Acknowledgment of Indebtedness and Loan Status Clause Samples

Acknowledgment of Indebtedness and Loan Status. This Agreement recognizes the reduction of the principal amount of the Note and the payment of interest thereon to the extent of payments made by Original Borrower prior to the date of execution of this Agreement. The parties acknowledge and agree that, as of the date of this Agreement, (i) the principal balance of the Note is $117,561,895.27, (ii) interest on the Note is paid to ▇▇▇▇▇ ▇, ▇▇▇▇, (▇▇▇) the next installment of principal and interest is due on May 1, 2011, and (iv) the balances of all reserves and escrow accounts required under the Loan Documents are set forth in Schedule 1 attached hereto and made a part hereof. To the actual knowledge of Lender, there exists no default by Original Borrower under the Loan Documents. Assuming Borrower acknowledges and agrees that the Loan, as evidenced and secured by the Loan Documents, is a valid and existing indebtedness payable by Assuming Borrower to Lender.