Common use of Release or Reconveyance Clause in Contracts

Release or Reconveyance. Upon payment in full of the Indebtedness and performance in full of the Obligations, this Mortgage shall be null and void, and upon Xxxxxxxxx’s request, Mortgagee, at Mortgagor’s expense, shall release and cancel of record the liens and security interests created by this Mortgage or reconvey the Mortgaged Property to Mortgagor. In addition, as long as no Event of Default has occurred and is then continuing or would be caused thereby, if Mortgagor sells or transfers for value any portion of the Mortgaged Property as permitted under the Credit Agreement, Mortgagee shall release the liens and security interests created by this Mortgage on such Mortgaged Property or reconvey such Mortgaged Property to Mortgagor, concurrently with the consummation of such sale or other transfer. Such release or reconveyance shall be at Xxxxxxxxx’s sole cost and expense, and only upon not less than thirty days’ prior written notice to Mortgagee.

Release or Reconveyance. Upon payment in full of the Indebtedness and performance in full of the Obligations, this Mortgage shall be null and void, and upon XxxxxxxxxMortgagor’s request, Mortgagee, at Mortgagor’s expense, shall release and cancel of record the liens and security interests created by this Mortgage or reconvey the Mortgaged Property to Mortgagor. In addition, as long as no Event of Default has occurred and is then continuing or would be caused thereby, if Mortgagor sells or transfers for value any portion of the Mortgaged Property as permitted under the Credit Agreement, Mortgagee shall release the liens and security interests created by this Mortgage on such Mortgaged Property or reconvey such Mortgaged Property to Mortgagor, concurrently with the consummation of such sale or other transfer. Such release or reconveyance shall be at XxxxxxxxxMortgagor’s sole cost and expense, and only upon not less than thirty days’ prior written notice to Mortgagee.