Common use of Conveyance Documents; Release Terms Clause in Contracts

Conveyance Documents; Release Terms. The Borrower agrees to deposit a grant deed, ▇▇▇▇ of sale, assignment of leases and other documents called for by Article IV herein (the "Conveyance Documents") and Lender agrees to deposit an executed counterpart to the assignment of leases with Post & ▇▇▇▇▇▇▇, LLP (the "Escrow Agent") to be held in escrow in accordance with the terms and conditions of this Modification Agreement, and that certain Agreement for Deed attached hereto as EXHIBIT "A". The Conveyance Documents will be held in escrow by Escrow Agent and will not be released to the Lender or its designee until the earlier of the following events (a "Release Event"): (i) In the event Borrower or any affiliate of Borrower takes any action or omits to take any action, in bad faith, which is intended to hinder, impede or delay the exercise by Lender of its rights, powers or remedies under this Modification Agreement and the same is not cured within ten (10) days after notice to Borrower by Lender; provided, however, that the commencement by Borrower of an action against Lender to seek to enforce the terms and provisions of this Modification Agreement shall not constitute a Release Event in the event Borrower determines, in its good faith judgment, that Lender is in breach of the terms and provisions of this Modification Agreement; provided, further, however, that the terms and conditions of that certain Unconditional Limited Guaranty shall not be affected by the foregoing in the event it is determined by final adjudication of a court of competent jurisdiction that such civil action was commenced in bad faith with the intent to hinder, impede or delay the exercise by Lender of its rights, powers or remedies under this Modification Agreement.; (ii) On any day on or after March 1, 2002 upon the closing date of the sale or other conveyance of the Property: (a) in the event the Lender identifies a bona fide third party purchaser to acquire the Property, or (b) for any other reason deemed necessary by Lender in its reasonable discretion acting in good faith to avoid a material economic disadvantage to the Lender (i.e., the participation in a "roll-up" or other form of reorganization of Lender or similar transfer of the Property, but excluding payment of the Expense Distribution (as defined herein) or other monetary amounts due Borrower pursuant to the terms of this Modification Agreement); and (iii) March 1, 2003.

Conveyance Documents; Release Terms. The Borrower agrees to deposit a grant deed, ▇▇▇▇ bill of sale, assignment assignme▇▇ of leases and other documents called for by Article IV herein (the "Conveyance Documents") and Lender agrees to deposit an executed counterpart to the assignment of leases with Post & ▇▇▇▇▇▇▇Heymann, LLP (the "Escrow AgentEsc▇▇▇ ▇▇▇nt") to be held in escrow in accordance with the terms and conditions of this Modification Agreement, and that certain Agreement for Deed attached hereto as EXHIBIT Exhibit "A". The Conveyance Documents will be held in escrow by Escrow Agent and will not be released to the Lender or its designee until the earlier of the following events (a "Release Event"): (i) In the event Borrower or any affiliate of Borrower takes any action or omits to take any action, in bad faith, which is intended to hinder, impede or delay the exercise by Lender of its rights, powers or remedies under this Modification Agreement and the same is not cured within ten (10) days after notice to Borrower by Lender; provided, however, that the commencement by Borrower of an action against Lender to seek to enforce the terms and provisions of this Modification Agreement shall not constitute a Release Event in the event Borrower determines, in its good faith judgment, that Lender is in breach of the terms and provisions of this Modification Agreement; provided, further, however, that the terms and conditions of that certain Unconditional Limited Guaranty shall not be affected by the foregoing in the event it is determined by final adjudication of a court of competent jurisdiction that such civil action was commenced in bad faith with the intent to hinder, impede or delay the exercise by Lender of its rights, powers or remedies under this Modification Agreement.; (ii) On any day on or after March 1, 2002 upon the closing date of the sale or other conveyance of the Property: (a) in the event the Lender identifies a bona fide third party purchaser to acquire the Property, or (b) for any other reason deemed necessary by Lender in its reasonable discretion acting in good faith to avoid a material economic disadvantage to the Lender (i.e., the participation in a "roll-up" or other form of reorganization of Lender or similar transfer of the Property, but excluding payment of the Expense Distribution (as defined herein) or other monetary amounts due Borrower pursuant to the terms of this Modification Agreement); and (iii) March 1, 2003.