Common use of Release of all Properties Upon Payment in Full Clause in Contracts

Release of all Properties Upon Payment in Full. (a) If Borrower has elected to prepay or defease the Loan and the requirements of this Section 2.5 and Section 2.4 or Section 2.8, as applicable, have been satisfied or the Loan is repaid in full on the Maturity Date, all of the Properties shall be released from the Liens of their respective Mortgages, and, in the event Borrower has elected to defease the Loan, the U.S. Obligations pledged pursuant to the Security Agreement shall be the sole source of collateral securing the Note. (b) In connection with the release of the Mortgages, Borrower shall submit to Lender, not less than seven (7) Business Days prior to the Payment Date on which Borrower intends to prepay the Loan in full, a release of Lien (and related Loan Documents) for each Individual Property for execution by Lender. Such release shall be in a form appropriate in each jurisdiction in which an Individual Property is located and that would be satisfactory to a prudent lender acting reasonably. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall pay all reasonable third-party costs and expenses incurred by Lender in connection with such release and the then current reasonable and customary fee being assessed by Servicer, if any, to effect such release.

Release of all Properties Upon Payment in Full. (a) If Borrower has elected to prepay or defease the entire Loan and the requirements of Section 2.4 and this Section 2.5 and Section 2.4 or Section 2.8, as applicable, have been satisfied or the Loan is repaid in full on the Maturity Datesatisfied, all of the Properties shall be released from the Liens of their respective Mortgages, and, in the event Borrower has elected to defease the Loan, the U.S. Obligations pledged pursuant to the Security Agreement shall be the sole source of collateral securing the Note. (b) In connection with the foregoing release of the Mortgages, Borrower shall submit to Lender, not less than seven twenty (720) Business Days days prior to the Payment Date date on which Borrower intends to prepay the Loan in full, a release of Lien (and related Loan Documents) for each Individual Property for execution by LenderLender or, at Borrower's option, an assignment of the Mortgage(s) relating to one or more Individual Properties. Such release or assignment, as applicable, shall be in a form appropriate in each jurisdiction in which an Individual Property is located and that would be satisfactory to a prudent lender acting reasonablyand contains standard provisions, if any, protecting the rights of the releasing or assigning lender and shall be without recourse to, or representation or warranty by, the assigning or releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such releaserelease or assignment, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases or assignments in accordance with the terms of this Agreement. Borrower shall pay all reasonable third-party costs and expenses incurred by Lender in connection with such release and the then current reasonable and customary fee being assessed by Servicer, if any, to effect such release.

Release of all Properties Upon Payment in Full. (a) If Borrower has elected to prepay or defease prepaid the Loan in its entirety and the requirements of Section 2.4 and this Section 2.5 and Section 2.4 or Section 2.8, as applicable, have been satisfied satisfied, or the Loan is has been repaid in full on the Maturity Date, all of the Properties Collateral shall be released from the Liens of their respective Mortgages, and, in the event Borrower has elected to defease Pledge Agreement and other Loan Documents on the Loan, the U.S. Obligations pledged pursuant to the Security Agreement shall be the sole source of collateral securing the NoteCollateral. (b) In connection with the release of the MortgagesLien of the Pledge Agreement and all other Collateral, Borrower shall submit to Lender, not less than seven (7) Business Days prior to the Payment Date date on which Borrower intends to prepay the Loan in full, a release or assignment of Lien (and related Loan Documents) for each Individual Property the Collateral for execution by Lender. Such release or assignment shall be in a form appropriate in each jurisdiction in which an Individual Property the Collateral is located and that would be satisfactory to a prudent lender acting reasonably. In addition, Borrower shall provide all other documentation of a ministerial or administrative nature which Lender reasonably requires to be delivered by Borrower in connection with such releaserelease or assignment, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall pay all reasonable third-party costs and expenses incurred by Lender in connection with any such release or assignment, and the then current reasonable and customary fee being assessed by Servicer, if any, Servicer to effect such releaserelease or assignment. Any assignments made by Lender shall be without recourse, representation or warranty by Lender and comply with all applicable law.

Release of all Properties Upon Payment in Full. (a) If Borrower has elected to prepay or defease the entire Loan and the requirements of this Section 2.5 and Section 2.4 or Section 2.8, as applicable, have been satisfied or the Loan is repaid in full on the Maturity Date, all of the Properties shall be released from the Liens of their respective MortgagesMortgages and the other Loan Documents, and, in the event Borrower has elected except those obligations expressly stated to defease survive repayment of the Loan. In lieu of a release of the Lien of any Mortgage, the U.S. Obligations pledged pursuant at Borrower’s option, it may obtain an assignment thereto to the Security Agreement shall be the sole source of collateral securing the Noteone or more designees in accordance with Section 2.5.4 hereof. (b) In connection with the release of the Mortgages, Borrower shall submit to Lender, not less than seven five (75) Business Days prior to the Payment Date date on which Borrower intends to prepay the Loan in fullprepayment will be made, a release (or assignment) of Lien (and related Loan Documents) for each Individual Property for execution by Lender. Such Each release (or assignment) shall be in a form appropriate in each jurisdiction in which an the Individual Property is located and that would be satisfactory to a prudent lender acting reasonably. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such releaserelease (or assignment), together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, Requirements and (ii) will effect such releases release (or assignment) in accordance with the terms of this Agreement. Borrower shall pay all reasonable third-party costs and expenses incurred by Lender in connection with such release (or assignment) and the then current reasonable and customary fee being assessed by Servicer, if any, to effect such releaserelease (or assignment).

Release of all Properties Upon Payment in Full. (a) If Borrower has elected to prepay or defease prepaid the Loan in its entirety and the requirements of Section 2.4 and this Section 2.5 and Section 2.4 or Section 2.8, as applicable, have been satisfied satisfied, or the Loan, the Mortgage Loan is and the Mezzanine A Loan are repaid in full on the Maturity Date, all of the Properties Collateral shall be released from the Liens of their respective Mortgages, and, in the event Borrower has elected to defease Pledge Agreement and other Loan Documents on the Loan, the U.S. Obligations pledged pursuant to the Security Agreement shall be the sole source of collateral securing the NoteCollateral. (b) In connection with the release of the MortgagesLien of the Pledge Agreement and all other Collateral, Borrower shall submit to Lender, not less than seven (7) Business Days prior to the Payment Date date on which Borrower intends to prepay the Loan in full, a release or assignment of Lien (and related Loan Documents) for each Individual Property the Collateral for execution by Lender. Such release or assignment shall be in a form appropriate in each jurisdiction in which an Individual Property the Collateral is located and that would be satisfactory to a prudent lender acting reasonably. In addition, Borrower shall provide all other documentation of a ministerial or administrative nature which Lender reasonably requires to be delivered by Borrower in connection with such releaserelease or assignment, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall pay all reasonable third-party costs and expenses incurred by Lender in connection with any such release or assignment, and the then current reasonable and customary fee being assessed by Servicer, if any, Servicer to effect such releaserelease or assignment. Any assignments made by Lender shall be without recourse, representation or warranty by Lender and comply with all applicable law.

Release of all Properties Upon Payment in Full. (a) If Borrower has elected to prepay or defease prepaid the Loan and the Mezzanine Loans in their entirety and the requirements of Section 2.4 and this Section 2.5 and Section 2.4 or Section 2.8, as applicable, have been satisfied satisfied, or the Loan is and the Mezzanine Loans are repaid in full on the Maturity Date, all of the Properties Collateral shall be released from the Liens of their respective Mortgages, and, in the event Borrower has elected to defease the Loan, the U.S. Obligations pledged pursuant to the Security Agreement shall be the sole source of collateral securing the NoteInstruments and other Loan Documents. (b) In connection with the release of the MortgagesSecurity Instruments, Borrower shall submit to Lender, not less than seven (7) Business Days prior to the Payment Date date on which Borrower intends to prepay the Loan in full, a release or assignment of Lien (and related Loan Documents) for each Individual Property and the applicable Collateral for execution by Lender. Such release or assignment shall be in a form appropriate in each jurisdiction in which an Individual Property is located and that would be satisfactory to a prudent lender acting reasonably. In addition, Borrower shall provide all other documentation of a ministerial or administrative nature which Lender reasonably requires to be delivered by Borrower in connection with such releaserelease or assignment, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall pay all reasonable third-party costs and expenses incurred by Lender in connection with any such release or assignment, and the then current reasonable and customary fee being assessed by Servicer, if any, Servicer to effect such releaserelease or assignment. Any assignments made by Lender shall be without recourse, representation or warranty by Lender and comply with all applicable law.