Voluntary Defeasance. (a) Provided no Event of Default shall then exist, Borrower shall have the right at any time after the Permitted Release Date to voluntarily defease all or any portion of the Loan by and upon satisfaction of the following conditions (such event being a “Defeasance Event”):
(i) Borrower shall provide not less than thirty (30) days prior written notice to Lender specifying the Payment Date (the “Defeasance Date”) on which the Defeasance Event will occur and the principal amount of the Loan to be defeased;
(ii) Borrower shall pay to Lender all accrued and unpaid interest on the principal balance of the Note to and including the Defeasance Date;
(iii) Borrower shall pay to Lender all other sums, not including scheduled interest or principal payments, then due under the Note, this Agreement, the Security Instruments, and the other Loan Documents;
(iv) Borrower shall deliver to Lender the Defeasance Deposit applicable to the Defeasance Event;
(v) In the event only a portion of the Loan is the subject of the Defeasance Event, Borrower shall prepare all necessary documents to modify this Agreement and to amend and restate the Note and issue two substitute notes for the Note, one note having a principal balance equal to the defeased portion of the original Note and a maturity date equal to the Permitted Prepayment Date (the “Defeased Note”) and the other note having a principal balance equal to the undefeased portion of the original Note and a maturity date equal to the Maturity Date (the “Undefeased Note”). The Defeased Note and the Undefeased Note shall otherwise have terms identical to the original Note, except that a Defeased Note cannot be the subject of any further Defeasance Event. The Undefeased Note may be the subject of a further Defeasance Event in accordance with the terms and provisions of this Section 2.4 (the term “Note”, as used in this clause (v) for such purpose, being deemed to refer to the Undefeased Note that is the subject of further defeasance), provided, however, that no such partial defeasance shall take place unless the conditions outlined in Section 2.5 are satisfied;
(vi) Borrower shall execute and deliver a security agreement, in a form and substance that would be reasonably satisfactory to a prudent institutional lender, creating a first priority lien on the Defeasance Deposit and the U.S. Obligations purchased with the Defeasance Deposit in accordance with the provisions of this Section 2.4 (the “Security Agreement”);
(vii) Borrower s...
Voluntary Defeasance. 21 2.4.2 Successor Borrower .......................................... 23 Section 2.5 Release of Property ..................................... 23 2.5.1 Release of all Properties .................................. 23 2.5.2 Release of Individual Property ............................. 24 2.5.3 Release on Payment in Full ..............................
Voluntary Defeasance. (a) Provided no Event of Default shall then exist, Borrower shall have the right on any Payment Date after the Permitted Release Date and prior to the Anticipated Repayment Date to voluntarily defease all or any portion of the Loan by and upon satisfaction of the following conditions (such event being a "Defeasance Event"):
(i) Borrower shall provide not less than thirty (30) days prior (ii) written notice to Lender specifying the Payment Date (the "Defeasance Date") on which the Defeasance Event and the principal amount of the Loan to be defeased;
Voluntary Defeasance. 27 Section 2.7. Prepayment.................................................................. 27 Section 2.8. Application of Payments..................................................... 28 Section 2.9. Payment of Debt Service, Method and Place of Payment........................ 28 Section 2.10. Taxes...................................................................... 28 Section 2.11. Defeasance Requirements.................................................... 28 Section 2.12. Central Cash Management.................................................... 30 Section 2.13. Security Agreement......................................................... 37 Section 2.14. Securitization............................................................. 39 Section 2.15. Supplemental Mortgage Affidavits........................................... 40 Section 2.16. Transfer of Mortgaged Property............................................. 40
Voluntary Defeasance. (a) Provided that no Event of Default has occurred and is then continuing, on and after the date which is two years after the Start-Up Day (but only before the Optional Prepayment Date), Borrower may voluntarily defease (A) all of the Loan or (B) a portion of the Loan, but only pursuant to Section 5.1(b)(P); ------- --------- provided, that, for any defeasance, Borrower must comply with Section 2.11. -------- ------- ----
(b) In the event of any such voluntary defeasance Borrower shall give Lender written notice of its intent to defease, which notice shall be given at least ten (10) days, in the case of a defeasance pursuant to Section 5.1(b)(P), ------- --------- and at least thirty (30) days, in all other cases, prior to the date upon which defeasance is to be made and shall specify the Payment Date and the amount of such defeasance. If any such notice of defeasance is given, Borrower shall be required to defease the Loan or a portion thereof pursuant to Section 5.1(b)(P) ------- --------- on the specified Payment Date (unless such notice is revoked by Borrower prior to the Payment Date specified therein in which event Borrower shall immediately reimburse Lender within ten (10) calendar days after demand for any reasonable costs incurred by Lender in connection with Borrower's giving of such notice and revocation).
(c) Any voluntary defeasance of the Loan by Borrower is required to be made on a Payment Date.
(d) Borrower shall not be permitted at any time to defease all or any part of the Loan except as expressly provided in this Section 2.6. -----------
Voluntary Defeasance. (a) Provided no Event of Default shall then exist and so long as the Defeasance Lockout Date has occurred, Borrowers shall have the right at any time, on any Payment Date occurring after the Defeasance Lockout Date, to voluntarily defease the Loan in whole (but not in part) by and upon satisfaction of the following conditions (such event being a "Defeasance Event"):
(i) Borrowers shall provide not less than thirty (30) days prior written notice to Lender specifying the Payment Date (the "Defeasance Date") on which the Defeasance Event shall occur;
(ii) Borrowers shall pay to Lender all accrued and unpaid interest on the principal balance of the Loan to and including the Defeasance Date;
(iii) Borrowers shall pay to Lender all other sums, not including scheduled interest or principal payments, then due under the Note, this Agreement, the Mortgage and the other Loan Documents;
(iv) Borrowers shall deliver to Lender the Defeasance Collateral, together with any revenue, documentary stamp or intangible taxes or any other tax or charge due in connection with the transfer of the Note or otherwise required to accomplish the defeasance;
Voluntary Defeasance. (a) Provided no Event of Default shall then exist (other than an Event of Default that will be cured by such defeasance in accordance with Section 2.5.2 hereof, and provided that Xxxxxx has not applied for the appointment of a receiver, declared the entire unpaid Debt to be immediately due and payable or commenced a foreclosure action), Borrower shall have the right at any time after the Permitted Defeasance Date to voluntarily defease all of the Loan, or a portion thereof in connection with a release of one or more Individual Properties pursuant to Section 2.5.2 hereof, by and upon satisfaction of the following conditions (such event being a “Total Defeasance Event” with respect to the defeasance of the entire Loan and a “Partial Defeasance Event” with respect to a defeasance of only a portion of the Loan in connection with the release of an Individual Property pursuant to Section 2.5.2 hereof):
Voluntary Defeasance. The second line of Section 2.5.1(a)(i)(F) is hereby modified by inserting “reasonably” between “counsel” and “acceptable”. The penultimate line of Section 2.5.1(a)(i)(F) is hereby modified by inserting “to the extent reasonably approved by Borrower,” between “Lender” and “at”. The last line of Section 2.5.1(a)(i)(F) is hereby modified by inserting “, but reasonable,” between “sole” and “cost”.
Voluntary Defeasance. (a) Provided no Event of Default shall then exist, and the Permitted Mezzanine Prepayment Release Date has occurred, Borrower shall have the right at any time after the Permitted Defeasance Date to voluntarily defease all of the Loan or a portion thereof in connection with a release of an Individual Property pursuant to Section 2.5 hereof upon satisfaction of the following conditions (such event being a “
Voluntary Defeasance. 29 Section 2.7. Prepayment . . . . . . . . . . . . . . . . . . . . . . . . 30 Section 2.8. Application of Payments. . . . . . . . . . . . . . . . . . 32 Section 2.9. Payment of Debt Service, Method and Place of Payment . . . 32 Section 2.10. Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . 32 Section 2.11. Defeasance Requirements . . . . . . . . . . . . . . . . . 32 Section 2.12. Central Cash Management . . . . . . . . . . . . . . . . . 34 Section 2.13. Security Agreement. . . . . . . . . . . . . . . . . . . . 42 Section 2.14. Securitization. . . . . . . . . . . . . . . . . . . . . . 44 Section 2.15. Supplemental Deed of Trust Affidavits . . . . . . . . . . 46 Section 2.16. Transfer of Trust Property. . . . . . . . . . . . . . . . 46 ARTICLE III.
