RIGHT TO RELEASE. ANY PORTION OF THE PROPERTY. Lender may release any portion of the Property for such consideration as Lender may require without, as to the remainder of the Property, in any way impairing or affecting the lien or priority of this Security Instrument, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the obligations hereunder shall have been reduced by the actual monetary consideration, if any, received by Lender for such release, and may accept by assignment, pledge or otherwise any other property in place thereof as Lender may require without being accountable for so doing to any other lienholder. This Security Instrument shall continue as a lien and security interest in the remaining portion of the Property.
RIGHT TO RELEASE. ANY PORTION OF THE PROPERTY. Lender may release any portion of the Property for such consideration as Lender may require without, as to the remainder of the Property, in any way impairing or affecting the lien or priority of this Mortgage, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the obligations hereunder shall have been reduced by the actual monetary consideration, if any, received by Lender for such release, and may accept by assignment, pledge or otherwise any other property in place thereof as Lender may require without being accountable for so doing to any other lienholder. This Mortgage shall continue as a lien and security interest in the remaining portion of the Property.
RIGHT TO RELEASE. Borrower shall have the right, from time to time, to obtain a partial release ("PARTIAL RELEASE") of a Release Property from the Security Instrument, Assignment of Leases and Rents and related UCC financing statements. Borrower must provide not less than forty-five (45) days prior written notice to Lender requesting a Partial Release and identifying the Release Property and date upon which Borrower intends to have the Release Property released ("PARTIAL RELEASE DATE"). Lender shall permit a Partial Release, upon satisfaction to Lender's reasonable satisfaction of each of the following conditions:
(i) No Event of Default shall exist at the time Borrower requests a Partial Release or on the Partial Release Date.
(ii) On or before the Partial Release Date, Borrower shall deliver to Lender 125% of the applicable Allocated Loan Amount (together with evidence, satisfactory to Lender, that the applicable Swap Breakage (if any) has been paid to the Rate Swap Provider) (the "PARTIAL RELEASE PRICE") allocated to the Release Property under this Loan Agreement.
(iii) Borrower pays to Lender a release fee equal to (A) one percent (1.00%) of the Partial Release Price for the applicable Property during the first twelve (12) months of the term of the Loan; (B) one-half of one percent (0.50%) of the Partial Release Price for the applicable Property during the thirteenth (13th) through the eighteenth (18th) months of the term of the Loan; or (C) no release fee thereafter. Such release fee is in lieu of any Prepayment Fee that might otherwise be payable in connection with such Partial Release Price under Section 2.05 of this Loan Agreement.
(iv) As of the Partial Release Date, and, after giving effect to the Partial Release to occur on such date, (i) the Debt Service Coverage Constant Ratio is at least 1.10:1.00, (ii) the Debt Service Coverage Ratio is at least 1.60:1.00 and (iii) the Loan to Value Ratio is at least 75%; each as determined by Lender.
(v) The Property remaining after the Partial Release (and all prior Partial Releases) continues to be in material compliance with all Requirements of Law (including, without limitation, all zoning and subdivision laws, setback requirements, parking ratio requirements and use requirements), has direct access to a public right of way and is subject to no material encroachments from the Release Property and the applicable requirements of any Leases, and shall be assessed for real estate tax purposes as one or more wholly independen...
RIGHT TO RELEASE. Without affecting the liability of any other person for the payment of any indebtedness herein mentioned (including Grantor should it convey the Property) and without affecting the lien or priority hereof upon any property not released, Beneficiary may, without notice, release any person so liable, extend the maturity or modify the terms of any such obligation, or grant other indulgences, release or reconvey or cause to be released or reconveyed at any time all or any part of the Property, take or release any other security or make compositions or other arrangements with debtors. Beneficiary may also accept additional security, either concurrently herewith or hereafter, and sell same or otherwise realize thereon either before, concurrently with, or after sale hereunder.
RIGHT TO RELEASE. As of the Effective Date of this Agreement, Contractor hereby grants to Escrow Agent the right to release the Escrow Materials to Customer in accordance with Section 4, below. Except upon such a release, Escrow Agent is not authorized to, and shall not sublicense, assign or otherwise transfer or release the Escrow Materials.
RIGHT TO RELEASE. Without affecting the liability of any other ---------------- person for the payment of any indebtedness herein mentioned (including Trustor should it convey said Mortgaged Property) and without affecting the lien or priority hereof upon any property not released, Beneficiary may, without notice, release any person so liable, extend the maturity or modify the terms of any such obligation, or grant other indulgences, release or reconvey or cause to be released or reconveyed at any time all or any part of the Mortgaged Property, take or release any other security or make compositions or other arrangements with debtors. Beneficiary may also accept additional security, either concurrently herewith or hereafter, and sell same or otherwise realize thereon either before, concurrently with, or after sale hereunder.
RIGHT TO RELEASE. Senior Lender's rights with respect to the Collateral include the right to release any or all of the Collateral from the security interest and lien of any Senior Loan Documents or Subordinated Debt Documents in connection with the sale of such Collateral, notwithstanding that the net proceeds of any such sale may not be used to permanently prepay any Senior Debt or Subordinated Debt. If Senior Lender shall determine, in connection with any sale of Collateral, that the release of such security interest and lien of any Subordinated Debt Document on such Collateral in connection with such sale is necessary or advisable, Subordinated Lenders shall execute such release documents and instruments and shall take such further actions as Senior Lender shall request. Subordinated Lender hereby irrevocably constitutes and appoints Senior Lender and any officer of Senior Lender, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Subordinated Lender and in the name of Subordinated Lender or in Senior Lender's own name, from time to time in Senior Lender's discretion, for the purpose of carrying out the terms of this paragraph, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this paragraph, including, without limitation, any financing statements, endorsements, assignments or other instruments of transfer or release.
RIGHT TO RELEASE. Mortgagee at all times shall have the right to release any part of the Mortgaged Property now or hereafter covered by this instrument or any other security Mortgagee now has or may hereafter have securing payment of all or any part of the Secured Obligations, without releasing any other part of the Mortgaged Property or other security, without impairing the Secured Obligations or any rights to any deficiency, and without affecting the lien, assignment of rents and security interest of this instrument as to the part or parts thereof not so released.
RIGHT TO RELEASE. Borrower shall have the right, from time to time, to obtain a partial release (“Partial Release”) of one or more parcels comprising the Property from the lien of the Deed of Trust and related Financing Statements in connection with the sale thereof in accordance with the provisions of this Article VIII (the portion of Property so released hereinafter referred to as the “Released Portion”).
RIGHT TO RELEASE. ANY PORTION OF THE MORTGAGED PROPERTY. Mortgagee may release any portion of the Mortgaged Property for such consideration as Mortgagee may require without, as to the remainder of the Mortgaged Property, in any way impairing or affecting the lien or priority of this Mortgage, or improving the position of any subordinate lienholder with respect thereto, except to the extent that the obligations hereunder shall have been reduced by the actual monetary consideration, if any, received by Mortgagee for such release, and may accept by assignment, pledge or otherwise any other property in place thereof as Mortgagee may require without being accountable for so doing to any other lienholder. This Mortgage shall continue as a lien and security interest in the remaining portion of the Mortgaged Property.
