Repayment on Sale by Smart Partners Sample Clauses

Repayment on Sale by Smart Partners. In the event that the Smart GP’s and the Smart LP’s interests in respect of a Project Borrower, or their respective interests in respect of the Project or the Property comprising such Project are sold, (other than as a result of the sale of a discrete part of the Property as specifically contemplated by Section 5.4), to the SmartStop GP, an Affiliate of the SmartStop GP or to a third party, all in accordance with the Project Documents for such Property, then, unless otherwise agreed by the Lender, in its sole discretion, the Borrowers shall repay the full amount of the principal amount outstanding under the Project Mortgage for such Property, together with all accrued and unpaid interest thereon and deliver to the Lender originals of each unexpired Letter of Credit issued under the LC Commitment in respect of such Project or cash collateral (on terms and conditions satisfactory to the Lender) in lieu thereof, on the date of closing of the sale of such Property and all Security Documents relating to such Project Mortgage Commitment shall concurrently be discharged and/or released, as applicable.
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Related to Repayment on Sale by Smart Partners

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