Common use of Release of Mortgage and Termination of Assignments and Financing Statements Clause in Contracts

Release of Mortgage and Termination of Assignments and Financing Statements. If and when Mortgagor has paid and performed all of the Obligations, and no further advances are to be made under the Loan Agreement, Mortgagee will 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: Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Inland Diversified Real Estate Trust, Inc.), Term Loan Agreement (Acadia Realty Trust)

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Release of Mortgage and Termination of Assignments and Financing Statements. If and when Mortgagor 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 2 contracts

Samples: Mortgage, Assignment, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust II, Inc.), Mortgage, Assignment, Security Agreement and Fixture Filing (KBS Real Estate Investment Trust II, Inc.)

Release of Mortgage and Termination of Assignments and Financing Statements. If and when Mortgagor Borrower has paid and performed all of the Obligations, and no further advances are to be made under the Junior Loan Agreement, Mortgagee Lender will provide a release of the Property from the lien of this Mortgage and termination statements for filed financing statements, if any, to MortgagorBorrower. Mortgagor Borrower 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 assignment set forth in Section 2.2 1.2 shall automatically terminate and become null and void.

Appears in 2 contracts

Samples: Construction Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing, Construction Leasehold Mortgage, Assignment, Security Agreement and Fixture Filing (Behringer Harvard Opportunity REIT II, Inc.)

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Release of Mortgage and Termination of Assignments and Financing Statements. If and when Mortgagor Xxxxxxxxx has paid and performed all of the Obligations, and no further advances are to be made under the Loan Agreement, Mortgagee will provide a release discharge of the Property from and a release of 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 1 contract

Samples: Open End Mortgage Deed (AstroNova, Inc.)

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