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8. In addition to the right to prepay granted pursuant to the
provisions of Paragraph 24.A, Mortgagor shall have the right to
release an individual Premise (i.e. one or more of the hotels
which are hereby mortgaged) from the lien of this Mortgage in
accordance with the following terms:
By payment, by wired funds to Mortgaqee of the "Release
Amount", (as hereinafter definedj and provided only that the
principal amount af this Mortgage, after qiving credit for the
payment made for the Release of the Individual Property, shall not
be greater than the quotient arrived at by (i) dividing the Net
Available for Debt Service for the immeciiately preceding three
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hundred sixty-five (365) days by 1.3 and then dividing the result
j arrived at pursuant to (i) by the "Factor". The term Factor as
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' used herein shall mean the greater of: (a) Twelve (12~) percent,
or (b) a number equal to two (20} percent in excess of the Prime
! Rate, as defined in the Note, (which number shall in no event
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~ exceed fifteen (15~) percent).
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~ Net Available for Debt Service shall mean the Gross
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d Revenues af the Premises remaining subject to this Mortgage after
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` the release of the Individual Premises, for the immediately
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~ preceding three hundred sixty-five (365 da s less:
) y ( i ) a three
~ (3%) percent management fee and (ii} a two (2$) percent reserve,
and (iii) all Direct Operating Expenses (as hereafter defined) for
said preceding twelve (12) month period.
Gross Revenues shall mean all amounts r~ceived by Mortgagor
y with respect to the remaining Premises from the rentaZ to the
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go~~ 675 ~A~~1096
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