Common use of Assumption Fee Clause in Contracts

Assumption Fee. In the event that the Loan Assignment shall fail to occur and Buyer is entitled to a return of the Deposit pursuant to the terms of this Agreement, Escrow Holder shall return the Deposit to Buyer, but shall withhold from the Deposit proceeds any unpaid Assumption Fees to which the Lender is entitled, which shall be released and paid to Lender. Notwithstanding the foregoing, in the event that the Loan Assignment shall fail to occur due solely to Seller’s willful and intentional default under the terms of this Agreement, Seller shall have the obligation to pay any unpaid Assumption Fees to Lender, Buyer shall have no further obligation to pay any unpaid Assumption Fees and Escrow Holder shall disburse the full amount of the Deposit to Buyer.