, Operating Lease Guaranty or any Management Agreement without, in each instance, the prior written consent of Lender, which consent may be withheld in Lender’s sole discretion.

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