Release of an Individual Property Sample Clauses

The "Release of an Individual Property" clause allows for a specific property within a larger portfolio or agreement to be removed from the obligations or restrictions of the contract. In practice, this means that if certain conditions are met—such as repayment of a portion of a loan or fulfillment of specific requirements—the designated property can be released from liens, mortgages, or other encumbrances tied to the broader agreement. This clause is essential for providing flexibility to the parties, enabling them to sell, refinance, or otherwise deal with individual properties without affecting the status of the remaining assets under the contract.
Release of an Individual Property. Except as set forth in Section 2.3, Section 2.6, Section 6.4(e) and this Section 2.5, 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 any Lien of any Security Instrument on any Individual Property. Subject to Section 6.4(e) below, after the Lockout Date, Borrower may obtain the release of an Individual Property from the Lien of the Security Instrument thereon (and related Loan Documents) upon a bona fide third-party sale of such Individual Property and the release of Borrower’s obligations under the Loan Documents with respect to such Individual Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions: (a) No Event of Default shall exist as of the date of Borrower’s notice to Lender pursuant to Section 2.5 (c) and no Event of Default exist immediately after the consummation of such release; (b) The amount of the outstanding principal balance of the Loan to be prepaid in connection with such release shall equal the Release Price for the applicable Individual Property; (c) Borrower shall provide Lender with at least thirty (30) days but no more than ninety (90) days prior written notice of its request to obtain a release of the Individual Property, which such notice shall specify the date, which must be a Business Day (the “Release Date”), on which the release is to be consummated; (d) On the Release Date, Borrower shall pay to Lender all unpaid interest on the portion of the outstanding principal amount of the Loan being prepaid plus, if the Release Date is not a Payment Date, all interest accruing for the full Interest Accrual Period in which the Release Date falls; (e) On the Release Date, Borrower shall pay to Lender the Yield Maintenance Premium (if such payment is made prior to the Open Date); (f) In accordance with the release of a Security Instrument in accordance with the terms hereof, Borrower shall submit to Lender, not less than thirty (30) days prior to the Release Date, a release of Lien (and related Loan Documents) for each Individual Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which each Individual Property is located and that would be satisfactory to a prudent institutional lender and shall contain standard provisions, if any, protecting the rights of the releasing lender. In addition, Borrower shall provide all other documentation ...
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Release of an Individual Property. In the event that Owners elect to prepay the outstanding principal balance under the Senior Loan and obtain a release with respect to an Individual Property pursuant to the terms of either SECTION 5.2(c)(ii) or SECTION 5.3(d) of the Senior Loan Agreement, Borrowers shall only permit Owners to obtain a release of such Individual Property, if Borrowers shall cause Owners to deposit with Mezzanine Lender an amount equal to 200% of the Outstanding Principal Balance of the Mezzanine Loan applicable to such Individual Property as of such date as a prepayment thereof, and all amounts in excess of such Outstanding Principal Balance attributable to such Individual Property shall be deposited by Mezzanine Lender into the Subordinate Deposit Account and applied in such order and priority as Mezzanine Lender 374 shall determine in its sole discretion. In the event of such prepayment as aforesaid, if an Event of Default has not occurred, no Yield Maintenance Premium shall be payable by Borrowers.
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Related to Release of an Individual Property

  • Prevention of and release from arrest Each Borrower shall promptly discharge: (a) all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship owned by it, the Earnings or the Insurances; (b) all taxes, dues and other amounts charged in respect of the Ship owned by it, the Earnings or the Insurances; and (c) all other outgoings whatsoever in respect of the Ship owned by it, the Earnings or the Insurances, and, forthwith upon receiving notice of the arrest of the Ship owned by it, or of its detention in exercise or purported exercise of any lien or claim, that Borrower shall procure its release by providing bail or otherwise as the circumstances may require.

  • Release of and Resort to Collateral Mortgagee may release, regardless of consideration and without the necessity for any notice to or consent by the holder of any subordinate lien on the Mortgaged Property, any part of the Mortgaged Property without, as to the remainder, in any way impairing, affecting, subordinating or releasing the lien or security interest created in or evidenced by the Loan Documents or their status as a first and prior lien and security interest in and to the Mortgaged Property. For payment of the Indebtedness, Mortgagee may resort to any other security in such order and manner as Mortgagee may elect.

  • No Release; Return or Destruction Each Party agrees not to release or disclose, or permit to be released or disclosed, any information addressed in Section 6.9(a) to any other Person, except its Representatives who need to know such information in their capacities as such (who shall be advised of their obligations hereunder with respect to such information), and except in compliance with Section 6.10. Without limiting the foregoing, when any such information is no longer needed for the purposes contemplated by this Agreement or any Ancillary Agreement, and is no longer subject to any legal hold or other document preservation obligation, each Party will promptly after request of the other Party either return to the other Party all such information in a tangible form (including all copies thereof and all notes, extracts or summaries based thereon) or notify the other Party in writing that it has destroyed such information (and such copies thereof and such notes, extracts or summaries based thereon); provided, that the Parties may retain electronic back-up versions of such information maintained on routine computer system backup tapes, disks or other backup storage devices; provided further, that any such information so retained shall remain subject to the confidentiality provisions of this Agreement or any Ancillary Agreement.

  • Hazardous Material Contractor shall not permit any Hazardous Material (as defined below) to be located, used, incorporated into the Work or brought onto the Job Site in connection with the Work unless (i) absolutely necessary because no alternative is available, (ii) the precise nature and quantity of the Hazardous Material is specified in writing to Owner, (iii) the prior written approval of Owner is obtained, and (iv) Contractor complies with all Laws and prudent business practices concerning the Hazardous Material required. If Contractor encounters any material it reasonably believes to be Hazardous Material, or becomes aware of any incident involving Hazardous Material at the Job Site, Contractor shall immediately stop the Work in the area so affected and shall immediately report the same to Owner. Contractor shall also immediately notify Owner of any notice Contractor receives concerning the presence or use of Hazardous Material at the Job Site. Contractor shall be liable for all on and off-site disposal or transport of Hazardous Material (and shall sign any manifest for the transport or storage of such Hazardous Material), and for any discharge, release, injury to any person, or injury or damage to any property resulting from use of Hazardous Material in the performance of the Work. Contractor shall, at its expense, cause the removal of the Hazardous Material and remedy any associated problems in accordance with applicable Laws and prudent business practices. "Hazardous Material" shall mean (1) any Hazardous Material as defined under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, the Resource Conservation and Recovery Act, or under any applicable state or local Laws, (2) any substance or matter that results in liability to any person or entity from discharge of or exposure to such substance or matter under any statutory or common law theory, (3) pesticides, asbestos, formaldehyde, polychlorinated biphenyl, solvents, petroleum and motor fuel hydrocarbon material, and (4) any other substance or matter that becomes subject to any federal, state or local agency order or requirement for removal, treatment or remedial action. To the extent permitted by Law, and without in any way limiting any other indemnity obligation under this Agreement, Contractor shall indemnify, defend (at Contractor's sole cost and with legal counsel acceptable to Owner) and hold Owner and their respective officers, directors, agents, employees, representatives, shareholders, partners, affiliates, successors and assigns harmless, from and against any and all claims, losses, costs or liabilities arising out of an incurred connection with removing or remediating any Hazardous Materials on or about the Job Site or transported on, to, from or about the Job Site by Contractor. This indemnity shall be effective during and after completion of the Work.

  • Release of Releasees ‌ (1) Upon the Effective Date, and in consideration of payment of the Settlement Amount, and for other valuable consideration set forth in the Settlement Agreement, the Releasors forever and absolutely release the Releasees from the Released Claims that any of them, whether directly, indirectly, derivatively, or in any other capacity, ever had, now have, or hereafter can, shall, or may have.