Existing Loan. On the Closing Date, a sufficient amount of the proceeds of the Purchase Price will be used to pay the outstanding principal balance of the Note together with all interest accrued under the Note prior to the Closing Date (the “Loan Payoff”). Any existing reserves, impounds and other accounts maintained in connection with the Loan shall be released in Good Funds to Seller at the Closing unless credited by Lender against the amount due under the Note.
Appears in 4 contracts
Samples: Purchase and Sale Contract (Consolidated Capital Institutional Properties 3), Purchase and Sale Contract (Consolidated Capital Institutional Properties), Purchase and Sale Contract (Consolidated Capital Growth Fund)
Existing Loan. On the Closing Date, a sufficient amount of the proceeds of the Purchase Price will be used to pay the outstanding principal balance of the Note together with all interest accrued under the Note prior to the Closing Date (the “"Loan Payoff”"). Any Purchaser acknowledges that any existing reserves, impounds and other accounts maintained in connection with the Loan shall be released in Good Funds to Seller at the Closing unless credited by Lender against the amount due under the Note.
Appears in 1 contract
Samples: Purchase and Sale Contract (VMS National Properties Joint Venture)
Existing Loan. On the Closing Date, a sufficient amount of the Seller's proceeds of the Purchase Price will be used to pay the outstanding principal balance of the Note together with all interest accrued under the Note prior to the Closing Date (the “"Loan Payoff”"). Any It shall be solely Seller's obligation to obtain any existing reserves, impounds and other accounts maintained in connection with the Loan Loan, and the same shall be released in Good Funds to Seller at the Closing unless credited by Lender against the amount due under the Note.
Appears in 1 contract
Samples: Purchase and Sale Contract (VMS National Properties Joint Venture)
