Released Mortgage Loans and Released Mortgaged Properties. (a) The applicable Issuers may obtain the release (the “Release”) of Mortgage Loans or Mortgaged Properties (any such Mortgage Loan or Mortgaged Property, a “Released Mortgage Loan” or “Released Mortgaged Property” as applicable) from the lien of the Indenture in connection with (i) the exercise of a Third Party Purchase Option, (ii) the purchase or substitution of a Delinquent Asset or Defaulted Asset by the Special Servicer or the Property Manager or any assignee thereof, (iii) the repurchase or substitution of a Mortgage Loan or Mortgaged Property by an applicable Cure Party due to a Collateral Defect, (iv) the sale of a Mortgage Loan or Mortgaged Property to the Support Provider, a or to a Support Provider SPE, Spirit Realty or to a third party unaffiliated with Spirit Realty or to a Spirit SPE orthe Support Provider , (v) the exchange of a Mortgage Loan or Mortgaged Property with the Support Provider, a third party unaffiliated with the Support Provider, a Support Provider SPE, Spirit Realty, Spirit SPE or a third-party unaffiliated with Spirit Realty or the Support Provider or a Spirit SPE(vi) an Early Refinancing Prepayment. In connection with the Release of (ix) any Released Mortgaged Property, the related Lease and the related Lease File shall be simultaneously released from the lien of the Indenture or (iiy) any Released Mortgage Loan, the related Loan File shall be simultaneously released from the lien of the Indenture. The applicable Issuers shall obtain any Release that it is required to obtain in accordance with the terms hereof.
Appears in 2 contracts
Samples: Management and Servicing Agreement, Management and Servicing Agreement (Spirit MTA REIT)
Released Mortgage Loans and Released Mortgaged Properties. (a) The applicable Issuers may obtain the release (the “Release“ Release ”) of Mortgage Loans or Mortgaged Properties (any such Mortgage Loan or Mortgaged Property, a ““ Released Mortgage LoanLoan ” or ““ Released Mortgaged PropertyProperty ” as applicable) from the lien of the Indenture in connection with (i) the exercise of a Third Party Purchase Option, (ii) the purchase or substitution of a Delinquent Asset or Defaulted Asset by the Special Servicer or the Property Manager or any assignee thereof, (iii) the repurchase or substitution of a Mortgage Loan or Mortgaged Property by an applicable Cure Party due to a Collateral Defect, (iv) the sale of a Mortgage Loan or Mortgaged Property to the Support Provider, a Provider or to a Support Provider SPESPE , Spirit Realty or to a third party unaffiliated with Spirit Realty or to a Spirit SPE orthe the Support Provider , (v) the exchange of a Mortgage Loan or Mortgaged Property with the Support Provider, a third party unaffiliated with the Support Provider, a Support Provider SPE, Spirit Realty, Spirit SPE or a third-party unaffiliated with Spirit Realty or the Support Provider or a Spirit SPE(vi(vi) an Early Refinancing Prepayment. In connection with the Release of (ixx) any Released Mortgaged Property, the related Lease and the related Lease File shall be simultaneously released from the lien of the Indenture or (iiyy) any Released Mortgage Loan, the related Loan File shall be simultaneously released from the lien of the Indenture. The applicable Issuers shall obtain any Release that it is required to obtain in accordance with the terms hereof.. Except in connection with the release of a Mortgage Loan or a Mortgaged Property in exchange for one or more Qualified Substitute Mortgage Loans or one or more Qualified 91 US-DOCS\ 96557504.7 102826315.7
Appears in 2 contracts
Samples: Management and Servicing Agreement (Spirit MTA REIT), Management and Servicing Agreement (Spirit Realty, L.P.)
