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Releases of Mortgaged Properties Sample Clauses

Releases of Mortgaged Properties. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), in connection with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans that are Crossed Loans, and the other individual Mortgage Loans secured by multiple parcels, may require the respective mortgagee(s) to grant releases of portions of the related Mortgaged Property or the release of one or more related Mortgaged Properties upon (i) the satisfaction of certain legal and underwriting requirements or (ii) the payment of a release price in connection therewith; and provided, further, that certain Crossed Groups or individual Mortgage Loans secured by multiple parcels may permit the related Mortgagor to obtain the release of one or more of the related Mortgaged Properties by substituting comparable real estate property, subject to, among other conditions precedent, receipt of confirmation from each Rating Agency that such release and substitution will not result in a qualification, downgrade or withdrawal of any of its then-current ratings of the Certificates; and provided, further, that any Mortgage Loan may permit the unconditional release of one or more unimproved parcels of land to which the Seller did not give any material value in underwriting the Mortgage Loan.
Releases of Mortgaged Properties. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of U.S. “government securities” within the meaning of Treasury Regulations Section 1.860G-2(a)(8)(ii) in connection with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans that are Cross-Collateralized Mortgage Loans and the other individual Mortgage Loans secured by multiple parcels may require the respective mortgagee(s) to grant releases of portions of the related Mortgaged Property or the release of one or more related Mortgaged Properties upon (i) the satisfaction of certain legal and underwriting requirements, (ii) the payment of a release price and, if so provided in the related Mortgage Loan Documents, prepayment consideration in connection therewith or (iii) the substitution of real property collateral; and provided, further, that any Mortgage Loan may permit the unconditional release of one or more unimproved parcels of land to which the Mortgage Loan Seller did not give any material value in underwriting the Mortgage Loan. With respect to any full or partial release or substitution of collateral, as contemplated by the provisos to the immediately preceding sentence, either: (a) such release or substitution of collateral (I) would not constitute a “significant modification” of the subject Mortgage Loan within the meaning of Treasury Regulations Section 1.860G-2(b)(2) and either (II)(a) would not cause the subject Mortgage Loan to fail to be “principally secured” by an interest in real property within the meaning of Section 1.860G-2(b)(7)(ii) or (iii) of the Treasury Regulations, except as may be permitted under Rev. Proc. 2010-30, 2010-36 I.R.B. 316, or (II)(b) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (b) the mortgagee or servicer can, in accordance with the related Mortgage Loan Documents, condition such release or substitution of collateral on the related Borrower’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (a).
Releases of Mortgaged Properties. Except as set forth on Schedule C-1, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon: (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of "government securities" within the meaning of Treas. Reg. Section 1.860G-2(a)(8)(i) in connection with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans that are Cross-Collateralized Mortgage Loans, and the other individual Mortgage Loans secured by multiple parcels, may require the respective mortgagee(s) to grant releases of material portions of the related Mortgaged Property or the release of one or more related Mortgaged Properties upon: (i) the satisfaction of certain legal and underwriting requirements, (ii) the payment of a release price (in an amount that is, except as otherwise set forth on Schedule C-1, at least equal to 125% of the allocated loan amount for the released property or parcel) and prepayment consideration in connection therewith or (iii) the delivery of substitute real estate collateral. No release or partial release of any Mortgaged Property, or any portion thereof, expressly permitted pursuant to the terms of any Mortgage Note or Mortgage would constitute a significant modification of the related Mortgage Loan under Treas. Reg. Section 1.860G-2(b)(2). Notwithstanding the foregoing, any Mortgage Loan may permit the unconditional release of one or more unimproved parcels of land to which the Seller did not give any material value in its underwriting of such Mortgage Loan.
Releases of Mortgaged Properties. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of U.S. Treasury securities in connection with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans that are Cross-Collateralized Mortgage Loans, and the other individual Mortgage Loans secured by multiple parcels, may require the respective mortgagee(s) to grant releases of portions of the related Mortgaged Property or the release of one or more related Mortgaged Properties upon (i) the satisfaction of certain legal and underwriting requirements or (ii) the payment of a release price and prepayment consideration in connection therewith; and provided, further, that any Mortgage Loan may permit the unconditional release of one or more unimproved parcels of land to which the Seller did not give any material value in underwriting the Mortgage Loan.
Releases of Mortgaged Properties. No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of U.S. “government securities” within the meaning of (a) would not cause the subject Mortgage Loan to fail to be “principally secured” by an interest in real property within the meaning of Section 1.860G-2(b)(7)(ii) or (iii) of the Treasury Regulations, except as may be permitted under Rev. Proc. 2010-30, 2010-36 I.R.B. 316, or (II)(b) would not cause the subject Mortgage Loan to fail to be a “qualified mortgage” within the meaning of Section 860G(a)(3)(A) of the Code; or (b) the mortgagee or servicer can, in accordance with the related Mortgage Loan Documents, condition such release or substitution of collateral on the related Borrower’s delivery of an opinion of tax counsel to the effect specified in the immediately preceding clause (a).
Releases of Mortgaged Properties. IPC Louisville Portfolio (Loan The loan documents permit the release of the No. 20050939) retail building at the Hurstbourne Business Center property from the lien of the related Mortgage without payment of a release price, subject to the satisfaction of certain conditions set forth in the related loan agreement. The borrower under the Mortgage Loan is also permitted to obtain the release of one or more of the individual properties through partial defeasance. IPC New York/Wichita Portfolio The borrower under the IPC New York (Loan Nos. 20050967and 20050968) Portfolio loan is permitted to partially defease the IPC New York Portfolio Loan. The IPC Wichita Portfolio Loan may only be defeased in whole.
Releases of Mortgaged PropertiesMortgage Loan No. DBM 18317, Virginia -------------------------------- FF Retail Portfolio, permits release of an individual mortgaged property from the mortgage lien in connection with partial defeasance, provided, among other conditions, that (i) the borrower pays a release price equal to 125% of the allocated loan amount, multiplied by a fraction whose numerator is the outstanding principal balance of the Loan on the date of such partial release and whose denominator is the original outstanding principal balance of the Loan, (ii) the underwritten debt service coverage ratio for the remaining property is at least 1.30x, (iii) the maximum loan-to-value ratio for the remaining property is not more than 75% and (iv) if requested by lender, the borrower shall furnish a rating agency confirmation of no resulting downgrade to the ratings of the REMIC securities.
Releases of Mortgaged Properties. Simon - West Ridge Mall (58295) The related borrower is permitted to substitute the related mortgaged Simon - Boardman Plaza (58298) xxxxxxxx for other retail property provided certain conditions are satisfied, including that the substitute property has an appraised value of 110% of the released property, net operating income shall be 115% of the net operating income of the released property, and delivery of a rating agency confirmation. The related borrower is also permitted to release non-income generating portions of the related mortgaged property without lender's consent to governmental agencies (condemnations/dedications) and third parties (e.g. pad site owners and out parcel owners) or grant easements to such non-income producing property for the purpose of erecting and operating additional structures whose use is integrated and consistent with the use of the mortgaged property. Dallas Market Center (58320) The related borrower may release the "Garage Parcels" provided certain conditions are satisfied, including receipt of a no-down grade letter and a REMIC opinion. The "Garage Parcels" were not assigned any value in underwriting. Sun Communities - Buttonwood Bay (58208) In connection with a defeasance, the related borrower is required to provide defeasance collateral in an amount Sun Communities - Maplewood (58209) necessary to pay scheduled principal and interest through the related lock-out date and the outstanding Sun Communities - Meadows (58210) principal bxxxxxx of the related Mortgage Loan following the expiration of the related lock-out period. Sun Communities Portfolio 2 (58211) Sun Communities Portfolio 12 (58230) Sun Communities - Pine Ridge (58330) Sun Communities - Catalina (58231) REPRESENTATION 37 Tax Parcels. ------------ Sun Communities Portfolio 2 (58211) All properties constituting the related mortgaged property are not separate tax parcels. The related borrower is required to obtain separate tax parcel Sun Communities Portfolio 12 (58230) identifications within 120 days of the closing date, or if later, at least 30 days prior to the next tax billing date. Simon - West Ridge Mall (58295) The related mortgaged property will be assessed for real estate purposes as a wholly independent lot upon the next assessment. The related borrower has represented that it has taken all steps necessary to effectuate the separation of the property for real estate tax purposes. North Hills Medical Office Building (57819) The related loan agreement p...
Releases of Mortgaged PropertiesJCC Holding and the Borrower covenant and agree to take all actions as may from time to time be required so that no Mortgaged Property is at any time released from the respective Mortgage (whether in accordance with the express release provisions of such Mortgage or otherwise) unless JCC Holding and the Borrower have obtained the prior written consent of the Required Banks (or in the circumstances required by Section 16.12, all of the Banks) to such release, even if the respective release would otherwise have been permitted without such consent in accordance with the release provisions of the respective Mortgage.
Releases of Mortgaged Properties