Right to Partial Release Clause Samples

Right to Partial Release. Following the first to occur of (1) the first Secondary Market Transaction of the Loan or (2) the second anniversary of the date hereof, Borrower shall have the right to obtain a partial release (“Partial Release”) of a Partial Release Property from the applicable Security Instrument, Assignment of Leases and Rents and related UCC financing statements upon satisfaction of the conditions to a Partial Release set forth in this Section 5.34. Upon a consummation of a Partial Release, the Partial Release Property shall no longer constitute a portion of the Property. Borrower must provide no less than sixty (60) days prior written notice to Lender requesting a Partial Release, identifying the Partial Release Property and the date upon which it desires to have the Partial Release Property released (the “Partial Release Date”). Prior to Lender’s agreement to a Partial Release, each of the following conditions must be satisfied to Lender’s reasonable satisfaction: (i) No Event of Default shall have occurred and be continuing at the time Borrower requests a Partial Release or on the Partial Release Date; (ii) On or before the Partial Release Date, Borrower shall partially prepay the Loan in an amount equal to the Partial Release Price; (iii) As of the Partial Release Date, and after giving effect to the Partial Release, the Loan-to-Value Ratio of the remaining Property is equal to or less than 75%, as determined by Lender in Lender’s sole and absolute discretion; provided that Borrower may, at its option, prepay the Principal in an amount necessary to achieve the Loan-to-Value Ratio required hereunder, subject to the payment of any applicable Yield Maintenance Premium and Exit Fee which may be required in accordance with the terms and conditions of Section 2.4.3 of this Agreement; (iv) As of the Partial Release Date, and after giving effect to the Partial Release, the Debt Service Coverage Ratio of the remaining Property is equal to or greater than the greater of (A) 1.25:1 and (B) the Debt Service Coverage Ratio immediately prior to the Partial Release Date, as determined by Lender in Lender’s sole and absolute discretion; provided that Borrower may, at its option, prepay the Principal in an amount necessary to achieve the Debt Service Coverage Ratio required hereunder, subject to the payment of any applicable Yield Maintenance Premium and Exit Fee which may be required in accordance with the terms and conditions of Section 2.4.3 of this Agreement; (v) As of the Pa...