Release of Mortgages. Notwithstanding anything to the contrary contained in this Agreement or any riders attached hereto, in the event SELLER’S title is encumbered by mortgage lien(s) for which SELLER’S attorney is unable to deliver release(s) of mortgage(s) at closing, the parties shall close the transaction, provided that the following procedure is followed with respect to each mortgage lien: (a) the SELLER’S attorney shall provide to the BUYER’S attorney the following documents at the time of closing: SELLER’S indemnification letter in the form provided by the Greater Bridgeport Bar Association Closing Customs, copy of mortgage payoff statement provided by the mortgagee, mortgage payoff transmittal letter issued by the SELLER’S attorney in the form provided by the Greater Bridgeport Bar Association Closing Customs, and a copy of the overnight airbill for transmittal; (b) the SELLER’S attorney, upon receiving the release of mortgage from the mortgagee, shall send it, with payment for the recording fee, to the BUYER’S attorney who shall then record the release of mortgage; (c) if SELLER has not obtained such release within sixty (60) days after closing, the SELLER’S attorney and BUYER’S attorney shall take all necessary steps towards compliance with the Section 49-8a of the Connecticut General Statutes for the purpose of filing a statutory affidavit in lieu of release of mortgage should such filing become necessary; (d) with respect to an equity line of credit, in addition to the aforesaid requirements, the SELLER’S attorney shall notify the lender to terminate all future borrowing rights as the time at which the payoff statement is requested, a copy of this notification shall be provided to BUYER at closing; (e) in the event BUYER’S title insurance company will not issue a fee policy at no additional premium taking no exception for said mortgage or mortgages, or which provides affirmative coverage against lost or damage by reason of said unreleased mortgage or mortgages, BUYER shall not be obligated to proceed to closing; and (f) the provisions of this paragraph 6(d) shall survive the closing.
Release of Mortgages. If:
17.6.1 the Borrowers make a voluntary prepayment in accorordance with Clause 7.3 (Voluntary Prepayment of Loan) in respect of a certain Tranche; or
17.6.2 the Borrowers make a balloon payment on the Termination Date in respect of a certain Tranche in accordance with Schedule 9, (each a "Payment") the Borrowers may require that the Mortgage(s) over one or more of the Vessels financed by that Tranche and the other Security Documents in respect of such Vessel(s) (but not any Vessels financed by other Tranches) be released after such Payment, provided that
(a) the Borrowers notify the Agent of such requirement no later than 10 Business Days prior to the such Payment;
(b) the LTV Coverage after such Payment and such release does not exceed the LTV Coverage immediately prior to such payment and release;
(c) the LTV Coverage exceeds 133% after such Payment and release;
(d) the LTV Coverage for the purpose of this Clause shall be calculated on the basis of the Market Value of the Vessels (as determined by the most recent valuation provided to the Agent pursuant to Clause 20.2.3); and
(e) no Default has occurred and is continuing.
Release of Mortgages. Notwithstanding anything to the contrary contained in this Agreement or any riders attached hereto, in the event the SELLER after due diligence cannot obtain a release for any existing mortgage on the Premises at the time of the closing of title from the holder of said mortgage, or any assignee thereof, either because said holder will not release the mortgage without first receiving payment or because the holder has delayed in sending the attorney for the SELLER the release of mortgage, then BUYER and SELLER agree to close title notwithstanding the absence of the release of mortgage, provided the attorney for the SELLER furnishes the attorney for the BUYER, at the closing, with the written payoff statement and a copy of the payoff check evidencing that payment of the unreleased mortgage is to be made in full at the time of the closing, and with an undertaking to make said payment, and further provided the BUYER's Title Insurance Company will issue a fee policy at no additional premium which takes no exception for said mortgage or mortgages or which provides affirmative coverage against loss or damage by reason of said unreleased mortgage or mortgages. SELLER shall exercise due diligence to obtain any such release or releases and will upon receipt thereof immediately record the same and forward a copy or copies thereof to BUYER's attorney with recording information. If SELLER has not obtained such release within sixty (60) days after closing, he shall give to BUYER's attorney the affidavit provided for in Connecticut General Statutes Section 49-8(a), as amended, together with the necessary recording fee. This provision shall survive the closing.
Release of Mortgages. Each Lender acknowledges and agrees that the Agent is authorized to release the Mortgages on any of the Mortgaged Properties that are sold by the Borrower or any of its Subsidiaries.
Release of Mortgages. The Lenders hereby consent to the Collateral Agent’s release of its Lien on all Mortgaged Properties (as defined in the Credit Agreement before giving effect to this Amendment) and any other property subject to a Mortgage as of the Fifth Amendment Effective Date, including without limitation those properties set forth on Schedule 1.1D attached to the Credit Agreement (as in effect immediately prior to this Amendment), and the release and discharge of the related Mortgages. The Collateral Agent does hereby discharge and release such Mortgages and agrees to deliver, promptly following the Fifth Amendment Effective Date, instruments in recordable form and otherwise in form and substance reasonably satisfactory to the Collateral Agent memorializing the foregoing discharge and release. The provisions of this Section 2 shall not, and shall not be construed to, (i) release or discharge the Obligations secured by such Mortgages or (ii) release or discharge any other Collateral Document or the Liens of the Collateral Agent pursuant to such other Collateral Documents, all of which are reaffirmed and remain in full force and effect in accordance with Section 7 below.
Release of Mortgages. The Partnership acknowledges and consents that the Agent shall not be required to release the Existing Eagle Mortgage or the Existing Hunter Mortgage unless and until the Agent has received the opinion of Panamanian counsel to the Partnership.
Release of Mortgages. By execution of this First Amendment, each of the Banks hereby authorizes and directs the Agent to release the Existing Eagle Mortgage and Existing Hunter Mortgage in connection with the re-documentation of the Vessels under the flag of the Republic of Panama.
Release of Mortgages. Except for real estate taxes and assessments not yet due and payable as of the Closing, and mortgages, liens and other encumbrances that are Permitted Exceptions, all mortgages, liens and other encumbrances of ascertainable amounts incurred by, for, or on behalf of the Seller shall be paid by Seller at or prior to Closing and removed from record by the Title Company.
Release of Mortgages. Effective as of the Amendment No. 7 Effective Date, the ABL Refinancing Lenders hereby agree that the Collateral will not include Real Property. The ABL Refinancing Lenders hereby irrevocably release all Real Property and authorize and direct Agent to execute such documents and take any actions as may be necessary to evidence the release and reconvey (i) that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of June 7, 2016 (with respect to the property described therein located in Hayward, Alameda County, California), and (ii) that certain Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of June 7, 2016 (with respect to the property described therein located in Orange, Orange County, California), each in accordance with (and subject to) Section 10.11(b) of the Amended Credit Agreement.
Release of Mortgages. Use commercially reasonably efforts to cause the releases of all outstanding mortgages entered into with respect to the real properties referred to on Schedule 4.8(b) to be recorded.
