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RELEASE PROVISION Sample Clauses

RELEASE PROVISION. That Beneficiary may at any time, without notice, release any of the property described herein, grant extensions or deferments of time of payment of the indebtedness secured hereby, or any part thereof, grant subordinations of lien(s) or release from liability any parties who are or may become liable for the payment of said indebtedness, without affecting the priority of this lien or the personal liability of the Grantor or any other party liable or who may become liable for the indebtedness secured by this instrument. If all or any part of the property hereinabove described becomes vested in any party other than Grantor, Beneficiary may, without notice to Grantor, deal with such successor in interest with reference to this instrument and the debt(s) and obligation(s) hereby secured in the same manner as with the Grantor, without in any way releasing, vitiating or discharging the Grantor's liability hereunder or for the debt(s) and obligation(s) hereby secured and extension(s) of time for payment or other loan treatment(s) described herein given or permitted by Beneficiary shall not operate to release, vitiate, or discharge the liability of the Grantor herein, either in whole or in part.
RELEASE PROVISION. As a material part of the consideration for the Administrative Agent and the Lenders to enter into this Amendment, the Borrower and each other Loan Party signing this Amendment (collectively, “Releasor”) agree as follows (the “Release Provision”): (a) Releasor hereby releases and forever discharges the Administrative Agent, the L/C Issuer, each Lender, the Collateral Agent and each of the Administrative Agent’s, L/C Issuer’s, Collateral Agent’s and Lender’s predecessors, successors, assigns, officers, managers, directors, shareholders, employees, agents, attorneys, advisors, representatives, parent corporations, subsidiaries, and affiliates (hereinafter all of the above collectively referred to as “Released Lender Parties”) jointly and severally from any and all claims, counterclaims, demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions, and causes of action of any nature whatsoever occurring prior to the date hereof, including, without limitation, all claims, demands, and causes of action for contribution and indemnity, whether arising at law or in equity, presently possessed, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, presently accrued, whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted (“Claims”), which Releasor may have or claim to have against any of the Released Lender Parties. (b) Releasor agrees not to xxx any of the Released Lender Parties or in any way assist any other Person or entity in suing any of the Released Lender Parties with respect to any claim released herein. The Release Provision may be pleaded as a full and complete defense to, and may be used as the basis for an injunction against, any action, suit, or other proceeding which may be instituted, prosecuted, or attempted in breach of the release contained herein. (c) Releasor acknowledges, warrants, and represents to the Released Lender Parties that: (i) Releasor has read and understands the effect of the Release Provision. Releasor has had the assistance of independent counsel of its own choice, or has had the opportunity to retain such independent counsel, in reviewing, discussing, and considering all the terms of the Release Provision; and if counsel was retained, counsel for Releasor has read and considered the Release Provision and advised Releasor to execute the same. Before execution of this Amendment, Releasor...
RELEASE PROVISIONProvided that Borrower is not then in Default hereunder, under the Construction Line, the Mortgage or any other Loan Document, Bank will provide partial releases of Units from the lien of the Mortgage upon the following terms: a. If the partial release relates to developed lots in connection with a bona fide sale or construction loan on which no home construction advances have been made: i. Bank shall be given written notice of the request for each partial release at least five (5) business days prior to each partial release. ii. The cost of each partial release shall be paid by Borrower. iii. Contemporaneously with the delivery to Borrower of each partial release, Borrower shall prepay principal in an amount equal to the amount advanced upon such lot plus accrued interest thereon. b. If the partial release relates to Units for which advances of Construction Line proceeds have been made, Borrower shall prepay principal of the Construction Line in an amount equivalent to the total actual amount advanced by Bank under the Construction Line on account of the Unit to be released, together with interest accrued thereon ("Unit Release Price") and the applicable Lot Release Price.
RELEASE PROVISION. So long (i) as there is no event which is, or with notice or lapse of time or both would be, an Event of Default and (ii) there has been no material adverse change to remaining collateral securing this Agreement, as determined by the Bank, upon written request from the Borrower stating that the Borrower will be using the affected parcels for water recharge or water banking operations, the Bank shall (at the Borrower’s expense) release the following real estate parcels from the Bank’s collateral securing this Agreement to the extent affected by such usage: 000-000-00, 000-000-00, 000-000-00, 000-000-00 and/or 000-000-00.
RELEASE PROVISION. Upon termination of this Supplement, Xxxxx shall execute and deliver to Seller a release of this Supplement. Said release shall be in a recordable format.
RELEASE PROVISION. Upon payment by any Borrower to FINOVA of all amounts due and owing to FINOVA by such Borrower, as allocated to such Borrower in the final Loan Documents (including, without limitation, any applicable Prepayment Premium as required by this Paragraph 4 of this Section 3.1), such Borrower shall be entitled to a release of such Borrower's Facility and of all other Collateral which has been encumbered by such Borrower from the lien of FINOVA's security interest in such assets; provided, however, that the foregoing shall be subject to the provisions set forth in Section 13.1 of this Agreement requiring the simultaneous prepayment in full of any outstanding Intra-Borrower Loan in conjunction with the prepayment of its allocated Loan amount hereunder by the applicable Over-Budget Borrower that incurred such Intra-Borrower Loan.
RELEASE PROVISIONUpon termination of this Agreement by Buyer or Seller, Xxxxx shall execute and deliver to Seller a release of this Agreement. Said release shall be in a recordable format.
RELEASE PROVISIONSubsequent to the closing, and provided the Purchaser is not in default under any of the terms of the Note or Mortgage, Purchaser shall be entitled to have portions of the Property released from the lien of said Mortgage upon payment by Purchaser to Seller 125% of the security value of the lands requested to be released. The order of the parcels or phases to be released shall be agreed on between the Seller Purchaser Initial LJS Seller Initial TAL ----- ----- and Purchaser during the Due Diligence period after a development plan has been developed. It is specifically agreed that Seller shall not release any parcel of land which would render a remaining parcel without a means of ingress and egress. During Purchaser's seventy five (75) day Due Diligence period, Seller and Purchaser agree to use their best efforts to reach an agreement defining the security value of the land to be released. Any principal reductions brought about through the lien releases contemplated by this Section 7 shall be applied one-half to the next maturing principal reduction due under the Note and the remaining one-half to the last maturing principal reduction due under the Note.
RELEASE PROVISIONProvided that Borrower is not then in Default hereunder, under the Construction Line, the Mortgage or any other Loan Document, Bank will provide partial releases of Units from the lien of the Mortgage upon the following terms: a. If the partial release relates to developed lots in connection with a bona fide sale or construction loan on which no home construction advances have been made: i. Bank shall be given written notice of the request for each partial release at least five (5) business days prior to each partial release. ii. The cost of each partial release shall be paid by Borrower. iii. Contemporaneously with the delivery to Borrower of each partial release, Borrower shall prepay principal in an amount equal to the amount advanced upon such lot plus accrued interest thereon.
RELEASE PROVISIONPARTIAL RELEASES UNDER THE NOTE. Provided that Borrower is not then in Default hereunder, under the Note, the Mortgage or any other Loan Document, Bank will provide partial releases of individual lots from the Note upon the following terms: a. Bank shall be given written notice of the request for each partial release at least five (5) business days prior to each partial release. b. The cost of each partial release, including reasonable attorney's fees for Bank's attorney, shall be paid by Borrower.