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- 37 - 20 400400 and the outstanding obligations under the New Note; or (B) if the Transfer is subject to paragraph 19(d), Borrower and the Substitute Collateral Borrower shall have entered into an assignment and assumption agreement, pursuant to which the Substitute Collateral Borrower shall have assigned, and the Borrower shall have assumed, such ownership of the Cash Collateral and the outstanding obligations under the New Note; and (iii) if and to the extent available under applicable law and title insurance regulations, the Grantee or Borrower, as applicable, shall cause to be delivered to Lender an endorsement or endorsements to the Title Policy insuring that the lien of this Security Instrument constitutes a first lien on the Mortgaged Property subject only to the Permitted Exceptions and subsequent title exceptions as theretofore, or in connection therewith, approved by Lender or permitted under this Security Instrument, extending the effective date of such policy to the date on which the Debt Assumption Right is exercised, or such other documents or evidence as Lender may reasonably require in order to confirm that such Title Policy is unaffected by the exercise of the Debt Assumption Right. If Borrower or the Grantee, as applicable, has elected to exercise its Debt Assumption Right and all of the conditions of this paragraph 19(f) have been satisfied, Lender shall cause the grid attached to the Note to be increased to reflect an increase in the principal amount of such Note by the principal amount of the New Note, and the New Note shall be deemed to have been paid in full. The lien hereof shall automatically be amended to secure such increase in the principal amount of the Note. Lender shall simultaneously deliver a release, releasing the Substitute Collateral Borrower from the New Note and cancel such New Note. Escrow Agent shall execute a Uniform Commercial Code Form 3 termination statement that will have the effect of releasing Lender's security interest in the Cash Collateral. Escrow Agent shall release all funds in the escrow account, other than the Substitute Collateral Fees and Expenses, to the Grantee, in the case of a Sale, subject to paragraph 19(c), or the Borrower, in the case of a Transfer, subject to paragraph 19(d). Escrow Agent shall pay all Substitute Collateral Fees and Expenses to the appropriate parties in accordance with the Escrow Agreement. If the principal amount of the Note has been reduced in accordance with paragraph 19(c) or (d) above, and if Borrower or the Grantee, as applicable, has either not timely elected to assume the debt of the Substitute Collateral Borrower or all of the conditions to the exercise of the Debt Assumption Right have not been satisfied by the Election Period Deadline, then the following requirements, events and conditions shall become operative (provided that such requirements, events and conditions shall not constitute an Event of Default hereunder unless and until the following have not been satisfied): (i) the New Note shall become immediately due and payable as of the Election Period Deadline; (ii) the New Note shall be repaid with the Cash Collateral; (iii) Escrow Agent shall release the Principal Collateral, Interest Collateral and the Substitute Collateral Make -Whole Premium to the Lender, which shall distribute