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:
(a) No Underlying Loan Event of Default shall be continuing;
(b) Borrower receives a principal prepayment with respect to the Asset from Underlying Borrower in an amount equal to Borrower’s portion of the applicable Underlying Loan Release Amount;
(c) In connection with any such Release, Borrower shall pay to Lender the required portion of the applicable Underlying Loan Release Amount payable to Lender pursuant to Section 2.05 hereof;
(d) Borrower shall use reasonable best efforts to deliver at least two (2) Business Days (but in no event less than one (1) Business Day) prior written notice to Lender of any such proposed Release;
(e) Underlying Borrower shall have satisfied in all material respects each of the conditions to such Release under Section 5.1.41 of the Underlying Loan Agreement and Borrower shall have provided evidence thereof reasonably acceptable to Lender;
(f) Subject to satisfaction of the conditions of Section 5.1.41 of the Underlying Loan Agreement, such Release is permitted to be effected by Underlying Borrower as of right (i.e., without Borrower’s consent); and
(g) At least two (2) Business Days (but in no event less than one (1) Business Day) prior to the proposed date of such Release, Borrower shall have delivered drafts of any documents and agreements to be entered into by Borrower with Underlying Borrower in connection with such Release, and at least one (1) Business Day prior to the proposed date of such Release, Borrower shall have delivered a pro forma settlement statement in connection with such Release, and all such documents, agreements and settlement statement(s) shall be in form and substance reasonably acceptable to Lender.
Release of Units. In the event of a sale of a Condominium ---------------- Unit (which shall be permitted only after the events described in Section 9.3 ----------- shall have occurred), Lender shall release the Condominium Unit, and its appurtenant undivided interest in the common elements, from the lien of the Mortgage and the other Loan Documents provided the sale of such condominium unit is pursuant to a Valid Sale Contract and Lender shall have received (a) the greater of: (herein, the "RELEASE PRICE"): (i) 100% of the Net Sale Proceeds for such Condominium Unit, as the case may be, or (ii) 93% of the gross contract sales price, which gross contract sales price shall not be less than the minimum sales price of the Condominium Unit, as set forth on Exhibit E attached to this --------- Agreement, as Exhibit E may be amended from time to time with Lender's approval --------- in its sole discretion (the "MINIMUM SALES PRICE"), and (b) the legal fees and expenses incurred by Lender in processing each such release. In no event shall: (x) the gross contract sales price for the applicable Condominium Unit and/or parking space, as the case may be (exclusive of concessions, extras and/or upgrades) be less than the Minimum Sales Price for such Condominium Unit and/or parking space, as the case may be, as set forth on Exhibit E attached to --------- this Agreement; and (y) the Net Sales Proceeds realized and payable to Borrower upon the closing of the sale of the applicable Condominium Unit be less than ninety-three percent (93%) of the Minimum Sales Price (exclusive of concessions of up to $5,000.00, extras and upgrades, if any) applicable to such Condominium Unit. Borrower acknowledges and agrees that upon release of each Approved Holdback by the Title Company, the funds therein shall be released directly to Lender and shall be applied to the payment of principal (until such time as the Obligations have been paid in full).
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:
(a) in the case of a Reduction Election with respect to a Unit or Units pursuant to Section 5.16 of the Participation Agreement and Section 7.2(e) of the Partnership Agreement, upon receipt by Indenture Trustee of (i) written notice of such Reduction Election pursuant to Section 5.16 of the Participation Agreement and (ii) all amounts payable to it pursuant to Section 6.1(b) in connection with such Reduction Election;
(b) in the case of the exercise by General Partner of its ET Right pursuant to Section 9.1 of the Partnership Agreement, upon receipt by Indenture Trustee of (i)
(c) when designated by Partnership for a cash settlement after the occurrence of an Event of Loss pursuant to Section 5.12 of the Participation Agreement, upon receipt by Indenture Trustee of (i) written notice thereof pursuant to Section 5.12 of the Participation Agreement and (ii) all amounts payable to it pursuant to Section 6.1(a) in connection with such Event of Loss; and
(d) in the case of a Unit to be replaced in connection with an optional substitution (the "Replaced Unit") of a Unit pursuant to Section 5.11 of the Participation Agreement and Section 7.2(d) of the Partnership Agreement or Section 5.12 of the Participation Agreement and Section 7.2(c) of the Partnership Agreement, as the case may be, upon the compliance with the terms of such Section 5.11 or 5.12, as the case may be, of the Participation Agreement and the attachment of the Lien of the Indenture to the Unit being delivered to Partnership in substitution for the Replaced Unit. Subject to the succeeding sentence, each such release shall be executed only upon receipt by Indenture Trustee of the applicable amount described in this Section 5.3 and the written request of General Partner accompanied by an Officer's Certificate of General Partner setting forth the basis for such request and stating that General Partner has complied with the applicable provisions of the Participation Agreement, together with such additional evidence of such compliance as Indenture Trustee may reasonably request in writing. Upon written request of Nonaffiliated Partner Trustee, in the case of Units returned to Nonaffiliated Partner Trustee, pursuant to Section 5.17(b) of the Participation Agreement in connection with a Reduction Election pursuant to Section 5.16 thereof, a rele...
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. Lender shall release each Unit from the lien of the Mortgage upon Lender's receipt of the following for the Unit to be released:
(a) Release Price.
(i) an amount equal to one hundred twenty percent (120%) of the amount funded per Lot which is estimated to be $51,166.00 to be applied against the outstanding principal balance of Note I, and (ii) one hundred percent (100%) of the monies funded pursuant to Note II for construction of the particular Unit for which a partial release is requested to be applied against the outstanding principal balance of Note II ((i) and (ii) are collectively known as the "Release Price").
(b) As-Build Survey. Receipt by Lender of three (3) copies of a satisfactory "as-build" survey prepared by a registered surveyor, in accordance with the Plans and Specifications and showing the Unit. The survey shall be certified to Lender and Title Insurer and shall also include a narrative metes znd bounds or platted description of the boundary of the Land, the area of the Land and of the Unit, the location and dimensions of any easement and the dimensions of the Unit. The surveyor must include on the on the survey a signed narrative statement certifying the existence or nonexistence of any encroachment from or onto the Land and must include the date of the survey and the surveyor's registration number and seal and such other matters as required by Title Insurer, in form and substance satisfactory to Lender and Title Insurer.
Release of Units. Upon receipt of a Closing Notice and satisfaction of all conditions precedent set forth in Section 8.7(a) and this Section 8.7(c) and upon the confirmation of the closing of a sale of a Residential Unit and Parking Units pursuant to an Approved Condominium Contract, Lender shall 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 on the condition that Lender shall have received payment of the Unit Release Payment for each Unit so sold. As used herein, “Unit Release Payment” means the greatest of: (i) 100% of the Net Sales Price for such Residential Unit and/or Parking Unit(s), as the case may be, (ii) 93% of the Base Purchase Price for such Residential Unit and its Parking Units, plus 100% of any Upgrade Profits, or (iii) 90% of the Minimum Unit Sales Price. 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 Lender by wire-transfer of immediately available funds. The proceeds of sale shall be applied in accordance with the provisions of Section 8.9 of this Agreement.
Release of Units. (a) In the event of the consummation of a sale of a Condominium Unit (which shall be permitted only upon and after the events described in Section 9.3 shall have occurred) and so long as the Mass Closing shall have occurred or shall be occurring in connection with such Condominium Unit sale or the Mass Closing Requirement shall have been satisfied, as the case may be, Lender shall release the Condominium Unit and its appurtenant undivided interest in the common elements of the Condominium, from the lien of the Mortgage, the Assignment of Leases and Rents and the UCC Financing Statements provided that Lender shall have received an amount equal to the Release Price (as defined in Section 9.4(b) below). In order that the matter be free from doubt, Borrower acknowledges and agrees that Lender shall have no obligation to release any individual Condominium Units from the lien of the Mortgage and the security interest of any of the other Loan Documents unless Lender has received evidence that the release is part of a group of sales which will accomplish the Mass Closing as described in
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.
Release of Units. As and when a building permit is pulled for a Unit and the PMIP and TASP Fee paid (or credited pursuant to this Agreement) for the Unit in question (the “Paid Unit”), the Paid Unit shall be released of any obligations pursuant to this Agreement. The Parties hereby authorized and agree that the City shall cause to be recorded a document releasing each Paid Unit from any obligations pursuant to this Agreement. In addition, each Party agrees at no cost or charge to the requesting Party to execute, have notarized and deliver any document reasonably requested by another Party or a title insurance company to document the fact that a Paid Unit has been released of any obligations pursuant to this Agreement.
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 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
