Common use of Permanent Loan Clause in Contracts

Permanent Loan. Borrower may request that Lender cause Servicer to make a permanent loan (the “Permanent Loan”) to be secured by one or more Collateral Pool Properties designated by Borrower (the “Permanent Loan Collateral”) to be simultaneously released from the Collateral Pool and encumbered in favor of Servicer as security for Borrower’s obligations under the Permanent Loan, which request shall be made in accordance with the provisions of Section 2.16.2. The Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program. Notwithstanding the foregoing, under no circumstances may Borrower receive a release of the Security Instrument with respect to the last property in the Collateral Pool prior to the Maturity Date, unless Borrower has elected to terminate this Agreement under Section 2.14 hereunder.

Permanent Loan. Borrower may request that Lender cause Servicer to make a permanent loan (the “Permanent Loan”) to be secured by one or more Collateral Pool Properties designated by Borrower (the “Permanent Loan Collateral”) to be simultaneously released from the Collateral Pool and encumbered in favor of Servicer as security for Borrower’s obligations under the Permanent Loan, which request shall be made in accordance with the provisions of Section 2.16.22.15.2. The Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing ProgramSecuritized Product. Notwithstanding the foregoing, under no circumstances may Borrower receive a release of the Security Instrument with respect to the last property in the Collateral Pool prior to the Maturity Date, unless Borrower has elected to terminate this Agreement under Section 2.14 hereunder.2.13

Permanent Loan. Borrower may request that Lender cause Servicer to make a permanent loan (the “"Permanent Loan”") to be secured by one or more Collateral Pool Properties designated by Borrower (the “"Permanent Loan Collateral”") to be simultaneously released from the Collateral Pool and encumbered in favor of Servicer as security for Borrower’s 's obligations under the Permanent Loan, which request shall be made in accordance with the provisions of Section 2.16.2SECTION 2.15.2. The Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program. Notwithstanding the foregoing, under no circumstances may Borrower receive a release of the Security Instrument with respect to the last property in the Collateral Pool prior to the Maturity Date, unless Borrower has elected to terminate this Agreement under Section 2.14 SECTION 2.13 hereunder.

Permanent Loan. Borrower may request that Lender cause Servicer to make a permanent loan (the “Permanent Loan”) to be secured by one or more Collateral Pool Properties designated by Borrower (the “Permanent Loan Collateral”) to be simultaneously released from the Collateral Pool and encumbered in favor of Servicer as security for Borrower’s obligations under the Permanent Loan, which request shall be made in accordance with the provisions of Section 2.16.22.15.2. The Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program. Notwithstanding the foregoing, under no circumstances may Borrower receive a release of the Security Instrument with respect to the last property in the Collateral Pool prior to the Maturity Date, unless Borrower has elected to terminate this Agreement under Section 2.14 hereunder.2.13

Permanent Loan. Borrower may request that Lender cause Servicer to make a permanent loan (the “"Permanent Loan”") to be secured by one or more Collateral Pool Properties designated by Borrower (the “"Permanent Loan Collateral”") to be simultaneously released from the Collateral Pool and encumbered in favor of Servicer as security for Borrower’s 's obligations under the Permanent Loan, which request shall be made in accordance with the provisions of Section 2.16.22.15.2. The Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program. Notwithstanding the foregoing, under no circumstances may Borrower receive a release of the Security Instrument with respect to the last property in the Collateral Pool prior to the Maturity Date, unless Borrower has elected to terminate this Agreement under Section 2.14 2.13 hereunder.

Permanent Loan. Borrower may request that Lender cause Servicer to make a permanent loan (the “"Permanent Loan”") to be secured by one or more Collateral Pool Properties designated by Borrower (the “"Permanent Loan Collateral”") to be simultaneously released from the Collateral Pool and encumbered in favor of Servicer as security for Borrower’s 's obligations under the Permanent Loan, which request shall be made in accordance with the provisions of Section 2.16.2. The Permanent Loan shall be made in accordance with the terms and conditions of the Streamlined Refinancing Program. Notwithstanding the foregoing, under no circumstances may Borrower receive a release of the Security Instrument with respect to the last property in the Collateral Pool prior to the Maturity Date, unless Borrower has elected to terminate this Agreement under Section 2.14 hereunder.