Common use of Release Price Clause in Contracts

Release Price. The "Release Price" for each Mortgaged Property means 100% of the Allocable Facility Amount for the Mortgaged Property to be released. In addition to the Release Price, the Borrower shall pay to the Lender all other amounts due under the Note including interest on the principal amount of the Note being prepaid. If the Release Closing Date occurs on a date other than the last Business Day of a calendar month, the Borrowers shall pay to Lender an amount equal to the interest on the amount of the principal amount of the Note being prepaid for the entire month in which the Release Closing Date occurs. The Borrowers agree that any Release Price relating to the Mortgaged Properties known as Harbour Club I and Harbour Club III located in Belleville, Michigan must be paid on the same date, i.e., the release of one such Mortgaged Property from the Collateral Pool may only take place if the other such Mortgaged Property is simultaneously released.