PARTIAL RELEASE OF PROPERTIES Clause Samples

The Partial Release of Properties clause allows for specific portions of a property or multiple properties to be released from a broader legal obligation, such as a mortgage or lien, while the remainder stays subject to the original agreement. In practice, this means that if a borrower sells or refinances a part of the secured property, they can request the lender to release that portion from the security interest, often after meeting certain conditions like partial repayment or providing substitute collateral. This clause is essential for providing flexibility in managing large or multi-parcel properties, enabling transactions involving only part of the property without requiring full satisfaction of the underlying obligation.
PARTIAL RELEASE OF PROPERTIES. Borrower shall have the right to obtain releases of individual Properties from the lien of the Mortgages and the other Loan Documents (and to obtain a release of any Ordinary Capital Expenditure Funds, Capital Improvement Funds, Tax Funds and Insurance Premium Funds held in connection therewith) upon the following terms and conditions: (i) no default shall have occurred and be continuing under the Loan Documents; (ii) the covenant set forth in SECTION 5.1.11 entitled "Single Purpose" shall be fully satisfied, such that the Borrower will no longer own the released Property;
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PARTIAL RELEASE OF PROPERTIES. 68 Section 13.1. Partial Release of Properties....................................68
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PARTIAL RELEASE OF PROPERTIES. 68 Section 13.1. Partial Release of Properties....................................68 Section 13.2. [Intentionally Reserved].........................................69 Section 13.3. Allocated Loan Amounts...........................................70 ARTICLE XIV. MISCELLANEOUS............................................................70 Section 14.1. Non-Waiver.......................................................70 Section 14.2. Sole Discretion..................................................70
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PARTIAL RELEASE OF PROPERTIES. The Real Property is comprised of the Executive II project located at 8360 LBJ Freeway, Dallas, Texas (the "EXECUTIVE II PROPERTY"), and t▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇ ▇BJ Freeway, Dallas, Texas (the "EXECUTIVE III PROPERTY"). Gran▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇ain releases of either one of the Executive II Property or the Executive III Property (each, a "RELEASE PROPERTY"), from the lien of this Deed of Trust and the other Loan Documents upon a written request made not later than ten (10) business days prior to the requested release (and accompanied by any purchase agreements and other supporting documentation), subject to the following terms and conditions: (a) no default or Event of Default exists or shall have occurred during the most recent two (2) calendar quarters under the Loan Documents; (b) the applicable Release Property shall be sold to a third-party party purchaser in an arms-length transaction such that the Grantor and its partners, principals and affiliates will no longer own the applicable Release Property; (c) Grantor shall pay to Beneficiary in immediately available funds, the release price for Release Property, which release price shall be the greater of (i) 125% of the Allocated Loan Amount, as set forth on EXHIBIT E attached hereto and made a part hereof (the "RELEASE PRICE"); and (ii) ninety percent (90%) of the Net Sales Proceeds with respect to the applicable Release Property. (d) The Debt Service Coverage for the remaining unreleased Real Property shall be the Minimum Debt Service Coverage (as defined in the Note).
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PARTIAL RELEASE OF PROPERTIES. 68 Section 13.1. Partial Release of Properties....................................68 Section 13.2. Release of Portions of Mobile Gardens, ▇▇▇▇▇▇▇▇▇▇ Village and Lakeside of the Palm Beaches Properties...............................................69 Section 13.3. Allocated Loan Amounts...........................................70 ARTICLE XIV. MISCELLANEOUS............................................................70 Section 14.1. Non-Waiver.......................................................70 Section 14.2. Sole Discretion..................................................70
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PARTIAL RELEASE OF PROPERTIES. 68 Section 13.1. Partial Release of Properties......................68 Section 13.2. Release of Portions of Zoppe's Property and Burntwood Property.................................69 Section 13.3. Allocated Loan Amounts.............................70 ARTICLE XIV. MISCELLANEOUS..............................................70 Section 14.1. Non-Waiver.........................................70 Section 14.2. Sole Discretion....................................70
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Related to PARTIAL RELEASE OF PROPERTIES

  • Release of Property Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

  • Lease of Property Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease.

  • Condition of Properties All facilities, machinery, equipment, fixtures and other properties owned, leased or used by the Company are in reasonably good operating condition and repair, subject to ordinary wear and tear, and are adequate and sufficient for the Company’s business.

  • Maintenance of Properties and Leases Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all appropriate repairs, renewals or replacements thereof.

  • Operation of Properties The Borrower will and will cause each Subsidiary to operate its Properties or cause such Properties to be operated in a careful and efficient manner in accordance with the practices of the industry and in compliance with all applicable contracts and agreements and in compliance in all material respects with all Governmental Requirements.