Common use of Release of Real Property Clause in Contracts

Release of Real Property. The Borrower shall have the right, at any time and from time to time, to a release of any portion of the Project Premises from the Subordinate Mortgage, but only as follows: (1) Project Premises not containing any permanent structure necessary for the total operating unity and efficiency of the Project may be released for the purpose of selling the same to a third person or to facilitate the construction or financing of additions to the Project or additional structures not related to the Project on such portion of the Project Premises, but only upon receipt by the Trustee of the following: (a) Certificate of a Borrower Representative setting forth in substance as follows: (i) The address and legal description of the portion of the Project to be released; (ii) The number of square feet of the property to be released, (iii) A certification that (a) the portion of the Project to be released is not needed for the operation of the Project and is not necessary for the total operating unity and efficiency of the Project, and the release will not cause a reduction in the net revenues of the Project; (b) the release will not impair the structural integrity of the Project or the usefulness of the Project; and (c) the release will not inhibit adequate means of ingress to or egress from the Project; (iv) No Default exists under this Loan Agreement, and (v) All conditions precedent herein provided for relating to such release have been complied with; (b) An ALTA survey prepared by a registered land surveyor describing and showing the Project Premises, after giving effect to such release; and (c) An opinion of counsel stating that the certificates, opinions and other instruments which have been or are therewith delivered to and deposited with the Trustee conform to the requirements of this Loan Agreement and that, upon the basis of such application, the property may be released from the lien of the Subordinate Mortgage, and that all conditions precedent herein provided for relating to such release have been complied with. (d) If the Senior Notes are outstanding, evidence that the Initial Funding Lender or Freddie Mac, as applicable, has consented in writing to the release of such real property and evidence of such written approvals provided to the Trustee. (2) The Borrower may at any time or times grant easements, licenses, rights of way and other rights or privileges in the nature of easements with respect to the Project Premises, free from the lien of the Subordinate Mortgage, or the Borrower may release existing easements, licenses, rights of way and other rights or privileges with or without consideration, and the Trustee will execute and deliver any instrument necessary or appropriate to confirm and grant or release any such easement, license, right of way or privilege, provided, however, that prior to any such grant or release, there shall have been supplied to the Trustee a certificate of the Borrower Representative and, if requested by the Trustee, of an Independent Engineer to the effect (i) that such grant or release is not detrimental to the proper operation of the Facilities and (ii) such grant or release will not impair the operating unity or the efficiency of the Facilities on such Project Premises or materially and adversely affect the character thereof.

Release of Real Property. The Borrower shall have the right, at any time and from time to time, to sell or dispose of a release of any portion of the Project Premises Land from the Subordinate Mortgagetime to time, but only as follows: (1a) Project Premises Land not containing any permanent structure necessary for the total operating unity and efficiency of any of the Project Facilities may be released for the purpose sold or otherwise disposed of selling the same to a third person or to facilitate the construction or financing of additions to the Project or additional structures not related to the Project on such portion of the Project Premisesperson, but only upon receipt by the Trustee Issuer of the following: (a) a Certificate of a an Authorized Borrower Representative setting forth in substance as follows: (iA) The address and legal description of the portion of the Project to be released; (ii) The number of square feet of the property to be released, (iii) A certification that (a) the portion disposed of the Project to be released is not needed for the operation of the Project Facilities and is not necessary for the total operating unity and efficiency of the Project, and the release will not cause a reduction in the net revenues of the Project; Project Facilities, (bB) the The release will not impair the structural integrity of the Project Facilities or the usefulness of the Project; Project Facilities for these purposes and (c) the release will not inhibit adequate means of ingress to or egress from the Project;Project Facilities, (ivC) No Default exists under this Loan Agreement, and (vD) All conditions precedent herein provided for relating to such release have been complied with;; DRAFT (b) An ALTA survey prepared by a registered land surveyor describing and showing the Project Premises, after giving effect to such release; and (c) An opinion of counsel stating that the certificates, opinions and other instruments which have been or are therewith delivered to and deposited with the Trustee conform to the requirements of this Loan Agreement and that, upon the basis of such application, the property may be released from the lien of the Subordinate Mortgage, and that all conditions precedent herein provided for relating to such release have been complied with. (d) If the Senior Notes are outstanding, evidence that the Initial Funding Lender or Freddie Mac, as applicable, has consented in writing to the release of such real property and evidence of such written approvals provided to the Trustee. (2) The Borrower may at any time or times grant to themselves or others easements, licenses, rights of way and other rights or privileges in the nature of easements with respect to the Project Premises, free from the lien of the Subordinate MortgageLand, or the Borrower may release existing easements, licenses, rights of way and other rights or privileges with or without consideration, and the Trustee will execute and deliver any instrument necessary or appropriate to confirm and grant or release any such easement, license, right of way or privilege, ; provided, however, that prior to any such grant or release, there shall have been supplied to the Trustee Issuer a certificate Certificate of the Authorized Borrower Representative andRepresentative, if requested by the Trustee, of an Independent Engineer to the effect (i) that such grant or release is not detrimental to the proper operation of the Facilities Project Facilities, and (ii) that such grant or release will not impair the operating unity or the efficiency of the Project Facilities on such Project Premises Land or materially and adversely affect the character thereof.

Release of Real Property. The Borrower shall have the right, at any time and from time to time, to a release of any portion of the Project Premises from the Subordinate Mortgage, but only as follows: (1) If the Senior Loan is Outstanding, the Borrower has received the required releases and approvals under the Senior Loan Documents for such release and the items set forth below in this Section 5.11. (2) If the Senior Loan is no longer Outstanding, then the Borrower shall receive the following: the Project Premises not containing any permanent structure necessary for the total operating unity and efficiency of the Project may be released for the purpose of selling the same to a third person or to facilitate the construction or financing of additions to the Project or additional structures not related to the Project on such portion of the Project Premises, but only upon receipt by the Trustee and the Issuer of the following: (a) A Certificate of a Borrower Representative setting forth in substance as follows: (i) The address and legal description of the portion of the Project to be released; (ii) The number of square feet of the property to be released,; (iii) A certification that (a) the portion of the Project to be released is not needed for the operation of the Project and is not necessary for the total operating unity and efficiency of the Project, and the release will not cause a reduction in the net revenues of the Project; (b) the release will not impair the structural integrity of the Project or the usefulness of the Project; and (c) the release will not inhibit adequate means of ingress to or egress from the Project; (iv) No Event of Default exists under this Subordinate Loan Agreement, ; and (v) All conditions precedent herein provided for relating to such release have been complied with;. (b) An ALTA survey prepared by a registered land surveyor describing and showing the Project Premises, after giving effect to such release; and. (c) An opinion of counsel stating that the certificates, opinions and other instruments which have been or are therewith delivered to and deposited with the Trustee and the Issuer conform to the requirements of this Subordinate Loan Agreement and that, upon the basis of such application, the property may be released from the lien of the Subordinate Mortgage, and that all conditions precedent herein provided for relating to such release have been complied with. (d) If the Senior Notes are Loan is outstanding, evidence that the Initial [Credit Bank][Senior Bond Purchaser] (as defined in the Funding Lender or Freddie Mac, as applicable, Loan Agreement) has consented in writing to the release of such real property and evidence of such written approvals approval is provided to the TrusteeTrustee or, if the Permanent Phase Senior Loan is outstanding, evidence that the Initial Funding Lender has consented in writing to the release of such real property and evidence of such written approval is provided to the Initial Funding Lender. (23) The Borrower may at any time or times grant easements, licenses, rights of way and other rights or privileges in the nature of easements with respect to the Project Premises, free from the lien of the Subordinate Mortgage, or the Borrower may release existing easements, licenses, rights of way and other rights or privileges with or without consideration, and the Trustee will execute and deliver any instrument necessary or appropriate to confirm and grant or release any such easement, license, right of way or privilege, provided, however, that prior to any such grant or release, there shall have been supplied to the Trustee and the Issuer a certificate of the Borrower Representative and, if requested by the Trustee, of an Independent Engineer to the effect that (i) that such grant or release is not detrimental to the proper operation of the Facilities Project and (ii) such grant or release will not impair the operating unity or the efficiency of the Facilities Project on such Project Premises or materially and adversely affect the character thereof.

Release of Real Property. The If no Default exists, the Borrower shall have the right, at any time and from time to time, to a release of any portion of the Project Premises Land from the Subordinate Mortgage, but only as follows: (1i) Project Premises Land not containing any permanent structure necessary for the total operating unity and efficiency of the Project Facilities may be released for the purpose of selling the same to a third person or to facilitate the construction or financing of additions to the Project Buildings or additional structures not related to the Project on the Land, and the Trustee shall, from time to time, release from the Mortgage such portion of the Project Premisesreal property so sold, pledged or disposed of, but only upon receipt by the Trustee of the following: (a1) A Certificate of a an Authorized Borrower Representative setting forth in substance as follows: (i) The address and legal description of the portion of the Project to be released; (iiA) The number of acres or square feet of the property to be released, (iiiB) A certification that (a) the portion The calculation of the Project release price, which shall be equal to the sale price in the event of a sale to an unaffiliated third party or otherwise shall be equal to [$7.00] per square foot, (C) The property to be released is not needed for the operation of the Project Facilities and is not necessary for the total operating unity and efficiency of the Project, and the release will not cause a reduction in the net revenues of the Project; Project Facilities, (bD) the The release will not impair the structural integrity of the Project Facilities or the usefulness of the Project; Project Facilities for these purposes and (c) the release will not inhibit adequate means of ingress to or egress from the Project;Project Facilities, (ivE) No Default exists under this Loan Agreement, and (vF) All conditions precedent herein provided for relating to such release have been complied with; (b2) An ALTA A survey prepared by a registered land surveyor describing and showing the Project PremisesLand, after giving effect to such release; (3) Cash equal to the release price as certified pursuant to subparagraph (1)(B), which cash shall be deposited in the Optional Redemption Fund or, if the amount on deposit in the Reserve Fund is at the time less than the Reserve Requirement, in the Reserve Fund, to the extent of such deficiency, all as directed by the Authorized Borrower Representative; (4) A Certificate of an Independent Engineer that the Land to be released does not contain any permanent structure necessary for the total operating unity and efficiency of the Project Facilities; and (c5) An opinion Opinion of counsel Counsel stating that the certificates, opinions and other instruments and cash which have been or are therewith delivered to and deposited with the Trustee conform to the requirements of this Loan Agreement and that, upon the basis of such application, the property may be released from the lien of the Subordinate Mortgage, and that all conditions precedent herein provided for relating to such release have been complied with. (d) If the Senior Notes are outstanding, evidence that the Initial Funding Lender or Freddie Mac, as applicable, has consented in writing to the release of such real property and evidence of such written approvals provided to the Trustee. (2ii) The Borrower may at any time or times grant to itself or others easements, licenses, rights of way and other rights or privileges in the nature of easements with respect to the Project PremisesLand, free from the lien of the Subordinate Mortgage, or the Borrower may release existing easements, licenses, rights of way and other rights or privileges with or without consideration, and the Trustee will execute and deliver any instrument necessary or appropriate to confirm and grant or release any such easement, license, right of way or privilege, ; provided, however, that prior to any such grant or release, there shall have been supplied to the Trustee a certificate Certificate of the Authorized Borrower Representative and, if requested by the Trustee, of an Independent Engineer to the effect (i) that such grant or release is not detrimental to the proper operation of the Project Facilities and (ii) such grant or release will not impair the operating unity or the efficiency of the Project Facilities on such Project Premises Land or materially and adversely affect the character thereof.