Common use of Release Price Clause in Contracts

Release Price. The “Release Price” for each Mortgaged Property means (1) during the period Section 22.01(a) of this Agreement is in effect the greater of (i) the Allocable Facility Amount for the Mortgaged Property to be released and (ii) the amount, if any, of Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release and (2) at all times after Section 22.01(a) of this Agreement is no longer in effect the greater of (i) 125% of the Allocable Facility Amount for the Mortgaged Property to be released and (ii) the amount, if any, of Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release. In addition to the Release Price, the Borrower shall pay to the Lender all associated prepayment premiums and other amounts due under the Notes and any Advance Confirmation Instruments evidencing the Advances being repaid.

Release Price. The “Release Price” for each Mortgaged Property means (1i) during the period Section 22.01(a3.13(1) of this Agreement is in effect the greater of (i) the Allocable Facility Amount for the Mortgaged Property to be released and (ii) effect, the amount, if any, of Advances Outstanding which are required to be repaid by pay the Borrower outstanding principal of, interest on and premium relating to the Lender in connection with Bonds issued to finance the proposed release Collateral Release Property and the portion of the Mortgaged Property from the Outstanding DMBS Loans allocated by Lender to such Collateral PoolRelease Property, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release and (2ii) at all times after Section 22.01(a3.13(1) of this Agreement is no longer in effect the greater of (i1) 125% of the Allocable Facility Amount for the Mortgaged Property to be released and (ii2) the amount, if any, of Advances Outstanding which are required to be repaid by pay the Borrower outstanding principal of, interest on and premium relating to the Lender in connection with Bonds issued to finance the proposed release Collateral Release Property and the portion of the Mortgaged Property from the Outstanding DMBS Loans allocated by Lender to such Collateral PoolRelease Property, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Amendment No. 3 to Master Reimbursement Agreement Mid-America Apartments Value Ratio for the Trailing 12 Month Period will be increased as a result of such release. In addition to the Release Price, the Borrower shall pay to the Lender all associated prepayment premiums premiums, the Termination Fee, the Termination Fee (as such term is defined in the Credit Agreement) and other amounts due under the Notes Notes, this Agreement and the Credit Agreement. Notwithstanding the above, in lieu of paying all amounts owing on the Bonds issued to finance the Collateral Release Property (but not in lieu of paying the portion of the Outstanding DMBS Loans allocated by Lender to such Collateral Release Property), the Borrower may sell the Collateral Release Property to a Person who is not directly or indirectly owned, controlled or in any Advance Confirmation Instruments evidencing way otherwise affiliated with any Borrower or the Advances being repaidKey Principal, or any General Partner or any affiliate or subsidiary of any Borrower, the Key Principal or any General Partner and replace Xxxxxx Xxx as credit enhancer and liquidity provider with a substitute entity or terminate Xxxxxx Mae as the credit enhancer, if such enhancement is not necessary due to the rating of the purchaser so long as in each case either the substitute entity or purchaser has a long-term credit rating which is “A” or better by S&P and “A” or better by Xxxxx’x. Notwithstanding the above, although Xxxxxx Mae has no obligation to do so, it may, in its sole discretion, agree to provide credit enhancement and liquidity support for the Bonds relating to the Collateral Release Property on terms satisfactory to Xxxxxx Xxx in which case, in the event the Loan Servicer is the servicer for the Collateral Release Property no Termination Fee shall be owing as a result of the release (but any Facility Termination Fee shall be due and owing).”

Release Price. The “Release Price” for each Mortgaged Property means (1i) during the period Section 22.01(a) of this Agreement is in effect the greater of (iA) the Allocable Facility Amount for the Mortgaged Property to be released and (iiB) the amount, if any, of Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, subject to the provisions of Section 7.03(a), the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release and (2ii) at all times after Section 22.01(a) of this Agreement is no longer in effect the greater of (iA) one hundred twenty-five percent (125% %) of the Allocable Facility Amount for the Mortgaged Property to be released and (iiB) the amount, if any, of Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, subject to the provisions of Section 7.03(a), the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release. In addition to the Release Price, the Borrower shall pay to the Lender all associated prepayment premiums and other amounts due under the Notes and any Advance Confirmation Instruments evidencing the Advances being repaid.

Release Price. The “Release Price” "RELEASE PRICE" for each Mortgaged Property means (1) during the period Section 22.01(a) of this Agreement is in effect the greater of (i) the Allocable Facility Amount for the Mortgaged Property to be released and (ii) the amount, if any, of Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release and (2) at all times after Section 22.01(a) of this Agreement is no longer in effect the greater of (i) 125% of the Allocable Facility Amount for the Mortgaged Property to be released and (ii) the amount, if any, of Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release. In addition to the Release Price, the Borrower shall pay to the Lender all associated prepayment premiums and other amounts due under the Notes and any Advance Confirmation Instruments evidencing the Advances being repaid.

Release Price. The “Release Price” Price for each Mortgaged Property means shall be (1i) during the period Section 22.01(a) of this Agreement is in effect the greater of (iA) one hundred ten percent (110%) of the Allocable Facility Amount for the Mortgaged Release Property to be released and (iiB) the amount, if any, amount of any Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for Ratio immediately prior to the Trailing 12 Month Period will be release is not reduced nor and the Aggregate Loan to Value Ratio for immediately prior to the Trailing 12 Month Period will release is not increased, (ii) if after the release of the Release Property (regardless of the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio prior to the release), the Aggregate Loan to Value Ratio is sixty-five (65%) or less and the Aggregate Debt Service Coverage is 1.35:1.0 or greater, then the Release Price shall be increased as a result of such release and (2) at all times after Section 22.01(a) of this Agreement is no longer in effect the greater of (i) 125% of the Allocable Facility Amount for the Mortgaged Release Property, or (iii) if after the release of the Release Property (regardless of the Aggregate Loan to be released Value Ratio or the Aggregate Debt Service Coverage Ratio prior to the release), the Aggregate Loan to Value Ratio is sixty percent (60%) or less and (ii) the amountAggregate Debt Service Coverage Ratio is 1.55:1.0 or greater, then the Release Price, if any, shall be the amount of any Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor Ratio is no less than 1.55:1.0 and the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such releaseis no more than sixty percent (60%). In addition to the Release Priceaddition, the Borrower shall pay to the Lender all associated prepayment premiums and other amounts due under the Notes and any Advance Confirmation Instruments evidencing the Advances being repaid. Notwithstanding the provisions of this Section 3.04(c) but subject to the provisions of Section 1.07, upon the maturity of any Fixed Advance and the repayment in full of all amounts owing in connection with such Fixed Advance, the Release Price for any Mortgaged Property to be released from the collateral pool in conjunction with such repayment shall be equal to the Outstanding Allocated Facility Amount for such Released Property. Notwithstanding the foregoing, Lender may, but shall have no obligation to, consent to a Release Price less than the amount determined as set forth above if the Release improves the Collateral Pool based on factors that are consistent with Lender’s Underwriting Requirements and result in improvement in one or both of the following areas: the then current Aggregate Debt Service Coverage Ratio or the then current Aggregate Loan to Value Ratio.

Release Price. The “Release Price” for each Mortgaged Property means (1i) during the period Section 22.01(a3.13(1) of this Agreement is in effect the greater of (i) the Allocable Facility Amount for the Mortgaged Property to be released and (ii) effect, the amount, if any, of Advances Outstanding which are required to be repaid by pay the Borrower outstanding principal of interest on and premium relating to the Lender in connection with the proposed release of the Mortgaged Property from Bonds issued to finance the Collateral PoolRelease Property, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio Master Reimbursement Agreement Mid-America for the Trailing 12 Month Period will be increased as a result of such release and (2ii) at all times after Section 22.01(a3.13(1) of this Agreement is no longer in effect the greater of (i1) 125% of the Allocable Facility Amount for the Mortgaged Property to be released and (ii2) the amount, if any, of Advances Outstanding which are required to be repaid by pay the Borrower outstanding principal of interest on and premium relating to the Lender in connection with the proposed release of the Mortgaged Property from Bonds issued to finance the Collateral PoolRelease Property, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such release. In addition to the Release Price, the Borrower shall pay to the Lender all associated prepayment premiums premiums, the Termination Fee and other amounts due under the Notes and this Agreement. Notwithstanding the above, in lieu of paying all amounts owing on the Bonds issued to finance the Collateral Release Property, the Borrower may sell the Collateral Release Property to a Person who is not directly or indirectly owned, controlled or in any Advance Confirmation Instruments evidencing way otherwise affiliated with any Borrower or the Advances being repaidKey Principal, or any General Partner or any affiliate or subsidiary of any Borrower, the Key Principal or any General Partner and replace Fannie Mae as credit enhancer and liquidity provider with a substitute entity or terminate Fannie Mae as the credit enhancer, if such enhancement is not necessary due to the rating of the purchaser so long as in each case either the substitute entity or purchaser has a long-term credit rating which is “A” or better by S&P and “A” or better by Moody’s. Notwithstanding the above, although Fannie Mae has no obligation to do so, it may, in its sole discretion, agree to provide credit enhancement and liquidity support for the Bonds relating to the Collateral Release Property on terms satisfactory to Fannie Mae in which case, in the event the Loan Servicer is the servicer for the Collateral Release Property no Termination Fee shall be owing as a result of the release.

Release Price. The “Release Price” Price for each Mortgaged Property means shall be (1A) during the period Section 22.01(a) of this Agreement is in effect the greater of (i) 110% of the Allocable Facility Amount for the Mortgaged Release Property to be released and (ii) the amount, if any, amount of any Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for Ratio immediately prior to the Trailing 12 Month Period will be release is not reduced nor and the Aggregate Loan to Value Ratio for immediately prior to the Trailing 12 Month Period will release is not increased, (B) if after the release of the Release Property (regardless of the Aggregate Loan to Value Ratio or the Aggregate Debt Service Coverage Ratio prior to the release), the Aggregate Loan to Value Ratio is 65% or less and the Aggregate Debt Service Coverage is 1.35:1.0 or greater, then the Release Price shall be increased as a result of such release and (2) at all times after Section 22.01(a) of this Agreement is no longer in effect the greater of (i) 125% of the Allocable Facility Amount for the Mortgaged Release Property, or (C) if after the release of the Release Property (regardless of the Aggregate Loan to be released Value Ratio or the Aggregate Debt Service Coverage Ratio prior to the release), the Aggregate Loan to Value Ratio is 60% or less and (ii) the amountAggregate Debt Service Coverage Ratio is 1.55:1.0 or greater, then the Release Price, if any, shall be the amount of any Advances Outstanding which are required to be repaid by the Borrower to the Lender in connection with the proposed release of the Mortgaged Property from the Collateral Pool, so that, immediately after the release, the Coverage and LTV Tests will be satisfied and neither the Aggregate Debt Service Coverage Ratios for the Trailing 12 Month Period will be reduced nor Ratio is no less than 1.55:1.0 and the Aggregate Loan to Value Ratio for the Trailing 12 Month Period will be increased as a result of such releaseis no more than 60%. In addition to the Release Priceaddition, the Borrower shall pay to the Lender all associated prepayment premiums and other amounts due under the Notes and any Advance Confirmation Instruments evidencing the Advances being repaid. Notwithstanding the provisions of this Section 3.04(c), upon the maturity of any Fixed Advance and the repayment in full of all amounts owing in connection with such Fixed Advance, the Release Price for any Mortgaged Property to be released from the collateral pool in conjunction with such repayment shall be equal to the Outstanding Allocated Facility Amount for such Released Property.