Common use of Release on Defeasance Clause in Contracts

Release on Defeasance. If Borrower has elected a Full Defeasance, and the requirements of Section 2.3.3 have been satisfied, the Property shall be released from the Lien of the Mortgage, 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 shall submit to Lender, not less than ten (10) Business Days prior to the Defeasance Date, a form of release for execution by Lender appropriate in the State and reasonably satisfactory to Lender, and all other documentation Lender reasonably requires to be delivered by Borrower, together with an Officer’s Certificate certifying that such documentation (i) is in material compliance with all Legal Requirements and (ii) will effect such release in accordance with the terms of this Agreement.

Release on Defeasance. If Borrower has elected a Full Defeasanceto defease the Note in its entirety, and the requirements of Section 2.3.3 have been satisfied, the Property Properties shall be released from the Lien Liens of the MortgageMortgages, 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 shall submit to Lender, not less than ten (10) Business Days 20 days prior to the Defeasance Date, a form of release for execution by Lender appropriate in the applicable State and reasonably satisfactory to LenderLender in its sole discretion, and all other documentation Lender reasonably requires to be delivered by Borrower, together with an Officer’s 's Certificate certifying that such documentation (i) is in material compliance with all Legal Requirements Requirements, and (ii) will effect such release in accordance with the terms of this Agreement.