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202107049 (f) A sum equal to the then applicable fair market value (as determined by an appraisal by a Member of the Appraisal Institute) of the portion of the Project or the Premises so proposed to be released, which sum shall be deposited with Beneficiary and credited toward the next installment of principal and interest on the Bond; and (g) An opinion of Special Tax Counsel that the release of the portion of the Premises so proposed to be released shall not affect the tax-exempt status of the Bond. Provided, however, that for any release of land which is a part of the Premises prior to the expiration of a three-year period beginning on the date of execution of the Bond, Borrower shall, in addition to items (a) through (g) above, provide Trustee with a certificate executed by Borrower detailing the change in circumstances since the date of closing of execution of the Bond which has resulted in the portion of the Premises sought to be released being no longer essential, necessary or beneficial to the continued operation of the Project. Section 2.04. Granting of Easements. Borrower may at any time or times cause to be granted easements, licenses, rights-of-way (including the dedication of public highways) and other rights or privileges in the nature of easements with respect to the Project and the Premises, free from the lien and security interest afforded by or under this Deed of Trust, or Borrower may release existing easements, licenses, rights-of-way and other rights and privileges with or without consideration, and Beneficiary shall and is hereby directed to execute and deliver any instrument necessary or appropriate to confirm and grant or release any such easement, license, right-of-way or other grant or privilege upon receipt of: (a) a copy of the instrument of grant or release, (b) if the property affected is a part of the Premises, a written application signed by Borrower stating (i) that such grant or release is not detrimental to the proper conduct of the business of Borrower at the Project, (ii) that such grant or release will not impair the effective use or interfere with the operation of the Project and (iii) that Borrower is not in Default under the Agreement or this Deed of Trust and (c) an opinion of independent counsel that the release of the portion of the Project or the Premises so proposed to be released shall not materially weaken, diminish or impair the security afforded by or under this Deed of Trust. ARTICLE III EVENTS OF DEFAULT Section 3.01. Observance and Performance of Agreement. The following shall each constitute an event of default ("Event of Default") hereunder: (a) The failure by Borrower in the due, prompt and complete observance and performance of any payment, obligation, material covenant, material warranty, material representation or agreement contained in this Deed of Trust, subject to any curative provisions contained herein, if any, and, if no curative provisions are provided, then for a period of 30 days after the earlier of Borrower becoming aware of such failure or written notice to Borrower from Beneficiary specifying the nature thereof (or with the prior written consent of Beneficiary within such additional period, if any, as may be reasonably required to cure such default if it is of such nature that it cannot be cured within said 30 -day period, provided that Borrower commences curative or corrective action within such 30 -day period and diligently pursues such action until the failure of observance or performance is cured or corrected). (b) The occurrence of an Event of Default (as defined in the Agreement) under the Agreement. 7