Release of Units. Lender shall permit Borrower to release or consent to (i) the release of any Unit from the Lien of the Underlying Loan Documents and (ii) the release of Borrower’s obligations hereunder with respect to such Unit (a “Release”), upon satisfaction of the following conditions:
Release of Units. So long as no Indenture Default or Indenture Event of Default exists, Indenture Trustee shall execute a release in respect of any Unit in the following instances:
Release of Units. Lender shall release each Unit from the lien of the Mortgage upon Lender's receipt of the following for the Unit to be released:
Release of Units. 27 5.4 Release of Units - Consent of Holders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 5.5 Protection of Purchaser . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Release of Units. Upon expiration of a Guarantee Year and provided that AHT has received, for each previous Guarantee Year, all of the Consulting Fees as required under the Asset Management Agreements, in an amount of at least the Minimum Guaranteed Fee, then AHT shall release ("RELEASE") within thirty (30) days after the end of such most recent Guarantee Year, subject to subsection 3(c) below, the lesser of (i) 20% of the original number of the AHT Units pledged under the Pledge Agreement (herein called, the "20% AHT UNITS") or (ii) the Releasable Units (as defined below), if any, as determined in this subsection below; provided, AHT has received a written notice and determination ("REQUEST NOTICE") from Guarantor (certified as true and correct by an authorized officer of Guarantor) requesting a release of the applicable AHT Units and setting forth, in reasonable detail, the determination of the Unit Value per AHT Unit as of the anniversary
Release of Units. Notwithstanding the Lock-In
Release of Units. Seller shall provide an executed partial release in recordable form releasing all of its interest in a particular Unit in connection with the closing of each sale to an ultimate user within five (5) business days of Developer’s request therefor. To avoid any situation where the closing of a sale of a Unit cannot occur due to Seller’s untimely execution of the partial release mentioned above, and within five (5) business days of Developer’s written request therefor, Seller shall execute and deposit with the escrow designated by Developer partial releases with respect to any Unit sale which Developer anticipates closing within sixty (60) days of the request, together with instructions authorizing escrow to release the Units from Seller’s interest at closing, conditioned on payment to Seller at closing of the applicable Percentage Payment from the sale of the Unit.
Release of Units. Concurrently with the closing of the sale of each Unit and the satisfaction by Borrower of all conditions with respect thereto set forth in Section 2.8 hereof, including, without limitation, payment to Mortgage Lender of the Required Release Price of such Unit and payment of all other sums then due and payable by Borrower to Lender, Lender shall release such Unit from the Lien of the Mortgage and the other Loan Documents.
Release of Units. Provided that no Event of Default has occurred and is continuing under this Agreement, Borrower shall have the right to cause Mortgage Borrower to obtain the release of any of the Hotel Unit, the Parking Unit, the Residential Unit and/or either of the Retail Units from the Liens of the Security Instrument and the other Loan Documents (if the same have not yet been released) upon satisfaction of each of the following conditions with respect to such Unit proposed to be released:
Release of Units. Upon receipt of a Closing Notice and satisfaction of all conditions precedent set forth in Section 7.7(a) and this Section 7.7(b), and upon the confirmation of the closing of a Residential Unit and/or Parking Units pursuant to an Approved Condominium Contract (such confirmation to be satisfied through the delivery of a fully executed HUD-1 settlement statement from the settlement agent coordinating the closing, and written confirmation from the settlement agent coordinating the closing of such agent’s receipt of immediately available funds sufficient to fully fund the closing in accordance with the fully executed HUD-1 settlement statement for the closing), Administrative Agent shall authorize in writing recordation of the deed transferring title to the Unit pursuant to the Approved Condominium Contract and agrees to release the applicable Residential Unit, Parking Units and its appurtenant undivided interest in the common elements from the lien of the Deed of Trust and the other Loan Documents upon receipt of the Unit Release Payment for each Unit so sold. As used herein, “Unit Release Payment” means the greater of (i) 75% of the Net Sales Price for such Residential Unit and its Parking Units, or (ii) $125,000, subject to adjustment in accordance with Section 7.7(c). Borrower shall cause the Title Insurer, as escrowee, to pay the proceeds of sale in an amount of not less than the Unit Release Payment directly to Administrative Agent by wire-transfer of immediately available funds. The proceeds of sale shall be applied to the outstanding principal balance of the Tranche B Term Loans.
