Common use of Partial Releases Clause in Contracts

Partial Releases. From time to time, after the recording of the Final Plats (defined below) in the real property records of Xxxxxxxx County, New Mexico until the Maturity Date (defined in the Note), Lender shall release one or more Lots (defined below) from the lien of the Mortgage and from the UCC Financing Statement as provided in this Agreement. A request for release (a “Request”) must identify the Lot or Lots to be released and be made to Lender not less than five (5) Business Days prior to the requested release date. A “Business Day” is any day in which the Lender is open for business. The release price (the “Release Price”) for each thirty-five foot (35’) Lot shall be Thirty-Five Thousand Two Hundred Fifty and No/100 Dollars ($35,250.00) and the release price for each forty-five foot (45’) Lot shall be Forty-Eight Thousand Six Hundred Fifty and No/100 Dollars ($48,650.00). The Release Price must be delivered to the Lender in immediately available funds no later than 1:00 p.m. New Mexico time on the requested release date. In addition, Borrower has received approval for one or more preliminary plats for the Mortgaged Property from the City of Rio Rancho (the “City”), which plats the Lender has previously reviewed and approved (the “Lender Approved Preliminary Plats”) and which will become final plats (the “Final Plats”). Borrower will not materially change the Lender Approved Preliminary Plats without the prior written approval of Lender. Upon substantial completion of the Lots, Borrower shall record one or more Final Plats for the Mortgaged Property. Each Final Plat may contain land dedicated to the City or other governmental entity. To the extent any Final Plat contains land dedicated, granted or conveyed to a governmental entity, the Lender shall execute a partial release with regard to such land without charge. As used in this Agreement, the term “Lot” means a lot shown on the Lender Approved Preliminary Plats. Notwithstanding anything to the contrary contained in this Agreement or in any of the Loan Documents, Lender shall not be required or obligated to release any Lot if an Event of Default Exists or would exist but for the giving of notice or the lapse of time. Unless an Event of Default exists or would exist but for the giving of notice of the passage of time, the Release Price shall be applied to the outstanding principal balance of the Note.

Partial Releases. From time to time, after the recording of the Final Plats (defined below) in the real property records of Xxxxxxxx Sxxxxxxx County, New Mexico until the Maturity Date (defined in the Note), Lender shall release one or more Lots (defined below) from the lien of the Mortgage and from the UCC Financing Statement as provided in this Agreement. A request for release (a “Request”) must identify the Lot or Lots to be released and be made to Lender not less than five (5) Business Days prior to the requested release date. A “Business Day” is any day in which the Lender is open for business. The release price (the “Release Price”) for each thirty-five foot (35’) Lot shall be Thirty-Thirty Seven Thousand Five Thousand Two Hundred Fifty and No/100 Dollars ($35,250.00) and the release price for each forty-five foot (45’) Lot shall be Forty-Eight Thousand Six Hundred Fifty and No/100 Dollars ($48,650.0037,500.00). The Release Price must be delivered to the Lender in immediately available funds no later than 1:00 p.m. New Mexico time on the requested release date. In addition, Borrower has received approval for one or more preliminary plats for the Mortgaged Property from the City of Rio Rancho (the “City”), which plats the Lender has previously reviewed and approved (the “Lender Approved Preliminary Plats”) and which will become final plats (the “Final Plats”). Borrower will not materially change the Lender Approved Preliminary Plats without the prior written approval of Lender. Upon substantial completion of the Lots, Borrower shall record one or more final plats (the “Final Plats Plats”) for the Mortgaged Property. Each Final Plat may contain land dedicated to the City or other governmental entity. To the extent any Final Plat contains land dedicated, granted or conveyed to a governmental entity, the Lender shall execute a partial release with regard to such land without charge. As used in this Agreement, the term “Lot” means a lot shown on the Lender Approved Preliminary Plats. Notwithstanding anything to the contrary contained in this Agreement or in any of the Loan Documents, Lender shall not be required or obligated to release any Lot or any land to be dedicated to the City of other governmental entity if an Event of Default Exists or would exist but for the giving of notice or the lapse of time. Unless an Event of Default exists or would exist but for the giving of notice of the passage of time, the Release Price shall be applied to the outstanding principal balance of the Note.

Partial Releases. From time to time, after the of the recording of the Final Plats (defined below) in the real property records of Xxxxxxxx County, New Mexico until the Maturity Date (defined in the Note), Lender shall release one or more Lots (defined below) from the lien of the Mortgage and from the UCC Financing Statement as provided in this Agreement. A request for release (a “Request”) must identify the Lot or Lots to be released and be made to Lender not less than five (5) Business Days prior to the requested release date. A “Business Day” is any day in which the Lender is open for business. The release price (the “Release Price”) for each thirty-five foot (35’) Lot shall be Thirty-Five be: (i) Forty Three Thousand Two Hundred Fifty and No/100 Dollars ($35,250.0043,000.00) and the release price for each forty-five foot Xxxx 0X Xxxx; or (45’i) Lot shall be Forty-Eight Fifty Three Thousand Six Hundred Fifty and No/100 Dollars ($48,650.00)53,000.00) for Xxxx 0X Xxxx. The Release Price must be delivered to the Lender in immediately available funds no later than 1:00 p.m. New Mexico time on the requested release date. In addition, Borrower has received approval for one or more preliminary plats for the Mortgaged Property from the City of Rio Rancho (the “City”), which plats the Lender has previously reviewed and approved (the “Lender Approved Preliminary Plats”) and which will become final plats (the “Final Plats”). Borrower will not materially change the Lender Approved Preliminary Plats without the prior written approval of Lender. Upon substantial completion of the Lots, Borrower shall record one or more final plats (the “Final Plats Plats”) for the Mortgaged Property. Each Final Plat may contain land dedicated to the City or other governmental entity. To the extent any Final Plat contains land dedicated, granted or conveyed to a governmental entity, the Lender shall execute a partial release with regard to such land without charge. As used in this Agreement, the term “Lot” means a lot shown on the Lender Approved Preliminary Plats. Notwithstanding anything to the contrary contained in this Agreement or in any of the Loan Documents, Lender shall not be required or obligated to release any Lot or any land to be dedicated to the City of other governmental entity if an Event of Default Exists or would exist but for the giving of notice or the lapse of time. Unless an Event of Default exists or would exist but for the giving of notice of the passage of time, the Release Price shall be applied to the outstanding principal balance of the Note.

Partial Releases. From time to time, after the recording of the Final Plats (defined below) in the real property records of Xxxxxxxx County, New Mexico until the Maturity Date (defined in the Note), Lender shall release one or more Lots (defined below) from the lien of the Mortgage and from the UCC Financing Statement as provided in this Agreement. A request for release (a “Request”) must identify the Lot or Lots to be released and be made to Lender not less than five (5) Business Days prior to the requested release date. A “Business Day” is any day in which the Lender is open for business. The release price (the “Release Price”) for each thirty-five foot (35’) Lot shall be ThirtyForty-Five Four Thousand Two Hundred Fifty and No/100 Dollars ($35,250.00) and the release price for each forty-five foot (45’) Lot shall be Forty-Eight Thousand Six Hundred Fifty and No/100 Dollars ($48,650.0044,000.00). The Release Price must be delivered to the Lender in immediately available funds no later than 1:00 p.m. New Mexico time on the requested release date. In addition, Borrower has received approval for one or more preliminary plats for the Mortgaged Property from the City of Rio Rancho (the “City”), which plats the Lender has previously reviewed and approved (the “Lender Approved Preliminary Plats”) and which will become final plats (the “Final Plats”). Borrower will not materially change the Lender Approved Preliminary Plats without the prior written approval of Lender. Upon substantial completion of the Lots, Borrower shall record one or more Final Plats for the Mortgaged Property. Each Final Plat may contain land dedicated to the City or other governmental entity. To the extent any Final Plat contains land dedicated, granted or conveyed to a governmental entity, the Lender shall execute a partial release with regard to such land without charge. As used in this Agreement, the term “Lot” means a lot shown on the Lender Approved Preliminary Plats. Notwithstanding anything to the contrary contained in this Agreement or in any of the Loan Documents, Lender shall not be required or obligated to release any Lot if an Event of Default Exists or would exist but for the giving of notice or the lapse of time. Unless an Event of Default exists or would exist but for the giving of notice of the passage of time, the Release Price shall be applied to the outstanding principal balance of the Note.

Partial Releases. Borrower intends to replat the Mortgaged Property as generally shown on Exhibit B attached to this Agreement (the “Plan”). The number of lots and configuration of the Development on the preliminary plat will not significantly differ from the Plan. Prior to submission of the preliminary plat to the City, Borrower will submit the preliminary plat to Lender for review and approval (the “Lender Approved Preliminary Plat”), which approval will not be unreasonably withheld. Lender will have five (5) Business Days (defined below) from receipt of the preliminary to approve or reject the preliminary plat. If Lender rejects the preliminary plat it will provide a detailed response to Borrower within the five (5) business day period describing the reasons for rejection. Lender will have five (5) business days from receipt to approve or reject any resubmitted preliminary plat. The Borrower shall then submit the Lender Approved Preliminary Plat to the City for approval. Borrower will not materially change the Lender Approved Preliminary Plat without the prior written approval of Lender. Following approval of the plat by the City, the plat will become the final plat (the “Final Plat”). Borrower shall record the Final Plat in the real property records of Bernalillo County, New Mexico. From time to time, after the recording of the Final Plats (defined below) in the real property records of Xxxxxxxx County, New Mexico Plat until the Maturity Date (defined in the Note), upon request of Borrower, Lender shall release one or more Lots (defined below) lots from the lien of the Mortgage and from the UCC Financing Statement as provided in this Agreement. A request for release (a “Request”) must identify the Lot lot or Lots lots to be released identified by the lot number on the recorded Final Plat (each a “Lot”) and be made to Lender not less than five (5) Business Days prior to the requested release date. A “Business Day” is any day in which the Lender is open for business. The release price (the “Release Price”) for each thirty-five foot commercial Lot is: 100% of the net sales proceeds as defined herein. As used in this Agreement “100% of Net Sale Proceeds” means the purchase price for the Lot less reasonable and customary costs of the sale (35’for example, commissions, title insurance premiums, legal fees) as documented by the settlement statement for the transaction approved by Lender. The Release Price for any residential Lot shall be Thirty-Five Thousand Two Hundred Fifty $4,000,000.00 divided by the total number of residential lots on the Final Plat and No/100 Dollars ($35,250.00) and multiplied by the release price for each forty-five foot (45’) Lot shall be Forty-Eight Thousand Six Hundred Fifty and No/100 Dollars ($48,650.00)number of lots being released. The Release Price must be delivered to the Lender in immediately available funds no later than 1:00 p.m. New Mexico time on the requested release date. In addition, Borrower has received approval for one or more preliminary plats for the Mortgaged Property from the City day of Rio Rancho (the “City”), which plats the Lender has previously reviewed and approved (the “Lender Approved Preliminary Plats”) and which will become final plats (the “Final Plats”). Borrower will not materially change the Lender Approved Preliminary Plats without the prior written approval of Lender. Upon substantial completion of the Lots, Borrower shall record one or more Final Plats for the Mortgaged Property. Each Final Plat may contain land dedicated to the City or other governmental entity. To the extent any Final Plat contains land dedicated, granted or conveyed to a governmental entity, the Lender shall execute a partial release with regard to such land without charge. As used in this Agreement, the term “Lot” means a lot shown on the Lender Approved Preliminary Platsclosing. Notwithstanding anything to the contrary contained in this Agreement or in any of the Loan Documents, Lender shall not be required or obligated to release any Lot if an Event of Default Exists or would exist but for the giving of notice or the lapse of time. Unless an Event of Default exists or would exist but for the giving of notice of the passage of timebeyond applicable cure periods, the Release Price shall be applied to the outstanding principal balance of the Note. To the extent the Final Plat contains land to be dedicated, granted or conveyed to a homeowner’s association, public entity or quasi-public entity, Lender shall execute a release with regard to such land without payment of a Release Price. Any such release must be requested at least five (5) Business Days prior to the requested release date.