Common use of Splitting of Security Instrument Clause in Contracts

Splitting of Security Instrument. This Security Instrument and the Note shall, at any time until the same shall be fully paid and satisfied, at the sole election of Lender and at no expense to Borrower unless an Event of Default then exists, be split or divided into two or more notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, Xxxxxxxx, upon written request of Xxxxxx, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount of Debt, and containing terms, provisions and clauses similar to those contained herein and in the Note, and such other documents and instruments as may be required by Lender. If Note and/or this Security Instrument is split into two or more notes or security instruments, all approvals or consents required from Lender hereunder shall nonetheless be obtained from a single lead lender (or its servicer or special servicer, as applicable).

Splitting of Security Instrument. This Security Instrument and the Note shall, at any time until the same shall be fully paid and satisfied, at the sole election of Lender and at no expense to Borrower unless an Event of Default then exists, be split or divided into two or more notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, XxxxxxxxBorrower, upon written request of XxxxxxLender, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount of Debt, and containing terms, provisions and clauses similar to those contained herein and in the Note, and such other documents and instruments as may be required by Lender. If Note and/or this Security Instrument is split into two or more notes or security instruments, all approvals or consents required from Lender hereunder shall nonetheless be obtained from a single lead lender (or its servicer or special servicer, as applicable).

Splitting of Security Instrument. This Security Instrument and the Note shall, at any time until the same shall be fully paid and satisfied, at the sole election of Lender and at no expense to Borrower unless an Event of Default then exists, be split or divided into two or more notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, XxxxxxxxBorrower, upon written request of XxxxxxLender, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount of Debt, and containing terms, provisions and clauses similar to those contained herein and in the Note, and such other documents and instruments as may be required by Lender. If Note and/or this Security Instrument is split into two or more notes or security instruments, all approvals or consents required from Lender hereunder shall be nonetheless be obtained from a single lead lender (or its servicer or special servicer, as applicable).