Common use of Release of Certain Facilities after Seven Years Clause in Contracts

Release of Certain Facilities after Seven Years. (a) During the one year period commencing on the seventh anniversary of the Closing, provided that (i) no Event of Default has occurred and is continuing under the loan documents, (ii) no Unmatured Event of Default has occurred and is continuing, (iii) the prepayment is made concurrently with respect to all such Facilities (to the extent they have not previously been released as provided for in Section 3.3), and (iv) the Lessee Purchase Option is closed concurrently, upon the payment to Seller of $41,402,379.96 (as such amount may be increased or reduced pursuant to Sections 3.3(b) and 3.4(b), the “Seventh Year Release Payment”), Seller will release the Facilities listed below from the lien of the Loan Documents. No Prepayment Premium would be payable in connection with such prepayment and release. Borrowers would not be obligated to sell the Facilities in connection with such prepayment and release. The Facilities covered by this Section are as follows: Bel Pre Health & Rehabilitation Center 2000 Xxx Xxx Xxxx Xxxxxx Xxxxxx XX 00000 Liberty Heights Health & Rehabilitation Center 4000 Xxxxxxx Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 Marley Neck Health & Rehabilitation Center 7000 X. Xxxxxx Road Glen Burnie MD 21060 Franklin Square Health & Rehabilitation Center 1000 X. Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 (b) The Seventh Year Release Payment will be reduced by the amount any Third Year Release Payment paid in connection with any of the Seventh Year Facilities which are also Third Year Facilities. (c) If Borrowers do not sell or otherwise transfer the Facilities to third parties, but instead continue to own and operate them, then upon payment of the Seventh Year Release Payment and release of the Seventh Year Facilities from the lien of the Loan Documents, the ownership of the applicable Borrowers which own or operate such Facilities shall be transferred such that HCREH and the Parent Guarantors no longer own or control such Borrowers. Upon such transfer, Lender will release such Borrowers from their obligations arising under the Loan Document and their guaranty of the Master Lease and the City View Loan. (d) Upon payment of the Seventh Year Release Payment, the amount of the Security Deposit required under this Agreement and the Master Lease will be reduced by an amount equal to (i) the amount of the Seventh Year Release Payment actually paid to Lender multiplied by (ii) the Interest Rate divided by (iii) four (4). (e) Upon payment of the Seventh Year Release Payment, Lender shall release the Facilities covered by this Section from the Option to Purchase.

Release of Certain Facilities after Seven Years. (a) During the one year period commencing on the seventh anniversary of the Closing, provided that (i) no Event of Default has occurred and is continuing under the loan documents, (ii) no Unmatured Event of Default has occurred and is continuing, (iii) the prepayment is made concurrently with respect to all such Facilities (to the extent they have not previously been released as provided for in Section 3.3), and (iv) the Lessee Purchase Option is closed concurrently, upon the payment to Seller of $41,402,379.96 41,046738.18 (as such amount may be increased or reduced pursuant to Sections 3.3(b) and 3.4(b), the “Seventh Year Release Payment”), Seller will release the Facilities listed below from the lien of the Loan Documents. No Prepayment Premium would be payable in connection with such prepayment and release. Borrowers would not be obligated to sell the Facilities in connection with such prepayment and release. The Facilities covered by this Section are as follows: Bel Pre Health & Rehabilitation Center 2000 Xxx Xxx Xxxx Xxxxxx Xxxxxx XX 00000 Liberty Heights Health & Rehabilitation Center 4000 Xxxxxxx Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 Marley Neck Health & Rehabilitation Center 7000 X. Xxxxxx Road Glen Burnie MD 21060 Franklin Square Health & Rehabilitation Center 1000 X. Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 (ba) The Seventh Year Release Payment will be reduced by the amount any Third Year Release Payment paid in connection with any of the Seventh Year Facilities which are also Third Year Facilities. (cb) If Borrowers do not sell or otherwise transfer the Facilities to third parties, but instead continue to own and operate them, then upon payment of the Seventh Year Release Payment and release of the Seventh Year Facilities from the lien of the Loan Documents, the ownership of the applicable Borrowers which own or operate such Facilities shall be transferred such that HCREH and the Parent Guarantors no longer own or control such Borrowers. Upon such transfer, Lender will release such Borrowers from their obligations arising under the Loan Document and their guaranty of the Master Lease and the City View Loan. (dc) Upon payment of the Seventh Year Release Payment, the amount of the Security Deposit required under this Agreement and the Master Lease will be reduced by an amount equal to (i) the amount of the Seventh Year Release Payment actually paid to Lender multiplied by (ii) the Interest Rate divided by (iii) four (4). (ed) Upon payment of the Seventh Year Release Payment, Lender shall release the Facilities covered by this Section from the Option to Purchase.

Release of Certain Facilities after Seven Years. (a) During the one year period commencing on the seventh anniversary of the Closing, provided that (i) no Event of Default has occurred and is continuing under the loan documents, (ii) no Unmatured Event of Default has occurred and is continuing, (iii) the prepayment is made concurrently with respect to all such Facilities (to the extent they have not previously been released as provided for in Section 3.3), and (iv) the Lessee Purchase Option is closed concurrently, upon the payment to Seller of $41,402,379.96 47,541,642.86 (as such amount may be increased or reduced pursuant to Sections 3.3(b) and 3.4(b), the “Seventh Year Release Payment”), Seller will release the Facilities listed below from the lien of the Loan Documents. No Prepayment Premium would be payable in connection with such prepayment and release. Borrowers would not be obligated to sell the Facilities in connection with such prepayment and release. The Facilities covered by this Section are as follows: Bel Pre Health & Rehabilitation Center 2000 Xxx Xxx Xxxx Xxxxxx Xxxxxx XX 00000 Liberty Heights Health & Rehabilitation Center 4000 Xxxxxxx Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 Marley Neck Health & Rehabilitation Center 7000 X. Xxxxxx Road Glen Burnie MD 21060 Northwest Health & Rehabilitation Center 4000 Xxxx Xxxx Xxxxx Xxxxxxxxx XX 00000 Franklin Square Health & Rehabilitation Center 1000 X. Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 (b) The Seventh Year Release Payment will be reduced by the amount any Third Year Release Payment paid in connection with any of the Seventh Year Facilities which are also Third Year Facilities. (c) If Borrowers do not sell or otherwise transfer the Facilities to third parties, but instead continue to own and operate them, then upon payment of the Seventh Year Release Payment and release of the Seventh Year Facilities from the lien of the Loan Documents, the ownership of the applicable Borrowers which own or operate such Facilities shall be transferred such that HCREH and the Parent Guarantors no longer own or control such Borrowers. Upon such transfer, Lender will release such Borrowers from their obligations arising under the Loan Document and their guaranty of the Master Lease and the City View Loan. (d) Upon payment of the Seventh Year Release Payment, the amount of the Security Deposit required under this Agreement and the Master Lease will be reduced by an amount equal to (i) the amount of the Seventh Year Release Payment actually paid to Lender multiplied by (ii) the Interest Rate divided by (iii) four (4). (e) Upon payment of the Seventh Year Release Payment, Lender shall release the Facilities covered by this Section from the Option to Purchase.

Release of Certain Facilities after Seven Years. (a) During the one year period commencing on the seventh anniversary of the Closing, provided that (i) no Event of Default has occurred and is continuing under the loan documents, (ii) no Unmatured Event of Default has occurred and is continuing, (iii) the prepayment is made concurrently with respect to all such Facilities (to the extent they have not previously been released as provided for in Section 3.3), and (iv) the Lessee Purchase Option is closed concurrently, upon the payment to Seller of $41,402,379.96 40,372,426.00 (as such amount may be increased or reduced pursuant to Sections 3.3(b) and 3.4(b), the “Seventh Year Release Payment”), Seller will release the Facilities listed below from the lien of the Loan Documents. No Prepayment Premium would be payable in connection with such prepayment and release. Borrowers would not be obligated to sell the Facilities in connection with such prepayment and release. The Facilities covered by this Section are as follows: Bel Pre Health & Rehabilitation Center 2000 Xxx Xxx Xxxx Xxxxxx Xxxxxx XX 00000 Liberty Heights Health & Rehabilitation Center 4000 Xxxxxxx Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 Marley Neck Health & Rehabilitation Center 7000 X. Xxxxxx Road Glen Burnie MD 21060 Franklin Square Health & Rehabilitation Center 1000 X. Xxxxxxx Xxxxxx Xxxxxxxxx XX 00000 (ba) The Seventh Year Release Payment will be reduced by the amount any Third Year Release Payment paid in connection with any of the Seventh Year Facilities which are also Third Year Facilities. (cb) If Borrowers do not sell or otherwise transfer the Facilities to third parties, but instead continue to own and operate them, then upon payment of the Seventh Year Release Payment and release of the Seventh Year Facilities from the lien of the Loan Documents, the ownership of the applicable Borrowers which own or operate such Facilities shall be transferred such that HCREH and the Parent Guarantors no longer own or control such Borrowers. Upon such transfer, Lender will release such Borrowers from their obligations arising under the Loan Document and their guaranty of the Master Lease and the City View Loan. (dc) Upon payment of the Seventh Year Release Payment, the amount of the Security Deposit required under this Agreement and the Master Lease will be reduced by an amount equal to (i) the amount of the Seventh Year Release Payment actually paid to Lender multiplied by (ii) the Interest Rate divided by (iii) four (4). (ed) Upon payment of the Seventh Year Release Payment, Lender shall release the Facilities covered by this Section from the Option to Purchase.