Common use of Substitute Notes on Partial Defeasance Clause in Contracts

Substitute Notes on Partial Defeasance. With respect to any partial Defeasance, Borrower and Successor Borrower, as applicable, shall execute and deliver to Lender all documents necessary to amend and restate the Note with two substitute notes: one note having a principal balance equal to the defeased portion of the Loan (the "Defeased Note") and one note having a principal balance equal to the undefeased portion of the Note (the "Undefeased Note"). The Undefeased Note may be the subject of a further Defeasance in accordance with the terms of this Section

Substitute Notes on Partial Defeasance. With respect to any partial Defeasance, Borrower and Successor Borrower, as applicable, shall execute and deliver to Lender all documents necessary to amend and restate the Note with two substitute notes: one note having a principal balance equal to the defeased portion of the Loan (the "“Defeased Note"”) and one note having a principal balance equal to the undefeased portion of the Note (the "“Undefeased Note"”). The Undefeased Note may be the subject of a further Defeasance in accordance with the terms of this SectionSection 2.05(b) (the term “Note”, as used in this Section 2.05(b), being deemed to refer to the Undefeased Note that is the subject of further Defeasance).

Substitute Notes on Partial Defeasance. With respect to any partial Defeasance, Borrower and Successor Borrower, as applicable, shall execute and deliver to Lender all documents necessary to amend and restate the Note with two substitute notes: one note having a principal balance equal to the defeased portion of the Loan (the "Defeased NoteDEFEASED NOTE") and one note having a principal balance equal to the undefeased portion of the Note (the "Undefeased NoteUNDEFEASED NOTE"). The Undefeased Note may be the subject of a further Defeasance in accordance with the terms of this SectionSection 2.05(b) (the term "Note", as used in this Section 2.05(b), being deemed to refer to the Undefeased Note that is the subject of further Defeasance).