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:
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement (Summit Hotel Properties, Inc.)
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:
Appears in 2 contracts
Samples: Loan Agreement (Summit Hotel Properties LLC), Loan Agreement (Summit Hotel Properties LLC)
