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(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(i)the <br /> sale price in the case of sale to a party who is not an <br /> Affiliate of the Borrower or the Manager,or(ii)an amount <br /> equal to the fair market value of such property as <br /> determined by an Independent appraiser, in other cases, <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 <br /> operating unity and 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 <br /> for these purposes and will not inhibit adequate means of <br /> ingress to or egress from the Project Facilities, <br /> (E) No Default exists under this Agreement, and <br /> (F) All conditions precedent herein provided for relating to <br /> such release have been complied with; <br /> (ii) A survey prepared by a registered land surveyor describing and showing the <br /> Land,after giving effect to such release and showing that the Land does not <br /> contain any permanent structure necessary for the total operating unity and <br /> efficiency of the Project Facilities; <br /> (iii) Cash equal to the release price as certified pursuant to subparagraph(1)(B), <br /> which cash shall be deposited in the Optional Redemption Fund; <br /> (iv) An opinion of Bond Counsel to the effect that the proposed release of the <br /> Land will not cause any interest on Tax-Exempt Bonds to be included in <br /> gross income for federal income tax purposes; and <br /> (v) An Opinion of Counsel stating that the certificates, opinions and other <br /> instruments and cash which have been or are therewith delivered to and <br /> deposited with the Trustee conform to the requirements of this Agreement <br /> and that,upon the basis of such application,the property may be released <br /> from the lien of the Mortgage and the Subordinate Mortgage, and that all <br /> conditions precedent herein provided for relating to such release have been <br /> complied with. <br /> (b) The Subject to the terms of the Ground Lease, the Borrower may at any time or <br /> times grant to itself or others easements,licenses,rights of way and other rights or <br /> privileges in the nature of easements with respect to the Land,free from the lien of <br /> the Mortgage and the Subordinate Mortgage,or the Borrower may release existing <br /> easements, licenses, rights of way and other rights or privileges with or without <br /> consideration,and the Trustee will execute and deliver any instrument necessary or <br /> appropriate to confirm and grant or release any such easement,license,right of way <br /> -33- <br />