Release of Mortgaged Properties. The Borrower may request that the Agent release any Mortgaged Property from the lien of the Security Documents and the Agent shall grant such requested release provided that (i) the requested release is consented to by the Requisite Lenders and (ii) there is then no continuing Default or Event of Default under this Agreement and the requested release will not result in any Default or Event of Default under this Agreement and the Borrower delivers to the Agent a pro-forma Compliance Certificate reasonably satisfactory to the Agent demonstrating that the requested release will not result in a violation of any of the covenants in Section 9. Each Lender agrees to respond to any such request for Requisite Lender consent within five (5) business days and agrees to not unreasonably withhold its consent. The Borrower may request releases of a portion of a Mortgaged Property consisting of undeveloped land to be developed by Borrower or sold provided that in addition to the requirements set forth above, the Borrower shall also submit such additional information as may be reasonably requested by the Agent including, without limitation, (i) an updated survey and endorsements to the Title Policy; (ii) an updated Appraisal of the remaining portion of the Mortgaged Property and (iii) evidence that the division of the Mortgaged Property pursuant to the requested release will not result in violation of any zoning ordinance or other applicable laws and ordinances. If the Borrower shall request the release of any Mortgaged Property which is adjacent to any other Mortgaged Property which is not to be simultaneously released, the Agent may require the establishment of appropriate easements and maintenance agreements satisfactory to the Agent relating to any shared utilities, drainage facilities, access drives or walks, parking areas or other shared facilities.
Release of Mortgaged Properties. The Administrative Agent is hereby authorized by the Lenders to execute, at the cost and expense of the Borrower and pursuant to documentation reasonably acceptable to the Administrative Agent, partial releases of the Mortgaged Properties to the extent such Mortgaged Properties are sold in accordance with the terms of the Mortgage and subsection 8.6.
Release of Mortgaged Properties. Upon the release of any Mortgaged Property from the applicable Security Instrument pursuant to this Agreement, if Lender determines that all Reserve Funds are fully funded, Lender will pay to Borrower all funds in any Reserve Funds that relate solely to such Release Property.
Release of Mortgaged Properties. 69 11.17 Limitation on Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
Release of Mortgaged Properties. The Administrative Agent agrees that, upon the Borrower's request (a ARelease Request ) to the Administrative Agent, the Administrative Agent will deliver to Borrower a form of release, duly executed and acknowledged by the Administrative Agent, releasing from the lien of the applicable Mortgage (a ARelease ) a Mortgaged Property (a ARelease Parcel ) but only if and on the condition that:
Release of Mortgaged Properties. Market Square Plaza The Mortgage Loan documents permit the related Borrower to transfer and obtain a release the second floor condominium unit in connection with the sale of any such condominium unit to the adjacent Hilton Hotel that currently leases such space; provided that certain conditions are met including, without limitation, (i) prepayment of a portion of the related Mortgage Loan in an amount equal to the applicable condominium unit release price (as specified in the related Mortgage Loan documents), (ii) payment of a yield maintenance charge equal to the greater of the prepayment rate based on the Treasury rate specified in the related Mortgage Loan documents or 1.0% of the amount being prepaid and payment of interest on the prepaid amount that would have been earned during the month had the prepayment not occurred within that month and (iii) (A) evidence that the release property is a separate tax lot and (B) a copy of the deed conveying all of the borrower's right, title and interest in and to the release parcel and a letter from the related Borrower countersigned by a title insurance company acknowledging receipt of such deed and agreeing to record such deed.
Release of Mortgaged Properties. Except as specifically provided in the Note or any other Loan Document, the Bank will not be required to release any of the Mortgaged Properties until all of the Secured Indebtedness has been paid in full. The Mortgaged Properties are hereby pledged to secure the total aggregate indebtedness and obligations of Mortgagor in favor of the Bank under the Loan Documents whether such indebtedness or obligations are now existing or hereafter incurred. On the occurrence of an Event of Default that is continuing under the Note or any other Loan Document or an event of default that is continuing as described in Article V of this Mortgage, the Bank may look to the Mortgaged Properties as collateral security for such other indebtedness and proceed to exercise the Bank’s rights to the remedies provided in the Note or any other Loan Document, including, but not limited to, the remedies described in this Mortgage.
Release of Mortgaged Properties. (a) Borrowers shall have the right to have one (1) or more of the Mortgaged Properties released from the Lien created by the Mortgage encumbering such Mortgaged Property; provided, that all of the conditions set forth below have been satisfied and all submissions are satisfactory in form and substance to Lender and its counsel:
Release of Mortgaged Properties. Except as set forth in this SECTION 2.5, no repayment or prepayment of all or any portion of the Notes shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on any Mortgaged Property.
Release of Mortgaged Properties. (a) If the Mortgagors shall pay ------------------------------- or cause to be paid to the Mortgagee on behalf of the Holders of Notes the principal of and interest (and Make-Whole Payment, if any) on the Notes in full at maturity or earlier as permitted in accordance with the terms of the Indenture and all other sums payable by the Mortgagors (or any of them) to the Mortgagee hereunder and under the other Security Documents or secured hereby or by the other Security Documents, then this Mortgage and all the other Security Documents shall be discharged and satisfied or, if requested by the Mortgagors and to the extent not prohibited by law, assigned (to the Mortgagors or to any other Person at the Mortgagors' direction), at the Mortgagors' option and its expense, without representation, recourse or warranty, other than for the acts of the Mortgagee. Concurrently with such release and satisfaction or assignment of this Mortgage and all the other Security Documents, the Mortgagee will return to the Mortgagors (or deliver to any Person designated by the Mortgagors) the Notes, executed originals of the other Security Documents and all title and other insurance policies relating to the Mortgaged Properties and, on the written request and at the expense of the Mortgagors, will execute and deliver such proper instruments of release or assignment, as applicable (including appropriate UCC-3 termination statements and/or assignment statements) as may reasonably be requested by the Mortgagors to evidence such release and satisfaction or assignment, and any such instrument, when duly executed by the Mortgagee and duly recorded in the places where this Mortgage and each other Security Document is recorded, shall conclusively evidence the release and satisfaction or assignment of this Mortgage and the other Security Documents. In furtherance of the foregoing, the provisions of Section 4.6 of the Indenture are hereby incorporated into this Mortgage by reference. Any release of this Mortgage with respect to the Mortgaged Property pursuant to Section 44.1(c) or (d) shall be also effected in accordance with the procedures specified in the immediately preceding two sentences to the extent applicable to such release.
