Common use of Voluntary Defeasance Clause in Contracts

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 ................................ 24 Section 2.6 Manner of Making Payments; Cash Management .............. 25 2.6.1 Deposits into Lockbox Account .............................. 25 2.6.2 Making of Payments .......................................... 25 2.6.3 Payments Received in the Lockbox Account ................... 25 2.6.4 No Deductions, etc .......................................... 26 Section 2.7 Property Substitutions .................................. 26 2.7.1 Substitution of Property ................................... 26

Voluntary Defeasance. 21 14 2.4.2 Successor Borrower .......................................... 23 Borrower................................................................... 16 Section 2.5 Release of Property ..................................... 23 Property.................................................................. 16 2.5.1 Release of all Properties .................................. 23 Properties............................................................ 17 2.5.2 Release of Individual Property ............................. 24 Property....................................................... 17 2.5.3 Release on Payment in Full ................................ 24 Full........................................................... 18 Section 2.6 Manner of Making Payments; Cash Management .............. 25 Management........................................... 19 2.6.1 Deposits into Lockbox Account .............................. 25 Account........................................................ 19 2.6.2 Making of Payments .......................................... 25 Payments................................................................... 19 2.6.3 Payments Received in the Lockbox Account ................... 25 Account............................................. 19 2.6.4 No Deductions, etc .......................................... 26 Section 2.7 Property Substitutions .................................. 26 2.7.1 Substitution of Property ................................... 26etc................................................................... 19 2.6.5

Voluntary Defeasance. 21 15 2.4.2 Successor Borrower .......................................... 23 Borrower............................................................... 17 2.4.3 Mandatory Defeasance............................................................. 17 Section 2.5 Release of Property ..................................... 23 Property.............................................................. 17 2.5.1 Release of all Properties .................................. 23 Properties........................................................ 18 2.5.2 Release of Individual Property ............................. 24 Property................................................... 18 2.5.3 Release on Payment in Full ................................ 24 Full....................................................... 19 Section 2.6 Manner of Making Payments; Cash Management .............. 25 Management....................................... 20 2.6.1 Deposits into Lockbox Account .............................. 25 Account.................................................... 20 2.6.2 Making of Payments .......................................... 25 Payments............................................................... 20 2.6.3 Payments Received in the Lockbox Account ................... 25 Account......................................... 20 2.6.4 No Deductions, etc .......................................... 26 Section 2.7 Property Substitutions .................................. 26 2.7.1 Substitution of Property ................................... 26etc............................................................... 20 2.6.5

Voluntary Defeasance. 21 2.4.2 Successor Borrower .......................................... Borrower(s)........................................23 Section 2.5 Release of Property ..................................... Property........................................23 2.5.1 Release of all Properties .................................. Entire Property...................................23 2.5.2 Release of Individual Property ............................. 24 Property...............................23 2.5.3 Release on Payment in Full ................................ Full...................................24 Section 2.6 Manner of Making Payments; Cash Management .............. 25 Management.................24 2.6.1 Payment of Rents to Clearing Accounts; Deposits into Lockbox Account .............................. 25 Accounts........................................24 2.6.2 Making of Payments .......................................... 25 Payments...........................................26 2.6.3 Payments Received in the Lockbox Account ................... 25 Account.....................26 2.6.4 No Deductions, etc .......................................... etc...........................................26 Section 2.7 Property Substitutions .................................. 26 2.7.1 Substitution of Property ................................... Substitutions.....................................26

Voluntary Defeasance. 21 14 2.4.2 Successor Borrower .......................................... 23 Borrower............................................ 16 Section 2.5 Release of Property ..................................... 23 Property........................................... 16 2.5.1 Release of all Properties .................................. 23 Properties..................................... 16 2.5.2 Release of Individual Property ............................. 24 Property................................ 17 2.5.3 Release on Payment in Full ................................ 24 Full.................................... 18 Section 2.6 Manner of Making Payments; Cash Management .............. 25 Management.................... 18 2.6.1 Deposits into Lockbox Account .............................. 25 Account................................. 18 2.6.2 Making of Payments .......................................... 25 Payments............................................ 19 2.6.3 Payments Received in the Lockbox Account ................... 25 Account...................... 19 2.6.4 No Deductions, etc .......................................... 26 Section 2.7 Property Substitutions .................................. 26 2.7.1 Substitution of Property ................................... 26etc............................................ 19 2.6.5

Voluntary Defeasance. 21 23 2.4.2 Successor Borrower .......................................... 23 Borrower................................ 25 Section 2.5 Release of Property ..................................... 23 Property............................... 26 2.5.1 Release of all Properties .................................. 23 Properties......................... 26 2.5.2 Release of Individual Property ............................. 24 Property.................... 26 2.5.3 Release on Payment in Full ................................ 24 Full........................ 27 Section 2.6 Manner of Making Payments; Cash Management .............. 25 Management........ 27 2.6.1 Deposits into Lockbox Account .............................. 25 Account..................... 27 2.6.2 Making of Payments .......................................... 25 2.6.3 Payments Received in the Lockbox Account ................... 25 2.6.4 Account.......... 28 2.6.3 No Deductions, etc .......................................... 26 etc................................ 28 Section 2.7 Property Substitutions .................................. 26 2.7.1 Substitution of Property ................................... 262.7

Voluntary Defeasance. 21 15 2.4.2 Successor Borrower .......................................... 23 Borrower.................................................................... 17 2.4.3 Mandatory Defeasance.................................................................. 17 Section 2.5 Release of Property ..................................... 23 Property................................................................... 17 2.5.1 Release of all Properties .................................. 23 Properties............................................................. 18 2.5.2 Release of Individual Property ............................. 24 Property........................................................ 18 2.5.3 Release on Payment in Full ................................ 24 Full............................................................ 19 Section 2.6 Manner of Making Payments; Cash Management .............. 25 Management............................................ 20 2.6.1 Deposits into Lockbox Account .............................. 25 Account......................................................... 20 2.6.2 Making of Payments .......................................... 25 Payments.................................................................... 20 2.6.3 Payments Received in the Lockbox Account ................... 25 Account.............................................. 20 2.6.4 No Deductions, etc .......................................... 26 Section 2.7 Property Substitutions .................................. 26 2.7.1 Substitution of Property ................................... 26etc.................................................................... 20 2.6.5