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Release of Mortgaged Property Sample Clauses

Release of Mortgaged Property. Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the transactions contemplated by this §5.4), the Agent and the Required Lenders shall release a Mortgaged Property from the lien or security title of the Security Documents encumbering the same upon the request of the Borrower subject to and upon the following terms and conditions: (a) the Borrower shall deliver to the Agent written notice of its desire to obtain such release no later than ten (10) days prior to the date on which such release is to be effected; (b) the Borrower shall submit to the Agent with such request a Compliance Certificate prepared using the financial statements of the Borrower most recently provided or required to be provided to the Agent under §6.4 or §7.4 adjusted in the best good faith estimate of the Borrower to give effect to the proposed release and demonstrating that no Default or Event of Default with respect to the covenants referred to therein shall exist after giving effect to such release; (c) all release documents to be executed by the Agent shall be in form and substance reasonably satisfactory to the Agent; (d) the Borrower shall pay all reasonable costs and expenses of the Agent in connection with such release, including without limitation, reasonable attorney’s fees; (e) the Borrower shall pay to the Agent for the account of the Lenders a release price, which payment shall be applied to reduce the outstanding principal balance of the Loans as provided in §3.4, in an amount equal to the amount necessary to reduce the outstanding principal balance of the Loans so that no violation of the covenant set forth in §9.1 shall occur; (f) without limiting or affecting any other provision hereof, any release of a Mortgaged Property will not cause the Borrower to be in violation of the covenants set forth in §9 or cause the Total Commitment to exceed the Borrowing Base Availability of the Mortgaged Properties remaining after the requested release; and (g) the Required Lenders shall have approved in writing such release in their sole discretion.
Release of Mortgaged Property. (i) Subordinate Lender consents to and authorizes any future release by Senior Lender of all or any portion of the Mortgaged Property from the lien, operation, and effect of the Senior Loan Documents. Subordinate Lender waives to the fullest extent permitted by law, all equitable or other rights it may have in connection with the release of all or any portion of the Mortgaged Property, including any right to require Senior Lender to do any of the following: (A) To conduct a separate sale of any portion of the Mortgaged Property. (B) To exhaust its remedies against all or any portion of the Mortgaged Property or any combination of portions of the Mortgaged Property or any other collateral for the Senior Indebtedness. (C) To proceed against Borrower, any other party that may be liable for any of the Senior Indebtedness (including any general partner of Borrower if Borrower is a partnership), all or any portion of the Mortgaged Property or combination of portions of the Mortgaged Property or any other collateral, before proceeding against all or such portions or combination of portions of the Mortgaged Property as Senior Lender determines. [
Release of Mortgaged Property. (i) Subordinate Lender consents to and authorizes any future release by Senior Lender of all or any portion of the Mortgaged Property from the lien, operation, and effect of the Senior Loan Documents. Subordinate Lender waives to the fullest extent permitted by law, all equitable or other rights it may have in connection with the release of all or any portion of the Mortgaged Property, including any right to require Senior Lender to do any of the following: (A) To conduct a separate sale of any portion of the Mortgaged Property. (B) To exhaust its remedies against all or any portion of the Mortgaged Property or any combination of portions of the Mortgaged Property or any other collateral for the Senior Indebtedness. (C) To proceed against Borrower, any other party that may be liable for any of the Senior Indebtedness (including any general partner of Borrower if Borrower is a partnership), all or any portion of the Mortgaged Property or combination of portions of the Mortgaged Property or any other collateral, before proceeding against all or such portions or combination of portions of the Mortgaged Property as Senior Lender determines. (ii) Subordinate Lender consents to and authorizes, at the option of Senior Lender, the sale, either separately or together, of all or any portion of the Mortgaged Property. Subordinate Lender acknowledges that without Notice to Subordinate Lender and without affecting any of the provisions of this Agreement, Senior Lender may do any of the following: (A) Extend the time for or waive any payment or performance under the Senior Loan Documents. (B) Modify or amend in any respect any provision of the Senior Loan Documents. (C) Modify, exchange, surrender, release, and otherwise deal with any additional collateral for the Senior Indebtedness.
Release of Mortgaged Property. Notwithstanding any other provisions of this Deed of Trust, at any time so long as there is no Event of Default, the Trustee must release the Mortgaged Property or any part thereof from the lien and security interest of this Deed of Trust when and if the following requirements have been fulfilled:
Release of Mortgaged Property. If Mortgagor prepays all or a portion of the Loan pursuant to Section 15.01(b) hereof or if Mortgagee applies Loss Proceeds from the Mortgaged Property towards the repayment of the Debt, Mortgagee shall, promptly upon satisfaction of all the following terms and conditions execute, acknowledge and deliver to Mortgagor a release of this Mortgage (a "Release") in recordable form with respect to the Mortgaged Property: (a) If such prepayment is a prepayment in part, but not in whole, Mortgagee shall have received on the date proposed for such prepayment an amount equal to one hundred fifty percent (150%) of the Initial Allocated Loan Amount (the "Release Price") for the released Cross-collateralized Property. (b) Mortgagee shall have received from Mortgagor evidence in form and substance satisfactory to Mortgagee that the pro forma Aggregate Debt Service Coverage of all Cross-collateralized Properties immediately following the Release (not including the Cross-collateralized Property which is to be Released) is at least equal to the greater of 2.0:1 and the Aggregate Debt Service Coverage immediately prior to effecting such Release, accompanied by an Officer's Certificate stating that the statements, calculations and information comprising such evidence are true, correct and complete in all respects. (c) Mortgagor shall, at its sole expense, prepare any and all documents and instruments necessary to effect the Release, all of which shall be subject to the reasonable approval of Mortgagee, and Mortgagor shall pay all costs reasonably incurred by Mortgagee (including, but not limited to, reasonable attorneys' fees and disbursements, title search costs or endorsement premiums) in connection with the review, execution and delivery of the Release. (d) No Event of Default has occurred and is continuing. (e) Mortgagor shall have delivered to Mortgagee an opinion letter of counsel in form and substance acceptable to Mortgagee to the effect that, with respect to the trust in which the Loan is included as an asset in connection with the Securitization, such Release shall not (i) adversely affect the qualification as a REMIC within the meaning of Section 860D of the Code of the portion of the Trust Fund which is intended to qualify as a REMIC (the "Trust REMIC"), (ii) result in any tax being imposed on the Trust REMIC under Sections 860F(a) or 860G(d) of the Code, or (iii) result in the portion of the Trust Fund exclusive of the Trust REMIC being treated as other than a g...
Release of Mortgaged Property. This Mortgage shall cease, terminate and thereafter be of no further force or effect (except as provided in Section 4.03) upon payment in full of all Secured Obligations, the expiration of all Letters of Credit issued under the Credit Agreement and the termination of all Commitments under the Credit Agreement. At any time and from time to time prior to such termination of this Mortgage, the Mortgagee may release any of the Mortgaged Property with the consent of the Required Banks, provided that if such release is in connection with the release of all or substantially all of the collateral granted to secure the Secured Obligations, such release shall require the consent of all Banks. In addition, the Mortgagee shall release any and all Mortgaged Property required in connection with any transaction, or sale, transfer, assignment or other disposition of the Mortgaged Property, consummated by the Mortgagor and not prohibited by any Loan Document, and shall be fully protected in relying on a certificate of an authorized officer of the Mortgagor to such effect.
Release of Mortgaged PropertyThe Trustee may release the Mortgaged Property or any part thereof from the lien and security interest of this Deed of Trust as may be agreed to between the Bank and the County.
Release of Mortgaged Property. When the Note has been fully paid and all obligations under the Loan Agreement and this Deed of Trust have been fully paid or satisfied, the Issuer shall promptly, at the Company’s expense, execute and deliver a deed of release with respect to this Deed of Trust and terminate the security interest of the Issuer in the Mortgaged Property.
Release of Mortgaged Property. Unless an Event of Default shall have occurred and be continuing, the Company may obtain the release of any part of the Mortgaged Property, or any interest therein, (other than Funded Cash or First Mortgage Bonds deposited with the Trustee) and the Trustee shall release all its right, title and interest in and to the same from the Lien hereof, upon receipt by the Trustee of:
Release of Mortgaged PropertyWith respect to Mortgage Loan Nos. [__], Fort Roc Portfolio, the mortgage loan, which is secured by multiple mortgaged properties, permits the release of one or more properties from the lien of the related mortgage after the applicable lock-out period upon defeasance of an amount equal to 125% of the allocated loan amount of the mortgaged property being released provided that, among other conditions, (i) the DSCR of the remaining properties immediately following the release is at least 1.18x, and (ii) the LTV of the remaining properties is not greater than 76%. With respect to Mortgage Loan Nos. [__], AZ Office/Retail Portfolio, after the lockout period, the borrower may defease an individual loan provided that the remaining loans have a combined DSCR of at least 1.40x, and a combined LTV of no greater than 70%. If these tests are not reached, the borrower shall prepay, with a minimum yield maintenance premium of 1%, the loans pro rata in an amount such that the DSCR and LTV tests are achieved. With respect to Mortgage Loan Nos. [__], Bootheel Plaza, the mortgage loan permits the release of a parcel from the lien of the related mortgage on or after 12 months after the note date provided that, among other conditions, (i) the DSCR of the remaining property immediately following the release is at least 1.50x, and (ii) the LTV of the remaining property is not greater than 66%. After the partial release, the borrower may not lease space on the release parcel to and terminate the lease of any tenant leasing space at the remaining property unless, after the commencement date of the new lease on the released parcel, among other conditions, (i) the DSCR of the remaining property immediately following the release is at least 1.50x, and (ii) the LTV of the remaining property is not greater than 66%. With respect to Mortgage Loan Nos. [__], Gloucester Portfolio, after the lockout period, the borrower may defease one or more properties from the lien of the related mortgage after payment of a release price equal to 115% of the allocated loan amount of the mortgaged property being released, along with the applicable yield maintenance premium, provided that, among other conditions, (i) the DSCR of the remaining property is equal to or greater than 1.25x, (ii) the LTV of the remaining property is equal to or less than 78%, and (iii) lender receives rating agency approval. In order to obtain release of the multifamily property located at 10 Beach Court, the borrower must, i...