05-13-2020 Council Packet - Laserfiche WebLink

Home Browse Search

12316323v3 25 upon the delivery to the Trustee of a Certificate to such effect by the Authorized Borrower Representative. In the event any removal of equipment under this Section causes damage to buildings, the Borrower shall restore or repair such damage at its expense. The Trustee shall execute and deliver as provided in the Indenture such releases or other documents (if any) as the Borrower may properly request in connection with any action taken by the Borrower in conformity with this Section. The removal from the Project Facilities of any portion of equipment pursuant to the provisions of this Section shall not entitle the Borrower to any abatement or diminution of Loan Repayments subsequently due. Section 5.08 Release of Real Property. If no Default exists, the Borrower shall have the right, at any time and from time to time, to a release of Land from the Mortgage, as follows: (i)Land not containing any permanent structure necessary for the total operating unity and efficiency of the Project Facilities may be released for the purpose of selling the same to a third person or to facilitate the construction or financing of additions to the Project Buildings or additional structures not related to the Project on the Land, and the Trustee shall, from time to time, release from the Mortgage such real property so sold, pledged or disposed of, but only upon receipt by the Trustee of the following: (1)A Certificate of an Authorized Borrower Representative setting forth in substance as follows: (A)The number of acres or square feet of the property to be released, (B)The calculation of the release price, which shall be equal to the sale price in the event of a sale to an unaffiliated third party or otherwise shall be equal to [$7.00] per square foot, (C)The property to be released is not needed for the operation of the Project Facilities and is not necessary for the total operating unity and efficiency of the Project Facilities, (D)The release will not impair the structural integrity of the Project Facilities or the usefulness of the Project Facilities for these purposes and will not inhibit adequate means of ingress to or egress from the Project Facilities, (E)No Default exists under this Loan Agreement, and (F)All conditions precedent herein provided for relating to such release have been complied with; (2)A survey prepared by a registered land surveyor describing and showing the Land, after giving effect to such release;