Common use of Release on Defeasance Clause in Contracts

Release on Defeasance. If Borrower has elected to defease the Note in its entirety, and the requirements of Section 2.3.3 have been satisfied, the Property, Borrower, Guarantor, Manager and Other Borrower shall be released from the Lien of the Mortgage, the Subordinated Mortgage, and the Other Properties Subordinate Mortgage (only to the extent it secures this Loan), the Guaranties, the Non-Recourse Guaranty, and all other Loan Documents, and the U.S. Obligations pledged pursuant to the Security Agreement shall be the sole source of collateral securing the Debt. In connection with such release, Borrower or Manager shall submit to Lender, not less than twenty (20) days prior to the Defeasance Date, a form of release or releases for execution by Lender appropriate in the State and satisfactory to Lender in its reasonable discretion, and all other documentation Lender reasonably requires to be delivered by Borrower or Manager, together with an Officer's Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such release in accordance with the terms of this Agreement.