Common use of Release Upon Defeasance Clause in Contracts

Release Upon Defeasance. (a) If Borrowers have elected to defease the entire Loan and the requirements of Section 2.5 and this Section 2.6.1 have been satisfied, the Properties shall be released from the Lien of the Mortgage and the Defeasance Collateral, pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note. (b) In connection with the release of the Mortgage, Borrowers shall submit to Lender, not less than five (5) business days prior to the Defeasance Date, a release of Lien (and related Loan Documents) for the Properties for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Properties are located and that would be satisfactory to a prudent lender. In addition, Borrowers shall provide all other documentation Lender reasonably requires to be delivered by Borrowers in connection with such release.

Release Upon Defeasance. (a) If Borrowers have Borrower has elected to defease the entire Loan and the requirements of Section 2.5 2.4 and this Section 2.6.1 2.5 have been satisfied, the Properties Property shall be released from the Lien of the Mortgage Security Instrument and the Defeasance CollateralGovernment Securities, pledged pursuant to the Security Agreement, shall be the sole source of collateral securing the Note. (b) . In connection with the release of the MortgageSecurity Instrument, Borrowers Borrower shall submit to Lender, not less than five thirty (530) business days prior to the Defeasance Date, a release of Lien (and related Loan Documents) for the Properties Property for execution by Lender. Such release shall be in a form appropriate in the jurisdiction in which the Properties are Property is located and that would be satisfactory to a prudent lender. In addition, Borrowers Borrower shall provide all other documentation Lender reasonably requires to be delivered by Borrowers Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (i) is in compliance with all Legal Requirements, and (ii) will effect such releases in accordance with the terms of this Agreement.