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13068487v2 <br /> <br /> <br /> 23 <br /> <br />Section 5.08 Release of Real Property. If no Default exists, the Borrower shall have the <br />right, at any time and from time to time, to a release of Land from the Mortgage, as follows: <br />(i) Land not containing any permanent structure necessary for the total <br />operating unity and efficiency of the Project Facilities may be released for the purpose of <br />selling the same to a third person or to facilitate the construction or financing of additions <br />to the Project Buildings or additional structures not related to the Project Facilities on the <br />Land, and the Trustee shall, from time to time, release from the Mortgage such real property <br />so sold, pledged or disposed of, but only upon receipt by the Trustee of the following: <br />(1) A Certificate of an Authorized Borrower Representative setting <br />forth in substance as follows: <br />(A) The number of acres or square feet of the property to be <br />released, <br />(B) The calculation of the release price, which shall be equal to <br />the sale price in the event of a sale to an unaffiliated third party or otherwise <br />shall be equal to [$7.00] per square foot, <br />(C) The property to be released is not needed for the operation <br />of the Project Facilities and is not necessary for the total operating unity and <br />efficiency of the Project Facilities, <br />(D) The release will not impair the structural integrity of the <br />Project Facilities or the usefulness of the Project Facilities for these <br />purposes and will not inhibit adequate means of ingress to or egress from <br />the Project Facilities, <br />(E) No Default exists under this Loan Agreement, and <br />(F) All conditions precedent herein provided for relating to such <br />release have been complied with; <br />(2) A survey prepared by a registered land surveyor describing and <br />showing the Land, after giving effect to such release; <br />(3) Cash equal to the release price as certified pursuant to <br />subparagraph (1)(B), which cash shall be deposited in the Optional Redemption <br />Fund or, if the amount on deposit in the Reserve Fund is at the time less than the <br />Reserve Requirement, in the Reserve Fund, to the extent of such deficiency, all as <br />directed by the Authorized Borrower Representative; <br />(4) A Certificate of an Independent Engineer that the Land to be <br />released does not contain any permanent structure necessary for the total operating <br />unity and efficiency of the Project Facilities; and