Common use of Release on Payment in Full Clause in Contracts

Release on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal of and interest on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and conditions of the Note and this Agreement, release the Lien of the Pledge Agreement and remit any remaining Reserve Funds (i) Mezzanine B Lender if the Loan has been paid in full and the Mezzanine B Loan is still outstanding or (ii) to Borrower if the Loan and the Mezzanine B Loan have been paid in full.

Appears in 2 contracts

Samples: Mezzanine Loan Agreement (Archstone Smith Operating Trust), Mezzanine Loan Agreement (Archstone Smith Operating Trust)

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Release on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal of and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and conditions provisions of the Note and this Agreement, release the Lien of the Pledge Agreement Security Instrument on each Individual Property not theretofore released and remit any remaining Reserve Funds (i) to Mezzanine B Lender if the Mezzanine Loan is still outstanding or Borrower if the Mezzanine Loan has been paid in full and the Mezzanine B Loan is still outstanding or (ii) to Borrower if the Loan and the Mezzanine B Loan have been paid in full.

Appears in 2 contracts

Samples: Loan Agreement (Meristar Hospitality Operating Partnership Lp), Loan Agreement (Meristar Hospitality Corp)

Release on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal of and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and conditions provisions of the Note and this Agreement, release the Lien of the Pledge Agreement Security Instrument on each Individual Property not theretofore released and remit any remaining Reserve Funds to (i) Mezzanine B A Lender if the Loan has been paid in full and the Mezzanine B A Loan is still outstanding or (ii) to Borrower if the Mezzanine A Loan and the Mezzanine B Loan have has been paid in full.

Appears in 2 contracts

Samples: Loan Agreement (KBS Real Estate Investment Trust, Inc.), Loan Agreement (KBS Real Estate Investment Trust, Inc.)

Release on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal of and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and conditions provisions of the Note and this Agreement, release the Lien of the Pledge Agreement on the Collateral not theretofore released and remit any remaining Reserve Funds to (iy) Mezzanine B E Lender if the Loan has been paid in full and the Mezzanine B E Loan is still outstanding or (iiz) to Borrower if the Loan and the Mezzanine B E Loan have been paid in full.

Appears in 1 contract

Samples: Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)

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Release on Payment in Full. Lender shall, upon the written request and at the expense of Borrower, upon payment in full of all principal of and interest on the Loan and all other amounts due and payable under the Loan Documents Debt in accordance with the terms and conditions of the Note and this Agreementherewith, release or, if requested by Borrower, assign to Borrower’s designee (without any representation or warranty by and without any recourse against Lender whatsoever), the Lien of the Pledge Agreement Loan Documents if not theretofore released, and remit any remaining Reserve Funds (i) reserve funds held hereunder to Mezzanine B Lender Lender, if the Mezzanine Loan is still outstanding or Borrower, if the Mezzanine Loan has been paid in full and the Mezzanine B Loan is still outstanding or (ii) to Borrower if the Loan and the Mezzanine B Loan have been paid in full.

Appears in 1 contract

Samples: Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)

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