Partial Release Price

Partial Release Price. For each closing of a Lot or Lots under a Lot Sale Contract and Borrower's request for Lender's release of its Lien against such Lot or Lots, the greater of (i) $35,000 per Lot, (ii) all net proceeds paid to Borrower for the Lot or Lots being acquired by the Lot Purchaser, after giving effect to the following reductions: (x) any credit to the Purchase Price resulting from the application of Earnest Money, if any, to the Purchase Price pursuant to the applicable Lot Sale Contract, and (y) any... other expense at closing that is approved by Lender in writing to be deducted from the net proceeds that would otherwise be due to Lender View More