Common use of Release or Subordination of Lien Clause in Contracts

Release or Subordination of Lien. If McDonald's shall at any time release its lien on the Real Properties (or any part thereof) in connection with a sale or refinancing of the Real Properties or any part thereof, the Subordinated Creditor shall, without any payment to it, be deemed to have consented to such sale or refinancing and shall release the lien of the Subordinated Mortgages thereon at the same time that McDonald's releases the lien of the Senior Mortgages thereon, and, in the event that the Subordinated Creditor has not executed a release within seven (7) business days of being requested to do so by Borrower of McDonald's in connection with such sale or refinancing, the Subordinated Creditor hereby irrevocably appoints McDonald's as its attorney in fact (coupled with an interest) to execute in the name of the Subordinated Creditor or without the signature of the Subordinated Creditor to the extent McDonald's may lawfully do so, one or more releases or reconveyances of mortgages/deeds of trust or other documents to evidence such release of the lien of the Subordinated Mortgages. Until the Senior Obligations have been completely paid in full (including, without limitation, any obligations which may arise under the Agreement to Indemnify), all proceeds from or with respect to the sale, refinancing or other disposition of the Real Properties or any part thereof shall be paid to McDonald's (or placed into escrow for the benefit of McDonald's pursuant to the terms of the Senior Mortgages) in satisfaction of the Senior Obligations pursuant to the terms of the Senior Mortgages and the McDonald's Documentation, and the Subordinated Creditor shall have no right, claim or interest in or to any such proceeds.