Common use of Agreement to Release Clause in Contracts

Agreement to Release. During the Disposition Period, upon each Closing LaSalle shall, provided no Loan Document Default has occurred and is then continuing and the Uni-Mart is in compliance with all of its obligations under this Agreement, upon (i) the receipt of the aggregate, applicable Outstanding Loan Balance for the Loan corresponding to the Underperforming Property being sold, calculated as of the date of such Closing, and (ii) any Borrower Collateral Unit Excess Proceeds being applied as described under subsection E below, either (x) release its liens on the applicable Underperforming Property on the applicable Closing Date or (y) provide on such Closing Date to the title company handling the applicable Closing written confirmation satisfactory to them that such liens will be released promptly after such Closing Date, subject to the satisfaction of clauses (i) and (ii) of this sentence (in which case, LaSalle shall release its liens promptly after such Closing Date, subject to the satisfaction of clauses (i) and (ii) of this sentence). LaSalle shall have no obligation to release any Mortgage or other security interest or lien with respect to any Underperforming Property unless and until it has received the payment required to be made pursuant to this Section 2 at the Closing of the sale of such Underperforming Property.

Agreement to Release. During the Disposition Period, upon each Closing LaSalle WAMU shall, provided no Loan Document Default has occurred and is then continuing and the Uni-Mart applicable Borrower(s) is in compliance with all of its obligations under this Agreement, upon (i) the receipt of the aggregate, applicable Outstanding Loan Balance for the Loan or Loans corresponding to the Underperforming Property being sold, calculated as of the date of such Closing, and (ii) any Borrower Collateral Unit Excess Proceeds being applied as described under subsection E below, either (x) release its liens on the applicable Underperforming Property on the applicable Closing Date or (y) provide on such Closing Date to the title company handling the applicable Closing written confirmation satisfactory to them that such liens will be released promptly after such Closing Date, subject to the satisfaction of clauses (i) and (ii) of this sentence (in which case, LaSalle WAMU shall release its liens promptly after such Closing Date, subject to the satisfaction of clauses (i) and (ii) of this sentence). LaSalle WAMU shall have no obligation to release any Mortgage or other security interest or lien with respect to any Underperforming Property unless and until it has received the payment required to be made pursuant to this Section 2 at the Closing of the sale of such Underperforming Property. Upon the Closing for each Underperforming Property which is the subject of the Lease, Luzerne and Uni-Mart shall release such Underperforming Property from the Lease and terminate the recorded memorandum of lease with respect to such Underperforming Property, provided that, the rent payable under the Lease shall not be reduced by reason of such release and termination, except as contemplated by Section 11(a).

Agreement to Release. During the Disposition Period, upon each Closing LaSalle shall, provided no Loan Document Default has occurred and is then continuing and the Uni-Mart applicable Borrower(s) is in compliance with all of its obligations under this Agreement, upon (i) the receipt of the aggregate, applicable Outstanding Loan Balance for the Loan or Loans corresponding to the Underperforming Property being sold, calculated as of the date of such Closing, and (ii) any Borrower Collateral Unit Excess Proceeds being applied as described under subsection E below, either (x) release its liens on the applicable Underperforming Property on the applicable Closing Date or (y) provide on such Closing Date to the title company handling the applicable Closing written confirmation satisfactory to them that such liens will be released promptly after such Closing Date, subject to the satisfaction of clauses (i) and (ii) of this sentence (in which case, LaSalle shall release its liens promptly after such Closing Date, subject to the satisfaction of clauses (i) and (ii) of this sentence). LaSalle shall have no obligation to release any Mortgage or other security interest or lien with respect to any Underperforming Property unless and until it has received the payment required to be made pursuant to this Section 2 at the Closing of the sale of such Underperforming Property. Upon the Closing for each Underperforming Property which is the subject of the Lease, ▇▇▇▇▇▇-▇▇▇▇▇ and Uni-Mart shall release such Underperforming Property from the Lease and terminate the recorded memorandum of lease with respect to such Underperforming Property, provided that, the rent payable under the Lease shall not be reduced by reason of such release and termination, except as contemplated by Section 11(a).