Common use of Release of Deed of Trust Clause in Contracts

Release of Deed of Trust. Beneficiary agrees to promptly and unconditionally release this Deed of Trust (subject to the provisions set forth in Section 6(b)) as follows: (a) in the event of a bona fide sale (other than a "sale leaseback" or other similar financing transaction) of the Trust Property to a third party that is not affiliated with Grantor, provided that each of the following conditions is satisfied: (i) neither Grantor nor any of its respective affiliates continue to use or occupy the Trust Property or any part thereof; (ii) Grantor shall consult with Beneficiary prior to such sale and shall obtain Beneficiary's prior written consent with respect to such sale and the sales price (such consent not to be unreasonably withheld); and (iii) all of the proceeds of such sale are applied towards repayment of the Obligations or otherwise applied in compliance with the provisions of Section 6(b) hereof. (b) in the event that Beneficiary is paid in full for all amounts owing (or which shall or may become owing under the Relevant Documents) to Beneficiary by Grantor and any of its former affiliated debtors, including the indefeasible payment and satisfaction in full of the Obligations. (c) on December 31, 2014 (or on such earlier date as permitted under and pursuant to the provisions of Section 6(b) hereof); provided, however, that if on such date, any amount secured by this Deed of Trust has not been indefeasibly paid in full, then this Deed of Trust shall be deemed amended to extend the term hereof until such obligations are so paid.

Release of Deed of Trust. Beneficiary agrees to promptly and unconditionally release this Deed of Trust (subject to the provisions set forth in Section 6(b)) as follows: (a) in the event of a bona fide sale (other than a "sale leaseback" or leaseback"or other similar financing transaction) of the Trust Property to a third party that is not affiliated with Grantor, provided that each of the following conditions is satisfied: (i) neither Grantor nor any of its respective affiliates continue to use or occupy the Trust Property or any part thereof; (ii) Grantor shall consult with Beneficiary prior to such sale and shall obtain Beneficiary's prior written consent with respect to such sale and the sales price (such consent not to be unreasonably withheld); and (iii) all of the proceeds of such sale are applied towards repayment of the Obligations or otherwise applied in compliance with the provisions of Section 6(b) hereof, notwithstanding the fact that the Obligations, or a portion thereof, may not then be due and payable. (b) in the event that Beneficiary is paid in full for all amounts owing (or which shall or may become owing under the Relevant Documents) to Beneficiary by Grantor and any of its former affiliated debtors, including the indefeasible payment and satisfaction in full of the Obligations. (c) on December 31, 2014 (or on such earlier date as permitted under and pursuant to the provisions of Section 6(b) hereof); provided, however, that if on such date, any amount secured by this Deed of Trust has not been indefeasibly paid in full, then this Deed of Trust shall be deemed amended to extend the term hereof until such obligations are so paid.

Release of Deed of Trust. Beneficiary agrees to promptly and unconditionally release this Deed of Trust (subject to the provisions set forth in Section 6(b)) as follows: (a) in the event of a bona fide sale (other than a "sale leaseback" or other similar financing transaction) of the Trust Property to a third party that is not affiliated with Grantor, provided that each of the following conditions is satisfied: (i) neither Grantor nor any of its respective affiliates continue to use or occupy the Trust Property or any part thereof; (ii) Grantor shall consult with Beneficiary prior to such sale and shall obtain Beneficiary's prior written consent with respect to such sale and the sales price (such consent not to be unreasonably withheld); and (iii) all of the proceeds of such sale are applied towards repayment of the Obligations or otherwise applied in compliance with the provisions of Section 6(b) hereof. (b) in the event that Beneficiary is paid in full for all amounts owing (or which shall or may become owing under the Relevant Documents) to Beneficiary by Grantor and any of its former affiliated debtorsGrantor, including the indefeasible payment and satisfaction in full of the Obligations. (c) on December 31, 2014 (or on such earlier date as permitted under and pursuant to the provisions of Section 6(b) hereof); provided, however, that if on such date, any amount secured by this Deed of Trust has not been indefeasibly paid in full, then this Deed of Trust shall be deemed amended to extend the term hereof until such obligations are so paid.

Release of Deed of Trust. Beneficiary agrees to promptly and unconditionally release this Deed of Trust (subject to the provisions set forth in Section 6(b)) as follows: (a) in the event of a bona fide sale (other than a "sale leaseback" or other similar financing transaction) of the Trust Property to a third party that is not affiliated with Grantor, provided that each of the following conditions is satisfied: (i) neither Grantor nor any of its respective affiliates continue to use or occupy the Trust Property or any part thereof; (ii) Grantor shall consult with Beneficiary prior to such sale and shall obtain Beneficiary's prior written consent with respect to such sale and the sales price (such consent not to be unreasonably withheld); and (iii) all of the proceeds of such sale are applied towards repayment of the Obligations or otherwise applied in compliance with the provisions of Section 6(b) hereof, notwithstanding the fact that the Obligations, or a portion thereof, may not then be due and payable. (b) in the event that Beneficiary is paid in full for all amounts owing (or which shall or may become owing under the Relevant Documents) to Beneficiary by Grantor and any of its former affiliated debtors, including the indefeasible payment and satisfaction in full of the Obligations. (c) on December 31, 2014 (or on such earlier date as permitted under and pursuant to the provisions of Section 6(b) hereof); provided, however, that if on such date, any amount secured by this Deed of Trust has not been indefeasibly paid in full, then this Deed of Trust shall be deemed amended to extend the term hereof until such obligations are so paid.

Release of Deed of Trust. Beneficiary agrees to promptly and unconditionally release this Deed of Trust (subject to the provisions set forth in Section 6(b)) as follows: (a) in the event of a bona fide sale (other than a "sale leaseback" or other similar financing transaction) of the Trust Property to a third party that is not affiliated with Grantor, provided that each of the following conditions is satisfied: (i) neither Grantor nor any of its respective affiliates continue to use or occupy the Trust Property or any part thereof; (ii) Grantor shall consult with Beneficiary prior to such sale and shall obtain Beneficiary's prior written consent with respect to such sale and the sales price (such consent not to be unreasonably withheld); and (iii) all of the proceeds of such sale are applied towards repayment of the Obligations or otherwise applied in compliance with the provisions of Section 6(b) hereof. (b) in the event that Beneficiary is paid in full for all amounts owing (or which shall or may become owing under the Relevant Documents) to Beneficiary by Grantor and any of its former affiliated debtors, including the indefeasible payment and satisfaction in full of the Obligations. (c) on December 31, 2014 (or on such earlier date as permitted under and pursuant to the provisions of Section 6(b) hereof); provided, however, that if on such date, any amount secured by this Deed of Trust has not been indefeasibly paid in full, then this Deed of Trust shall be deemed amended to extend the term hereof until such obligations are so paid...