Release of the Properties. (a) After the Permitted Defeasance Date, if Borrower has elected to defease the entire Loan and all the applicable requirements of Section 2.4 hereof and this Section 2.5 have been satisfied, all of the Properties shall be released from the Lien of their respective Security Instruments, and the U.S. Obligations, pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note.
Appears in 4 contracts
Samples: Loan Agreement (Spirit Finance Corp), Loan Agreement (Spirit Finance Corp), Loan Agreement (Spirit Finance Corp)
Release of the Properties. (a) After the Permitted Defeasance Release Date, if Borrower has elected to defease the entire Loan and all the applicable requirements of Section 2.4 2.8 hereof and this Section 2.5 2.9 have been satisfied, all of the Properties shall be released from the Lien of their respective Security Instruments, and the U.S. ObligationsDefeasance Collateral, pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note.
Appears in 2 contracts
Samples: Loan Agreement (American Realty Capital Trust III, Inc.), Loan Agreement (Strategic Storage Trust, Inc.)
Release of the Properties. (a) After the Permitted Defeasance Date, if Borrower has elected to defease the entire Loan and all the applicable requirements of Section 2.4 hereof and this Section 2.5 have been satisfied, all of the Properties shall be released from the Lien of their respective Security Instruments, Instruments and the U.S. Obligations, Obligations pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note.
Appears in 1 contract
Samples: Loan Agreement (Netreit, Inc.)
