Common use of Twelve Oaks Partial Releases Clause in Contracts

Twelve Oaks Partial Releases. Provided there exists no Event of Default, Administrative Agent shall release the lien of the Mortgage encumbering Twelve Oaks from portions of the unimproved parcel described as Parcel D (the “Lake Parcel”) in Schedule A to such Mortgage, such parcel being the only portion of the Twelve Oaks premises located outside of the shopping center’s “ring road” (each such portion, a “Release Parcel”) in connection with TOLLC’s simultaneous conveyance thereof; provided, however, that no portion of the lake located on the Lake Parcel shall be released. All such releases shall be subject, in each case, to Administrative Agent’s receipt of (A) evidence that the balance of the Twelve Oaks premises constitutes one or more separate tax and zoning lots and an endorsement to the title insurance policy for said Mortgage insuring that the lien thereof will not be impaired by virtue of the release of the Release Parcel, (B) a current survey of the Twelve Oaks premises, specifically delineating (by metes and bounds) the Release Parcel, certified to Administrative Agent and the Title Insurer, (C) evidence that the Release Parcel is not necessary for the operation, maintenance (including, but not limited to, drainage from and water supply to the Twelve Oaks premises) of and access to the Twelve Oaks Premises, (D) such other documents, opinions and assurances as Administrative Agent may reasonably request (all of the foregoing items (A) through (D) to be received by Administrative Agent at least seven (7) business days prior to the proposed release and be in form and substance reasonably satisfactory to Administrative Agent) and (E) payment of Administrative Agent’s out-of-pocket expenses, including the fees and expenses of counsel, in connection with the foregoing transactions.

Twelve Oaks Partial Releases. Provided there exists no Event of Default, Administrative Agent shall release the lien of the Mortgage encumbering Twelve Oaks from portions of the unimproved parcel described as Parcel D (the “"Lake Parcel”") in Schedule A to such Mortgage, such parcel being the only portion of the Twelve Oaks premises located outside of the shopping center’s “'s "ring road” " (each such portion, a “"Release Parcel”") in connection with TOLLC’s 's simultaneous conveyance thereof; provided, however, that no portion of the lake located on the Lake Parcel shall be released. All such releases shall be subject, in each case, to Administrative Agent’s 's receipt of (A) evidence that the balance of the Twelve Oaks premises constitutes one or more separate tax and zoning lots and an endorsement to the title insurance policy for said Mortgage insuring that the lien thereof will not be impaired by virtue of the release of the Release Parcel, (B) a current survey of the Twelve Oaks premises, specifically delineating (by metes and bounds) the Release Parcel, certified to Administrative Agent and the Title Insurer, (C) evidence that the Release Parcel is not necessary for the operation, maintenance (including, but not limited to, drainage from and water supply to the Twelve Oaks premises) of 66 and access to the Twelve Oaks Premises, (D) such other documents, opinions and assurances as Administrative Agent may reasonably request (all of the foregoing items (A) through (D) to be received by Administrative Agent at least seven (7) business days prior to the proposed release and be in form and substance reasonably satisfactory to Administrative Agent) and (E) payment of Administrative Agent’s 's out-of-pocket expenses, including the fees and expenses of counsel, in connection with the foregoing transactions.