Special Defeasance. Other than any Notes excluded by the foregoing Sections 5.01 and 5.02 and Notes which have become due and payable, the Mortgagor may cause the Lien of this Mortgage to be defeased with respect to any Note for which it has deposited or caused to be deposited in trust solely for the purpose an amount suffi- cient to pay and discharge the entire indebt- edness on such Note for principal (and pre- mium, if any) and interest to the date of ma- turity thereof; PROVIDED, HOWEVER, that depository serving as trustee for such trust must first be accepted as such by the Mort- gagee whose Notes are being defeased under this section. In such event, such a Note will no longer be considered to be an Outstanding Note for purposes of this Mortgage and the Mortgagee shall execute and deliver to the Mortgagor such instrument of satisfaction, discharge or release as shall be required by law in the circumstances.
Appears in 5 contracts
Samples: Mortgage Agreement, Mortgage Agreement, Mortgage and Security Agreement
