Common use of Release of Subordinate Covenant and Subordinate Loan Documents Clause in Contracts

Release of Subordinate Covenant and Subordinate Loan Documents. Upon an Event of Default and Credit Union’s election to foreclose the Credit Union Deed of Trust or take a deed in lieu thereof, the County shall promptly execute and deliver to Credit Union or any third party successful bidder at foreclosure sale such instruments as may reasonably be necessary to terminate or release any covenants or grant agreements, relating to the Subordinate Loan Documents with respect to the Property foreclosed or transferred by deed-in-lieu thereof. County agrees that if it fails to execute any releases required under this Section within ten (10) days of satisfaction of the above requirements, such releases will be automatic with no further action necessary on the part of Credit Union.

Release of Subordinate Covenant and Subordinate Loan Documents. Upon an Event of Default and Credit UnionBank’s election to foreclose the Credit Union Bank Deed of Trust or take a deed in lieu thereof, the County shall promptly execute and deliver to Credit Union Bank or any third party successful bidder at foreclosure sale such instruments as may reasonably be necessary to terminate or release any covenants or grant agreements, relating to the Subordinate Loan Documents with respect to the Property foreclosed or transferred by deed-in-lieu thereof. County agrees that if it fails to execute any releases required under this Section within ten (10) days of satisfaction of the above requirements, such releases will be automatic with no further action necessary on the part of Credit UnionBank.

Release of Subordinate Covenant and Subordinate Loan Documents. Upon an Event event of Default default as defined in the Bank Loan Documents and Credit UnionBank’s election to foreclose the Credit Union Bank Deed of Trust or take a deed in lieu thereof, the County shall promptly execute and deliver to Credit Union Bank or any third party successful bidder at foreclosure sale such instruments as may reasonably be necessary to terminate or release any liens, covenants or grant agreements, arising from or relating to the Subordinate Loan Documents with respect to the Property foreclosed or transferred by deed-in-lieu thereof. County agrees that if it fails to execute any releases required under this Section within ten (10) days of satisfaction of the above requirements, such releases will be automatic with no further action necessary on the part of Credit UnionBank or County.