Common use of Assumption Documents Clause in Contracts

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.