Common use of Transfer of Mortgaged Property; Partial Release Clause in Contracts

Transfer of Mortgaged Property; Partial Release. Except as expressly permitted in Section 8.05 of the Credit Agreement, Grantor will not, without the prior written consent of Beneficiary in accordance with the Credit Agreement, permit any of the Mortgaged Property to be sold, transferred, conveyed, mortgaged, pledged, encumbered, disposed of, leased or removed at any time (any or all of the foregoing being referred to herein as a “Transfer”). If such Transfer is consented to by Beneficiary or is otherwise permitted pursuant to Section 8.05 of the Credit Agreement, then, upon compliance with the conditions imposed by Beneficiary and the Credit Agreement and upon at least ten (10) days’ prior notice to Beneficiary, Grantor shall have the right to obtain from the Trustee and the Beneficiary, as applicable, the release or reconveyance of such transferred portions of the Mortgaged Property. As a condition of any such release or reconveyance, (i) Grantor shall pay all trustees’ fees, recording fees, escrow fees, attorneys’ fees and other costs and expenses incurred by Beneficiary and/or Trustee in connection with any release or reconveyance given hereunder; and (ii) Grantor shall deliver to Beneficiary such evidence as Beneficiary reasonably requests that (A) such release or reconveyance of any portion of the Mortgaged Property can be done in compliance with all applicable subdivision and other Laws and regulations, and (B) Beneficiary’s and the Secured Creditors’ rights and remedies with respect to the remaining Mortgaged Property under the Loan Documents will not be impaired by such release or reconveyance.