Common use of Release of Property Clause in Contracts

Release of Property. Except as set forth in this Section 2.6, no repayment, prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument on the Property. (a) If Borrower has the right to and has elected to prepay in full the Loan in accordance with this Agreement and the Note, upon satisfaction of the requirements of Section 2.4 above and the Note (in the case of a prepayment, if then permitted under this Agreement and the Note) and this Section 2.6, all of the Property shall be released from the Lien of the Security Instrument. (b) In connection with the release of the Security Instrument, Borrower shall submit to Lender, not less than thirty (30) days prior to the release, a release of Lien (and related Loan Documents) for the Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and be in form and substance satisfactory to Lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse Lender and Servicer for any costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, (i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) to any Servicer, a processing fee in an amount determined by Lender or Servicer in its discretion.

Release of Property. Except as set forth in this Section 2.6, no repayment, prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument on the Property. (a) If Borrower has the right to and has elected to prepay in full or defease the Loan in accordance with this Agreement and the Note, upon satisfaction of the requirements of Section 2.4 above and Section 9 of the Note (in the case of a prepayment, if then permitted under this Agreement and the Note) or Section 2.5 (in the case of a full or partial defeasance, if then permitted under this Agreement and the Note), as applicable, and this Section 2.6, all of the each applicable Individual Property shall be released from the Lien of the applicable Security Instrument. (b) In connection with the release of the each applicable Security Instrument, Borrower shall submit to Lender, not less than thirty (30) days prior to the releaseDefeasance Date or Partial Defeasance Date, a release of Lien (and related Loan Documents) for the each applicable Individual Property for execution by Lender. Such Each such release shall be in a form appropriate in the jurisdiction in which the applicable Individual Property is located and that would be in form and substance satisfactory to Lendera prudent lender and contains standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse Lender and Servicer for any costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, (i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) to any Servicer, a processing fee in an amount determined by Lender or and/or Servicer in its discretion. Upon the release of the applicable Individual Properties in accordance with this Section 2.6.1 following a defeasance or partial defeasance, Borrower shall have no further right to prepay the Note or Defeased Note (as applicable).

Release of Property. Except as set forth in this Section 2.6, no repayment, prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument on the Property. (a) If Borrower has the right to and has elected to prepay in full or defease the Loan in accordance with this Agreement and the Note, upon satisfaction of the requirements of Section 2.4 above and Section 9 of the Note (in the case of a prepayment, if then permitted under this Agreement and the Note) or Section 2.5 (in the case of a full or partial defeasance, if then permitted under this Agreement and the Note), as applicable, and this Section 2.6, all of the each applicable Individual Property shall be released from the Lien of the applicable Security Instrument. (b) In connection with the release of the each applicable Security Instrument, Borrower shall submit to Lender, not less than thirty (30) days prior to the releaseDefeasance Date, a release of Lien (and related Loan Documents) for the each applicable Individual Property for execution by Lender. Such Each such release shall be in a form appropriate in the jurisdiction in which the applicable Individual Property is located and that would be in form and substance satisfactory to Lendera prudent lender and contains standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse Lender and Servicer for any costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, (i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) to any Servicer, a processing fee in an amount determined by Lender or and/or Servicer in its discretion. Upon the release of the applicable Individual Properties in accordance with this Section 2.6.1 following a defeasance or partial defeasance, Borrower shall have no further right to prepay the Note or Defeased Note (as applicable).

Release of Property. Except as set forth in this Section 2.6, no repayment, prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument on the Property. (a) If Borrower has the right to and has elected to prepay in full or defease the Loan in accordance with this Agreement and the NoteAgreement, upon satisfaction of the requirements of Section 2.4 above and the Note (in the case of a prepaymentor Section 2.5, if then permitted under this Agreement and the Note) as applicable, and this Section 2.6, all of the Property shall be released from the Lien of the Security InstrumentMortgage. (b) In connection with the release of the Security InstrumentMortgage, Borrower shall submit to Lender, not less than thirty (30) days prior to the releaseDefeasance Date, a release of Lien (and related Loan Documents) for the Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and that would be in form and substance satisfactory to Lendera prudent lender and contains standard provisions, if any, protecting the rights of the releasing lender with respect to surviving obligations under the Loan Documents, if any. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal RequirementsRequirements in all material respects, and (ii) will effect such releases in accordance with the terms of this Agreement. Without duplication of any amounts paid by Borrower as a part of the Defeasance Deposit, Borrower shall reimburse Lender and Servicer for any reasonable third party out-of-pocket costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, (i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) to any Servicer, a processing the current fee in an amount determined being assessed by Lender or such Servicer in its discretionto effect such release.

Release of Property. Except as set forth in this Section 2.6, no repayment, prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument on the Property. (a) If Borrower has the right to and has elected to prepay in full or defease the Loan in accordance with this Agreement and the Note, upon satisfaction of the requirements of Section 2.4 above and Section 9 of the Note (in the case of a prepayment, if then permitted under this Agreement and the Note) or Section 2.5 (in the case of a full defeasance, if then permitted under this Agreement and the Note), as applicable, and this Section 2.6, all of the Property shall be released from the Lien of the Security Instrument. (b) In connection with the release of the Security Instrument, Borrower shall submit to Lender, not less than thirty (30) days prior to the release, Defeasance Date a release of Lien (and related Loan Documents) for the Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and that would be in form and substance satisfactory to Lendera prudent lender and contains standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse Lender and Servicer for any costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, (i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) to any Servicer, a processing fee in an amount determined by Lender or and/or Servicer in its discretion.

Release of Property. Except as set forth in this Section 2.6, no repayment, prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Security Instrument on the Property. (a) If Borrower has the right to and has elected to prepay in full the Loan in accordance with this Agreement and the Note, upon satisfaction of the requirements of Section 2.4 above and the Note (in the case of a prepayment, if then permitted under this Agreement and the Note) 2.3 and this Section 2.62.5, all of the Property shall be released from the Lien Liens of the Security InstrumentLoan Documents. (b) In connection with the release of the Security Instrument, Borrower shall submit to Lender, not less than thirty concurrently with any prepayment notice delivered to Lender pursuant to Section 2.3.4(b) hereof (30or such shorter time period as Lender may agree to in its sole discretion) days prior to the releasePayment Date on which Borrower intends to prepay the Loan in full, a release of Lien (and related Loan Documents) for the Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Property is located and that would be in form and substance satisfactory to Lendera prudent lender and contains standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement. Borrower shall reimburse Lender and Servicer for any costs and expenses Lender and Servicer incur arising from such release (including reasonable attorneys’ fees and expenses) and Borrower shall pay, in connection with such release, (i) all recording charges, filing fees, taxes or other expenses payable in connection therewith, and (ii) the lesser of the current fee then generally being assessed by such Servicer to any Servicer, effect such release and the maximum amount permitted under applicable law to be assessed as a processing fee in an amount determined by Lender or Servicer in its discretiontherefor.