Common use of Releases from Lien of Deed of Trust Clause in Contracts

Releases from Lien of Deed of Trust. (a) Borrower may from time to time request that Lender release one or more Lots and/or Units from the lien of the Deed of Trust and the other Project Security Instruments encumbering such Lots and/or Units. So long as no Event of Default exists, Lender agrees that it will execute a partial release that releases Lender’s lien on such Lot and/or Unit pursuant to the Deed of Trust and the Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. documents executed pursuant thereto, provided that the following conditions precedent shall have been satisfied: (1) Lender shall have received a written notice requesting the partial release no fewer than five (5) Business Days prior to the date on which the partial release is to be effective, which notice shall specify (i) the Project, (ii) the specific Lots and/or Units to be released, (iii) if such release is being requested in connection with a sale of the Lots and/or Units, the Person to whom such Lots and/or Units are being sold, which Person shall not be an Affiliate of the Borrower, and (iv) the Lender’s Release Price(s) therefor; (2) Lender shall have received evidence satisfactory to Lender that (i) the closing of the sale and/or release of such Lots and/or Units shall be conducted through an escrow with the Title Company, and (ii) the Title Company shall have been instructed, which instructions shall have been acknowledged and agreed to by the Title Company and which cannot be changed or supplemented without Lender’s written concurrence, not to record Lender’s partial release until the Title Company receives in respect of such release an amount equal to Lender’s Release Price for such Lots and/or Units and is irrevocably committed to disburse such amount to Lender; (3) Lender shall have received executed originals of instruments, agreements and other documents, in form and substance satisfactory to Lender, which Lender determines are necessary or appropriate, to evidence and/or effectuate the partial release and to modify the Loan Documents as a result thereof; (4) Lender shall have received evidence satisfactory to Lender that the Borrower has satisfied all conditions precedent in the Loan Documents relating to the release of the Lots and/or Units. If the Title Company that is selected by Borrower to insure title to the Lots and/or Units sold by the Borrower elects to have Borrower and Lender enter into a master release agreement that provides for, among other things, the release of the Lots and/or Units once all of the Lots and/or Units in a phase of a Project or in an entire Project are sold instead of being released one at a time, then Lender agrees to enter into such a master release agreement in form and substance satisfactory to Lender. In connection with each release of a Lot and/or Unit, provided all conditions to such release have been met, Lender agrees to provide to the Title Company an estoppel letter, in form and substance satisfactory to Lender, specifying the Lender’s Release Price. Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. (b) In addition to the releases provided for in subparagraph (a), so long as no Event of Default exists, Lender agrees that, without requiring payment of any release price, it shall release from the lien of the Deed of Trust and the other Project Security Instruments those portions of a Project necessary for utility easements, dedicated public roads, common elements (including any parts of such Project to be transferred to a homeowners’ association or the like), parks, greenbelts, recreation areas, schools, medical facilities and other similar purposes, provided (i) the Borrower complies with the requirements of subparagraphs (1), (3) and (4) of subparagraph (a) above (except that the requirement of written notice specifying the Lender’s Release Price(s) and payment of the Lender’s Release Price(s) shall not be applicable), (ii) the Lender is furnished with a survey, or another document reasonably satisfactory to the Lender, depicting and describing the real property to be released and (iii) such release is consistent in all material respects with the site plan or other depiction of such Project provided to the Lender as part of the Project Underwriting Documents.

Releases from Lien of Deed of Trust. (a) The Borrower may from time to time request that Lender release one or more Lots and/or Units Time-Share Interests from the lien of the Deed of Trust and the other Project Security Instruments encumbering such Lots and/or UnitsTime-Share Interests. So long as no Event of Default exists, The Lender agrees that it will use its best efforts to execute a partial release that releases the Lender’s 's lien on such Lot and/or Unit Time-Share Interests pursuant to the Deed of Trust and the Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. documents executed pursuant theretoother Project Security Instruments within 5 Business Days after receipt of the release, provided that the following conditions precedent shall have been satisfied: (1) the Lender shall have received a written notice requesting the partial release no fewer than five (5) 5 Business Days prior to the date on which the partial release is to be effective, which notice shall specify (i) the Project, (ii) the specific Lots and/or Units Time-Share Interests to be released, (iii) if such release is being requested in connection with a sale of the Lots and/or Units, the Person Person(s) to whom such Lots and/or Units Time-Share Interests are being sold, which Person Person(s) shall not be an Affiliate of the BorrowerBorrower or of any Guarantor, and (iv) the Lender’s 's Release Price(s) therefor; (2) the Lender shall have received evidence satisfactory to the Lender that that, if the release is being sought precedent to a sale, (i) the closing of the sale and/or release of such Lots and/or Units Time-Share Interests shall be conducted through an escrow with a title company or an escrow agent specified by the Title CompanyBorrower and satisfactory to the Lender, and (ii) the Title Company such title company shall have been instructed, which instructions shall have been acknowledged and agreed to by the Title Company such title company and which cannot be changed or supplemented without the Lender’s 's written concurrence, not to record the Lender’s 's partial release until the Title Company such title company receives in respect of such release an amount equal to Lender’s 's Release Price for such Lots and/or Units Time-Share Interests and is irrevocably committed to disburse such amount to the Lender; (3) the Lender shall have received executed originals of instruments, agreements and other documents, in form and substance satisfactory to the Lender, which the Lender determines are necessary or appropriate, to evidence and/or effectuate the partial release and to modify the Loan Documents as a result thereof; (4) the Lender shall have received evidence satisfactory to Lender that the Borrower has satisfied all conditions precedent in the Loan Documents relating to the release of the Lots and/or Units. If Time-Share Interests; and (5) no Event of Default shall exist, unless the Title Company that Event of Default is selected by Borrower to insure title to the Lots and/or Units sold by a Project Specific Default and the Borrower elects to have Borrower and Lender enter into a master release agreement that provides for, among other things, the seeks Lender's release of the Lots and/or Units once all of the Lots and/or Units in a phase of a Project or in an entire Project are sold instead of being released one at a time, then Lender agrees as to enter into such a master release agreement in form and substance satisfactory to Lenderwhich the Project Specific Default applies. In connection with each release of a Lot and/or UnitTime-Share Interest, provided all conditions to such release have been met, the Lender agrees to provide to the Title Company title insurance company an estoppel letter, in form and substance satisfactory to the Lender, specifying the Lender’s 's Release Price. Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. (b) In addition to Price for the releases provided for in subparagraph (a), so long as no Event of Default exists, Lender agrees that, without requiring payment of any release price, it shall release from the lien of the Deed of Trust and the other Project Security Instruments those portions of a Project necessary for utility easements, dedicated public roads, common elements (including any parts of such Project to be transferred to a homeowners’ association or the like), parks, greenbelts, recreation areas, schools, medical facilities and other similar purposes, provided (i) the Borrower complies with the requirements of subparagraphs (1), (3) and (4) of subparagraph (a) above (except that the requirement of written notice specifying the Lender’s Release Price(s) and payment of the Lender’s Release Price(s) shall not be applicable), (ii) the Lender is furnished with a survey, or another document reasonably satisfactory to the Lender, depicting and describing the real property to be released and (iii) such release is consistent in all material respects with the site plan or other depiction of such Project provided to the Lender as part of the Project Underwriting Documentsapplicable Project.

Releases from Lien of Deed of Trust. (a) The Borrower may from time to time request that the Lender release one or more Lots and/or Units Golf Parcels from the lien of the Deed of Trust and the other Project Security Instruments encumbering such Lots and/or UnitsGolf Parcels. So long as no Event of Default exists, The Lender agrees that it will use its best efforts to execute a partial release that releases the Lender’s 's lien on such Lot Lot(s) and/or Unit Golf Parcel(s) pursuant to the Deed of Trust and the Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. documents executed pursuant theretoother Project Security Instruments within 5 Business Days after receipt of the release, provided that the following conditions precedent shall have been satisfied: (1) the Lender shall have received a written notice requesting the partial release no fewer than five (5) 5 Business Days prior to the date on which the partial release is to be effective, which notice shall specify (i) the Project, (ii) the specific Lots and/or Units Golf Parcels to be released, (iii) if such release is being requested in connection with a sale of the Lots and/or UnitsGolf Parcels, the Person to whom such Lots and/or Units Golf Parcels are being sold, which Person shall not be an Affiliate of any of the Borrowerentities comprising the Borrower or of the Guarantor, and (iv) the Lender’s 's Release Price(s) therefor; (2) the Lender shall have received evidence satisfactory to the Lender that that, if the release is being sought precedent to a sale, (i) the closing of the sale and/or release of such Lots and/or Units Golf Parcels shall be conducted through an escrow with a title company specified by the Title CompanyBorrower and satisfactory to the Lender, and (ii) the Title Company such title company shall have been instructed, which instructions shall have been acknowledged and agreed to by the Title Company such title company and which cannot be changed or supplemented without the Lender’s 's written concurrence, not to record the Lender’s 's partial release until the Title Company such title company receives in respect of such release an amount equal to Lender’s 's Release Price for such Lots and/or Units Golf Parcels and is irrevocably committed to disburse such amount to the Lender; (3) the Lender shall have received executed originals of instruments, agreements and other documents, in form and substance satisfactory to the Lender, which the Lender determines are necessary or appropriate, appropriate to evidence and/or effectuate the partial release and to modify the Loan Documents as a result thereof; (4) the Lender shall have received evidence satisfactory to the Lender that the Borrower has satisfied all conditions precedent in the Loan Documents relating to the release of the Lots and/or Units. If Golf Parcels; and (5) no Event of Default shall exist, unless the Title Company that Event of Default is selected by Borrower to insure title to the Lots and/or Units sold by a Project Specific Default and the Borrower elects to have Borrower and Lender enter into a master release agreement that provides for, among other things, the seeks Lender's release of the Lots and/or Units once all of the Lots and/or Units in a phase of a Project or in an entire Project are sold instead of being released one at a time, then Lender agrees as to enter into such a master release agreement in form and substance satisfactory to Lenderwhich the Project Specific Default applies. In connection with each release of a Lot and/or UnitGolf Parcels, provided all conditions to such release have been met, the Lender agrees to provide to the Title Company title insurance company an estoppel letter, in form and substance satisfactory to the Lender, specifying the Lender’s 's Release Price. Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc.. (b) In addition to the releases provided for in subparagraph (a), so long as no Event of Default exists, the Lender agrees that, without requiring payment of any release price, it shall release from the lien of the Deed of Trust and the other Project Security Instruments those portions of a the Project necessary for utility easements, dedicated public roads, common elements (including any parts of such the Project to be transferred to a homeowners’ ' association or the like), parks, greenbelts, recreation areas, schools, medical facilities and other similar purposes, provided that the following conditions precedent shall have been satisfied: (i1) the Borrower complies with the requirements of subparagraphs (1), (3), (4) and (45) of subparagraph (a) above (except that the requirement of subparagraph (a)(1) requiring the written notice specifying to specify the Lender’s Release Price(s) and payment of the Lender’s 's Release Price(s) shall not be applicable), ; (ii2) the Lender is furnished with a survey, or another document reasonably satisfactory to the Lender, depicting and describing the real property to be released and released, such as a Map; and (iii3) such requested release is consistent in all material respects with the site plan or other depiction of such the Project provided to the Lender as part of the Project Underwriting Documents.

Releases from Lien of Deed of Trust. (a) Borrower may from time to time request that Lender release one or more Lots and/or Units from the lien of the Deed of Trust and the other Project Security Instruments encumbering such Lots and/or Units. So long as no Event of Default exists, Lender agrees that it will execute a partial release that releases Lender’s 's lien on such Lot and/or Unit pursuant to the Deed of Trust and the Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. documents executed pursuant thereto, provided that the following conditions precedent shall have been satisfied: (1) Lender shall have received a written notice requesting the partial release no fewer than five (5) Business Days prior to the date on which the partial release is to be effective, which notice shall specify (i) the Project, (ii) the specific Lots and/or Units to be released, (iii) if such release is being requested in connection with a sale of the Lots and/or Units, the Person to whom such Lots and/or Units are being sold, which Person shall not be an Affiliate of the Borrower, and (iv) the Lender’s 's Release Price(s) therefor; (2) Lender shall have received evidence satisfactory to Lender that (i) the closing of the sale and/or release of such Lots and/or Units shall be conducted through an escrow with the Title Company, and (ii) the Title Company shall have been instructed, which instructions shall have been acknowledged and agreed to by the Title Company and which cannot be -58- 64 changed or supplemented without Lender’s 's written concurrence, not to record Lender’s 's partial release until the Title Company receives in respect of such release an amount equal to Lender’s 's Release Price for such Lots and/or Units and is irrevocably committed to disburse such amount to Lender; (3) Lender shall have received executed originals of instruments, agreements and other documents, in form and substance satisfactory to Lender, which Lender determines are necessary or appropriate, to evidence and/or effectuate the partial release and to modify the Loan Documents as a result thereof; (4) Lender shall have received evidence satisfactory to Lender that the Borrower has satisfied all conditions precedent in the Loan Documents relating to the release of the Lots and/or Units. If the Title Company that is selected by Borrower to insure title to the Lots and/or Units sold by the Borrower elects to have Borrower and Lender enter into a master release agreement that provides for, among other things, the release of the Lots and/or Units once all of the Lots and/or Units in a phase of a Project or in an entire Project are sold instead of being released one at a time, then Lender agrees to enter into such a master release agreement in form and substance satisfactory to Lender. In connection with each release of a Lot and/or Unit, provided all conditions to such release have been met, Lender agrees to provide to the Title Company an estoppel letter, in form and substance satisfactory to Lender, specifying the Lender’s 's Release Price. Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc.. (b) In addition to the releases provided for in subparagraph (a), so long as no Event of Default exists, Lender agrees that, without requiring payment of any release price, it shall release from the lien of the Deed of Trust and the other Project Security Instruments those portions of a Project necessary for utility easements, dedicated public roads, common elements (including any parts of such Project to be transferred to a homeowners’ ' association or the like), parks, greenbelts, recreation areas, schools, medical facilities and other similar purposes, provided provided (i) the Borrower complies with the requirements of subparagraphs (1), (3) and (4) of subparagraph (a) above (except that the requirement of written notice specifying the Lender’s 's Release Price(s) and payment of the Lender’s 's Release Price(s) shall not be applicable), (ii) the Lender is furnished with a survey, or another document reasonably satisfactory to the Lender, depicting and describing the real property to be released and (iii) such release is consistent in all material respects with the site plan or other depiction of such Project provided to the Lender as part of the Project Underwriting Documents.

Releases from Lien of Deed of Trust. (a) The Borrower may from time to time request that Lender release one or more Lots and/or Units Timeshare Interests from the lien of the Deed of Trust and the other Project Security Instruments encumbering such Lots and/or UnitsTimeshare Interests. So long as no Event of Default exists, The Lender agrees that it will use its best efforts to execute a partial release that releases the Lender’s 's lien on such Lot and/or Unit Timeshare Interests pursuant to the Deed of Trust and the Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. documents executed pursuant theretoother Project Security Instruments within [5] Business Days after receipt of the release, provided that the following conditions precedent shall have been satisfied: (1) the Lender shall have received a written notice requesting the partial release no fewer than five (5) 5 Business Days prior to the date on which the partial release is to be effective, which notice shall specify (i) the Project, (ii) the specific Lots and/or Units Timeshare Interests to be released, (iii) if such release is being requested in connection with a sale of the Lots and/or Units, the Person Person(s) to whom such Lots and/or Units Timeshare Interests are being sold, which Person Person(s) shall not be an Affiliate of the BorrowerBorrower or of any Guarantor, and (iv) the Lender’s 's Release Price(s) therefor; (2) the Lender shall have received evidence satisfactory to the Lender that that, if the release is being sought precedent to a sale, (i) the closing of the sale and/or release of such Lots and/or Units Timeshare Interests shall be conducted through an escrow with a title company or an escrow agent specified by the Title CompanyBorrower and satisfactory to the Lender, and (ii) the Title Company such title company shall have been instructed, which instructions shall have been acknowledged and agreed to by the Title Company such title company and which cannot be changed or supplemented without the Lender’s 's written concurrence, not to record the Lender’s 's partial release until the Title Company such title company receives in respect of such release an amount equal to Lender’s 's Release Price for such Lots and/or Units Timeshare Interests and is irrevocably committed to disburse such amount to the Lender; (3) the Lender shall have received executed originals of instruments, agreements and other documents, in form and substance satisfactory to the Lender, which the Lender determines are necessary or appropriate, to evidence and/or effectuate the partial release and to modify the Loan Documents as a result thereof; (4) the Lender shall have received evidence satisfactory to Lender that the Borrower has satisfied all conditions precedent in the Loan Documents relating to the release of the Lots and/or Units. If Timeshare Interests; and (5) no Event of Default shall exist, unless the Title Company that Event of Default is selected by Borrower to insure title to the Lots and/or Units sold by a Project Specific Default and the Borrower elects to have Borrower and Lender enter into a master release agreement that provides for, among other things, the seeks Lender's release of the Lots and/or Units once all of the Lots and/or Units in a phase of a Project or in an entire Project are sold instead of being released one at a time, then Lender agrees as to enter into such a master release agreement in form and substance satisfactory to Lenderwhich the Project Specific Default applies. In connection with each release of a Lot and/or UnitTimeshare Interest, provided all conditions to such release have been met, the Lender agrees to provide to the Title Company title insurance company an estoppel letter, in form and substance satisfactory to the Lender, specifying the Lender’s 's Release Price. Amended and Restated Loan Agreement – Xxxxxxx Xxxx Homes, Inc. (b) In addition to Price for the releases provided for in subparagraph (a), so long as no Event of Default exists, Lender agrees that, without requiring payment of any release price, it shall release from the lien of the Deed of Trust and the other Project Security Instruments those portions of a Project necessary for utility easements, dedicated public roads, common elements (including any parts of such Project to be transferred to a homeowners’ association or the like), parks, greenbelts, recreation areas, schools, medical facilities and other similar purposes, provided (i) the Borrower complies with the requirements of subparagraphs (1), (3) and (4) of subparagraph (a) above (except that the requirement of written notice specifying the Lender’s Release Price(s) and payment of the Lender’s Release Price(s) shall not be applicable), (ii) the Lender is furnished with a survey, or another document reasonably satisfactory to the Lender, depicting and describing the real property to be released and (iii) such release is consistent in all material respects with the site plan or other depiction of such Project provided to the Lender as part of the Project Underwriting Documentsapplicable Project.