Property Release Privilege Sample Clauses

Property Release Privilege. Provided no Event of Default exists, Borrower shall be allowed, subsequent to the Lockout Period (as that term is defined in the Note), to partially prepay the Loan, upon thirty (30) days prior written notice to Lender (“Release Request”), and to thereby obtain a partial release of the Mortgage and Second Mortgage (and ancillary Security Instruments) for any Subgroup (as designated below) of parcel(s) of Property securing the Loan and the Second Mortgage securing the Affiliate Loans (the “Release Privilege”) subject to the following conditions:
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Property Release Privilege. Provided no Event of Default (as hereinafter defined) exists, Borrower shall be allowed, subsequent to the Lockout Period (as that term is defined in the Note), to partially prepay the Loan, upon thirty (30) days prior written notice to Lender (“RELEASE REQUEST”), and to thereby obtain a partial release of the Mortgage of any parcel of Property securing the Loan (the “RELEASE PRIVILEGE”) subject to the following conditions:
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Property Release Privilege. Provided no Event of Default exists, Borrower or an Affiliate Entity shall be allowed, subsequent to the Lockout Period (as that term is defined in the Note), to prepay its applicable Pooled Loan, upon thirty (30) days prior written notice to Lender (“Release Request”), and to thereby obtain release of a Pooled Property (but limited so that any release shall be of property designated by a line-item in the chart in Section 3.07(a) herein from the liens of both the first and second priority mortgages (and ancillary Security Instruments) securing the applicable Pooled Property (the “Release Privilege”) subject to the following conditions:
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Property Release Privilege. Provided no Event of Default exists, and in the event that the Real Estate has been re-platted or subdivided pursuant to Section 7 above, the Borrower may partially or entirely prepay either or both of the loans secured by the Real Estate, upon twenty (20) days prior written notice to Lender. Upon payment in full of all principal and interest outstanding under a loan, Lender shall immediately release its mortgage and security interest from the respective property financed by the paid loan. The parties hereto acknowledge that the loan in the original principal amount of $14,080,000 financed the Hampton Inn & Suites, and the loan in the original principal amount of $10,400,000 financed the Cambria Suites.
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Property Release Privilege. Provided no Event of Default exists under the terms of any of the Loans, each Borrower shall be allowed, on or after July 1, 2012, to prepay its Loan without a simultaneous prepayment, in full, of all of the Loans, upon thirty (30) days prior written notice to Lender (“Release Request”), and to thereby obtain a release of the Senior Security Instrument securing the Borrower’s Loan and the Junior Security Instrument securing the Borrower’s Affiliate Guaranty (the “Release Privilege”) subject to satisfaction of all of the following conditions:
Sample 1
Property Release Privilege. No partial release of any building or parcel within the Property from the lien of the Mortgage and the other Loan Documents is or shall be permitted; provided however, Lender shall permit a release (the “Release Privilege”) of the approximately 4,000 square foot McDonald’s outparcel (the “McDonald’s Outparcel”) located on the Property from the lien and effect of the Mortgage and Second Mortgage and the other Loan Documents upon the satisfaction of the following:
Sample 1
Property Release Privilege. Provided no event of default exists under the terms of the Loan or the Loan Documents, Mortgagor shall be allowed, subsequent to the Lockout Period (as that term is defined in the Note), to partially prepay the Loan, upon thirty (30) days prior written notice to Mortgagee ("RELEASE REQUEST"), and to thereby obtain a partial release of this Mortgage of any of the five (5) parcels (each, a "PARCEL" and collectively, the "PARCELS") included within the Premises (the "RELEASE PRIVILEGE") subject to the following conditions: [MORTGAGE, SECURITY AGREEMENT, FINANCING STATEMENT AND FIXTURE FILING] ING No. 27449
Sample 1
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Related to Property Release Privilege

  • Further Assurances; Post-Closing Cooperation At any time or from time to time after the Closing, the parties shall execute and deliver to the other party such other documents and instruments, provide such materials and information and take such other actions as the other party may reasonably request to consummate the transactions contemplated by this Agreement and otherwise to cause the other party to fulfill its obligations under this Agreement and the transactions contemplated hereby. Each party agrees to use commercially reasonable efforts to cause the conditions to its obligations to consummate the Merger to be satisfied.

  • ACCESS AND COOPERATION; DUE DILIGENCE (a) Between the date of this Agreement and the Funding and Consummation Date, the COMPANY will afford to the officers and authorized representatives of METALS and the Other Founding Companies access to all of the COMPANY's sites, properties, books and records and will furnish METALS with such additional financial and operating data and other information as to the business and properties of the COMPANY as METALS or the Other Founding Companies may from time to time reasonably request. The COMPANY will cooperate with METALS and the Other Founding Companies, its representatives, auditors and counsel in the preparation of any documents or other material which may be required in connection with any documents or materials required by this Agreement. METALS, NEWCO, the STOCKHOLDERS and the COMPANY will treat all information obtained in connection with the negotiation and performance of this Agreement or the due diligence investigations conducted with respect to the Other Founding Companies as confidential in accordance with the provisions of Section 14 hereof. In addition, METALS will cause each of the Other Founding Companies to enter into a provision similar to this Section 7.1 requiring each such Other Founding Company, its stockholders, directors, officers, representatives, employees and agents to keep confidential any information obtained by such Other Founding Company.

  • Real Estate Collateral The Borrowers shall, and shall cause their respective Subsidiaries to, deliver to the Collateral Agent as soon as practicable and in any event within 90 calendar days after the Incremental Loan Funding Date (or such longer period as the Collateral Agent may agree in its sole discretion), (a) an amendment to each Mortgage encumbering the Mortgaged Properties in form suitable for recording that shall provide such Mortgage remains in full force and effect and continues to secure the Obligations, as amended by this Incremental Amendment, which mortgage amendment shall be in form and substance reasonably acceptable to the Collateral Agent and its counsel in all respects, (b) endorsements to the mortgagee’s title insurance policies reflecting the amendment to the insured Mortgage as well as a date down endorsement in respect of each of the Mortgaged Properties, reflecting that there are no encumbrances affecting the Mortgaged Properties except as permitted under the Credit Agreement, and in each case in form and substance reasonably satisfactory to the Collateral Agent, (c) a customary opinion of local counsel in each jurisdiction in which a Mortgage Property is located for the benefit of the Collateral Agent with respect to the enforceability of the Mortgages as amended, together with such other opinions as the Collateral Agent shall require, and in form and substance reasonably acceptable to the Collateral Agent and (d) such further documents, instruments, acts or agreements as the Collateral Agent may reasonably request to affirm, secure, renew or perfect the liens of the Mortgages as amended. All of the actions referenced above shall be taken, and documents referenced above shall be delivered, at the sole expense of the Borrowers, including any recording charges, taxes, or other associated costs related thereto.

  • Access and Cooperation Each Party will, and will cause its Other Indemnified Persons to, cooperate and assist in all reasonable respects regarding such Third Party Claim, including by promptly making available to such other Party (and its legal counsel and other professional advisers with a reasonable need to know) all books and records of such Person relating to such Third Party Claim, subject to reasonable confidentiality precautions.

  • Collateral and Guaranty Matters The Lenders irrevocably authorize the Administrative Agent, at its option and in its discretion,

  • Mortgaged Property Undamaged The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

  • Authority of Administrative Agent to Release Collateral and Liens Each Lender and the Issuing Bank hereby authorizes the Administrative Agent to release any collateral that is permitted to be sold or released pursuant to the terms of the Loan Documents. Each Lender and the Issuing Bank hereby authorizes the Administrative Agent to execute and deliver to the Borrower, at the Borrower’s sole cost and expense, any and all releases of Liens, termination statements, assignments or other documents reasonably requested by the Borrower in connection with any sale or other disposition of Property to the extent such sale or other disposition is permitted by the terms of Section 9.12 or is otherwise authorized by the terms of the Loan Documents.

  • Title to Properties; Priority of Liens Each Borrower and Subsidiary has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and good title to all of its personal Property, including all Property reflected in any financial statements delivered to Agent or Lenders, in each case free of Liens except Permitted Liens. Each Borrower and Subsidiary has paid and discharged all lawful claims that, if unpaid, could become a Lien on its Properties, other than Permitted Liens. All Liens of Agent in the Collateral are duly perfected, first priority Liens, subject only to Permitted Liens that are expressly allowed to have priority over Agent’s Liens.

  • Occupancy of the Mortgaged Property As of the date of origination, the Mortgaged Property was lawfully occupied under applicable law;

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