Release of Mortgage and Termination of Assignments and Financing Statements. If and when Borrower has paid and performed all of the Obligations, and no further advances are to be made under the Loan Agreement, Mortgagee will promptly provide a release of the Property from the lien of this Mortgage and termination statements for filed financing statements, if any, to Mortgagor. Mortgagor shall be responsible for the recordation of such release and the payment of any recording and filing costs. Upon the recording of such release and the filing of such termination statements, the absolute assignments set forth in Section 2.2 shall automatically terminate and become null and void.
Appears in 3 contracts
Samples: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust II, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust III, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust III, Inc.)
Release of Mortgage and Termination of Assignments and Financing Statements. If and when Borrower has paid and performed all of the Obligations, and no further advances are to be made under the Loan Credit Agreement, Mortgagee Beneficiary will promptly provide a release of the Property from the lien of this Mortgage and termination statements for filed financing statements, if any, to Mortgagor. Mortgagor shall be responsible for the recordation of such release and the payment of any recording and filing costs. Upon the recording of such release and the filing of such termination statements, the absolute assignments set forth in Section 2.2 shall automatically terminate and become null and void.
Appears in 3 contracts
Samples: Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Grubb & Ellis Healthcare REIT II, Inc.), Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Grubb & Ellis Healthcare REIT II, Inc.), Multiple Indebtedness Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Grubb & Ellis Healthcare REIT II, Inc.)
Release of Mortgage and Termination of Assignments and Financing Statements. If and when Borrower Mortgagor has paid and performed all of the Obligations, and no further advances are to be made under the Loan Agreement, Mortgagee Beneficiary will promptly provide a release of the Property from the lien of this Mortgage and termination statements for filed financing statements, if any, to Mortgagor. Mortgagor shall be responsible for the recordation of such release and the payment of any recording and filing costs. Upon the recording of such release and the filing of such termination statements, the absolute assignments set forth in Section 2.2 shall automatically terminate and become null and void.
Appears in 2 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust III, Inc.)