Release of Vacant Land. So long as no Event of Default is then continuing, Borrower may obtain the release of one or more vacant non-income producing parcels of land (each such parcel, a “Release Parcel”) from the restrictions and Liens of the Loan Documents in connection with the Transfer of such Release Parcel to an unaffiliated third party in a bona fide arms-length transaction upon satisfaction of the following conditions:
Appears in 4 contracts
Samples: Loan Agreement (Gramercy Capital Corp), Loan Agreement (Gramercy Capital Corp), Senior Mezzanine Loan Agreement (Gramercy Capital Corp)
