Defeasance Property definition
Examples of Defeasance Property in a sentence
Such release shall be in a form appropriate in each jurisdiction in which the Partial Defeasance Property is located and satisfactory to Lender in its sole discretion.
Escrow Holder shall be instructed to record such Defeasance Property Deeds if and when Escrow Holder holds the instruments and funds accruing to Buyer and Seller as set forth herein and can obtain for Buyer the Defeasance Title Policies (as defined below).
Upon the Defeasance Close of Escrow (as hereinafter defined), a portion of the Deposit equal to Three Million Three Hundred Thirty-Three Thousand Three Hundred Thirty-Three and 33/100 Dollars ($3,333,333.33) (the “Defeasance Property Deposit”) shall be applied as a credit to the Purchase Price payable at the Defeasance Closing (as defined below) in accordance with the Individual Property Allocations for the Defeasance Property (as defined below) (the “Defeasance Property Purchase Price”).
Lender shall, at Borrower’s expense, prepare, execute and deliver any instruments reasonably necessary to release the lien of the Mortgage and other Loan Documents from the Defeasance Property and the Collateral (or, for a Partial Defeasance, the Defeasance Property and the associated portion of the Collateral).
Seller shall pay only the outstanding principal amount of the Defeased Loans at the Defeasance Close of Escrow from the Defeasance Property Purchase Price and any of Seller’s counsel fees with respect to coordinating the defeasance of the Defeased Loans.