Assumption Documents Clause Samples
The Assumption Documents clause defines the process and requirements for one party to formally assume the rights and obligations of another under a contract. Typically, this involves the execution of specific documents that legally transfer responsibilities, such as when a new party takes over a lease or loan. By outlining the necessary documentation and procedures, this clause ensures a clear and enforceable transition of contractual duties, thereby preventing disputes and maintaining continuity in contractual relationships.
Assumption Documents. At the Primary Closing, Purchaser and Seller will execute and deliver an Assumption Agreement in substantially the form attached hereto as EXHIBIT B (the "Assumption Agreement") in order to effect the assumption of the Assumed Liabilities by Purchaser.
Assumption Documents. Execution and delivery of (i) this Assumption Agreement, (ii) the Memorandum of Assumption, and (iii) any other documents and agreements required pursuant to this Assumption Agreement, each in form and content acceptable to Lender.
Assumption Documents. Transferor shall deliver counterparts of all agreements, instruments and documents, each in form reasonably satisfactory to Transferor and Transferee, required to be executed by Transferor and/or its affiliates in connection with the indirect assumption of the Existing Loans by Transferee, duly executed by Transferor and/or its affiliates, in such number of counterparts as may be required by the applicable Existing Lender, plus two additional counterparts. CBL Contribution Agreement pa-1178579 v8
Assumption Documents. If required by Existing Lender (or its servicing agent), Seller shall execute (and cause its applicable principals to execute) and deliver Assumption Documents consistent with the provisions of this Contract.
Assumption Documents. Buyer shall execute (and cause to be so executed) and deliver all documents (the “Assumption Documents”) required by Existing Lender (or its servicer) to evidence Buyer’s assumption of the Existing Loan and performance under the documents comprising the Existing Loan, but only to the extent of obligations, liabilities and performance due from and after the Closing Date. The form of Assumption Documents must be reasonably satisfactory to Buyer consistent with the provisions of this Contract (it being acknowledged by Buyer that it will have very limited ability to change the standard forms utilized by the holder of the Existing Loan), with any approval rights of Buyer as to such form being made in its reasonable, good faith discretion. Buyer shall also deliver to Existing Lender any additional documents required of Buyer pursuant to the Existing Loan to facilitate such assumption which shall include, but not be limited to, documents providing for New Guarantor to substitute for Seller’s principals as provided herein (with respect only to liabilities and obligations arising from and after the Closing Date), certificates of insurance, corporate resolutions and certificates, attorneys’ opinions and mortgagee title insurance policy (or endorsements) insuring the liens of the Existing Loan, subject only to the Permitted Exceptions. Further, Buyer shall escrow with Existing Lender (or its servicing agent) any and all required funds to be escrowed in accordance with the Existing Loan as of the Closing Date with respect to periods after the Closing Date or as may be required by Existing Lender (or its servicing agent) as a condition to the assumption of the Existing Loan.
Assumption Documents. The Buyer shall deliver to the Seller such instruments of assumption as the Seller may reasonably request and as may be necessary in order for the Buyer to assume the Assumed Obligations (the "Assumption Documents").
Assumption Documents. Such Assumption Documents as Sellers reasonably request, each of which shall be duly executed by or on behalf of Buyers, if appropriate, and in form and substance reasonably satisfactory to Sellers.
Assumption Documents. Buyer shall have executed and delivered to Company the Bill of Sale and such other documents of assumptions of liability relating to the Assumed Liabili▇▇▇▇ as Company reasonably request.
Assumption Documents. At the request of Seller and without further consideration, Purchaser shall promptly execute and deliver to Seller such certificates and other instruments of assumption, and take such other action, as may reasonably be requested by Seller more effectively to confirm and carry out the assumption by Purchaser of the obligations of Seller assumed by Purchaser hereunder.
Assumption Documents. 18 3.4 Other Deliveries at Closing................... 18 ARTICLE 4