Defeasance Documents definition
Examples of Defeasance Documents in a sentence
Except as modified by this Agreement and the other Defeasance Documents, the Loan Documents shall remain unchanged and in full force and effect.
No such changes will increase Pledgor’s obligations under the Loan Documents and the Defeasance Documents that continue after the date of this Agreement as set forth in Section 5 above.
Notwithstanding the foregoing, from and after the date hereof, any new agreement pertaining to the Loan and any amendment, modification or extension of the Defeasance Documents may be made solely by Successor Borrower and Pledgee and shall not require the consent or execution of Pledgor.
Pledgor will not, and Pledgor will not permit any Person to, sell, assign, transfer, convey, pledge or otherwise dispose of all or any direct or indirect interest in Pledgor, without the prior written consent of Pledgee, until the earlier of the date on which (i) Pledgor has transferred all of its right, title and interest in the Pledged Collateral in accordance with the terms of the Defeasance Documents, or (ii) all Secured Obligations have been paid in full and satisfied.
The provisions set forth in this Section 5 shall survive any release of Pledgor by Pledgee set forth in the Defeasance Documents and any termination of this Agreement.
So long as no Event of Default shall have occurred and be continuing, all distributions, cash, interest, earnings, return of capital or other payments made in respect of the Pledged Collateral shall be deposited in the Pledged Collateral Account and utilized in accordance with the provisions of the Defeasance Documents (which utilization shall include, without limitation, the payment of scheduled installments due under the Note and the final payment on the Maturity Date).
Except as expressly set forth in this Agreement, Pledgee hereby releases Pledgor from its obligations under the Loan Documents and the Defeasance Documents.
At all times, whether before or during the continuation of any Event of Default, all rights to enforce and collect payments in respect of the Pledged Collateral or to direct the disposition thereof shall be exercised exclusively by Pledgee and the proceeds of any such exercise shall be applied to Pledgor’s obligations under the Defeasance Documents.
Except where notice is specifically required by this Agreement or the other Defeasance Documents, no notice to or demand on Pledgor in any case shall entitle Pledgor to any other or further notice or demand in similar or other circumstances.
Except as modified by this Agreement and the other Defeasance Documents, the Mortgage Loan Documents shall remain unchanged and in full force and effect.