Common use of Release of Individual Property Clause in Contracts

Release of Individual Property. In the event Mortgage Borrower requests the release of any Individual Property or Properties, subject to satisfaction of each of the conditions set forth below (collectively, the “General Release Conditions”), Mezzanine Lender shall consent to such release and to the other actions to be taken by Mortgage Lender in accordance with Section 2.3.4 of the Loan Agreement (Mortgage) with respect to such Individual Property or Properties (each a “Release Property”): (a) Mezzanine Borrower delivers a written notice (a “Property Release Notice”) to Mezzanine Lender of its desire to effect such Property Release no later than thirty (30) days prior to the date of such desired Property Release, and setting forth the Business Day (the “Release Date”) on which Mezzanine Borrower desires that Mortgage Lender release its interest in such Release Property. (b) Mezzanine Borrower and Mortgage Borrower shall have paid (i) the “Release Price” (as such term is defined herein and in the Loan Agreement (Mortgage)), (ii) the applicable Prepayment Fee (as such term is defined herein and in the Loan Agreement (Mortgage), if any, (iii) all other sums due under the applicable loan in connection with such prepayment, for deposit into the Holding Account and disbursement by the Cash Management Bank in accordance with Section 3.1.

Release of Individual Property. In the event Mortgage Borrower requests the release of any Individual Property or Properties, subject to satisfaction of each of the conditions set forth below (collectively, the “General Release Conditions”), Mezzanine Lender shall consent to such release and to the other actions to be taken by Mortgage Lender in accordance with Section 2.3.4 of the Loan Agreement (Mortgage) with respect to such Individual Property or Properties (each a “Release Property”): (a) Mezzanine Borrower delivers a written notice (a “Property Release Notice”) to Mezzanine Lender of its desire to effect such Property Release no later than thirty (30) days prior to the date of such desired Property Release, and setting forth the Business Day (the “Release Date”) on which Mezzanine Borrower desires that Mortgage Lender release its interest in such Release Property. (b) Mezzanine Borrower and each Senior Mezzanine Borrower and Mortgage Borrower shall have paid (i) the “Release Price” (as such term is defined herein and in the Loan Agreement (Mortgage)), and each Senior Mezzanine Loan Agreement, (ii) the applicable Prepayment Fee (as such term is defined herein and in the Loan Agreement (Mortgage), each Senior Mezzanine Loan Agreement), if any, (iii) all other sums due under the applicable loan in connection with such prepayment, for deposit into the Holding Account and disbursement by the Cash Management Bank in accordance with Section 3.1.

Release of Individual Property. In the event Mortgage Borrower requests the release of any Individual Property or Properties, subject to satisfaction of each of the conditions set forth below (collectively, the “General Release Conditions”), Mezzanine Lender shall consent to such release and to the other actions to be taken by Mortgage Lender in accordance with Section 2.3.4 of the Loan Agreement (Mortgage) with respect to such Individual Property or Properties (each a “Release Property”): (a) Mezzanine Borrower delivers a written notice (a “Property Release Notice”) to Mezzanine Lender of its desire to effect such Property Release no later than thirty (30) days prior to the date of such desired Property Release, and setting forth the Business Day (the “Release Date”) on which Mezzanine Borrower desires that Mortgage Lender release its interest in such Release Property. (b) Mezzanine Borrower and each Senior Mezzanine Borrower and Mortgage Borrower shall have paid (i) the “Release Price” (as such term is defined herein and in the Loan Agreement (Mortgage)), and each Senior Mezzanine Loan Agreement, (ii) the applicable Prepayment Fee (as such term is defined herein and in the Loan Agreement (Mortgage), if any, (iii) all other sums due under the applicable loan in connection with such prepayment, for deposit into the Holding Account and disbursement by the Cash Management Bank in accordance with Section 3.1.Agreement

Release of Individual Property. In the event Mortgage Borrower requests the release of any Individual Property or Properties, subject to satisfaction of each of the conditions set forth below (collectively, the “General Release Conditions”), Mezzanine Lender shall consent to such release and to the other actions to be taken by Mortgage Lender in accordance with Section 2.3.4 of the Loan Agreement (Mortgage) with respect to such Individual Property or Properties (each a “Release Property”): (a) Mezzanine Borrower delivers a written notice (a “Property Release Notice”) to Mezzanine Lender of its desire to effect such Property Release no later than thirty (30) days prior to the date of such desired Property Release, and setting forth the Business Day (the “Release Date”) on which Mezzanine Borrower desires that Mortgage Lender release its interest in such Release Property. (b) Mezzanine Borrower Mortgage Borrower, and Mortgage each Senior Mezzanine Borrower shall have paid (i) the “Release Price” (as such term is defined herein and in the Loan Agreement (Mortgage))) and each Senior Mezzanine Loan Agreement, (ii) the applicable Prepayment Fee (as such term is defined herein and in the Loan Agreement (Mortgage), ) and each Senior Mezzanine Loan Agreement if any, (iii) all other sums due under the applicable loan in connection with such prepayment, for deposit into the Holding Account and disbursement by the Cash Management Bank in accordance with Section 3.1.