Assumption of Loan. New Borrower hereby assumes the indebtedness due under the Note, the Loan and all of Original Borrower’s other obligations, as grantor, mortgagor, borrower, assignor, trustor, indemnitor, guarantor, or maker, as the case may be, under the Loan Documents to the same extent as if New Borrower had signed such instruments. New Borrower agrees to comply with and be bound by all the terms, covenants and agreements, conditions and provisions set forth in the Loan Documents.
Assumption of Loan. Buyer shall assume Seller’s existing mortgage (the “Mortgage”) owed to [financial institution], dated , having a present balance of $ . Buyer agrees to assume and pay the Mortgage in accordance with its terms for all payments due after the Closing. All fees associated with the transfer of the Mortgage shall be paid by [Seller/Buyer].
Assumption of Loan. Should the Guarantors be required to make payment to the Bank pursuant to the Guarantee, the Companies hereby consent to the assumption of the Loan by the Guarantors, including all collateral rights. The Companies will use their best efforts to facilitate such assumption.
Assumption of Loan. The Property is currently encumbered by that certain Multifamily Deed of Trust, Assignment of Rents and Security Agreement (the "Mortgage") by Seller to Berkshire Mortgage Finance Limited Partnership (the "Lender"), dated October 7, 1993, which secures that certain Multifamily Note (the "Note") made by Seller in favor Lender in the original principal amount of Nine Million Six Hundred Thousand and No/100 Dollars ($9,600,000.00) (the Mortgage and the Note, together with all other documents or instruments enter into in connection with the Mortgage and the Note, are hereinafter referred to as the "Loan Documents"). Seller has delivered to Purchaser copies of those Loan Documents set forth on Exhibit P. In addition, within ten (10) business days of the date hereof, Seller shall provide Purchaser with a list of what, to Seller's knowledge, are all escrows, reserves and holdbacks held by Lender under the Loan Documents. Notwithstanding anything contained in this Agreement to the contrary, Purchaser and Seller agree that the obligation of each party to consummate the transactions contemplated by this Agreement are contingent upon the occurrence of the following on or before the Closing Date (the "Condition Precedent"): Lender consenting, in writing, to (i) the assumption by Purchaser of Seller's obligations under the Loan Documents on terms reasonably acceptable to Purchaser (including, without limitation, the reasonableness of any assumption fees imposed by Lender) and (ii) a release by Lender of Seller from any liability under the Loan Documents (together, the "Lender Consent"). Purchaser acknowledges that for purposes of this Agreement the Lender Consent shall be deemed reasonable if it provides for the assumption by Purchaser of Seller's obligations under the Loan Documents on terms and conditions which do not expand the existing obligations under the Loan Documents, including, without limitation, the payment by Purchaser in connection with obtaining the Lender Consent of the application fee set forth in the Loan Documents or in the absence of a specified amount in the Loan Documents a reasonable application fee imposed by Lender, an assumption fee in a maximum amount of one percent (1%) of the outstanding principal balance of the Note and the reasonable costs and expenses of the Lender. Purchaser agrees to promptly commence and diligently pursue obtaining the Lender Consent. Purchaser shall keep Seller advised of and allow Seller to participate in the proces...
Assumption of Loan. The Property is currently encumbered by those certain three Mortgage and Security Agreements (the "Mortgages") by Seller to Value Line Mortgage Corporation, each facility as assigned, by intermediate assignments, to Commercial Mortgage Corporation of America (the "Lender"), and each dated May 21, 1993, which secure those certain three Promissory Notes (the "Notes") made by Seller in favor of Value Line Mortgage Corporation, and assigned on May 21, 1993 to Lender, in the original principal amounts of (i) Three Million Four Hundred Twenty Seven Thousand Dollars ($3,427,000.00), (ii) Three Million Two Hundred Three Thousand Five Hundred Dollars ($3,203,500.00), and (iii) Eight Hundred Nineteen Thousand Five Hundred Dollars ($819,500.00) (the Mortgages and the Notes, together with all other documents or instruments enter into in connection with the Mortgages and the Notes, are hereinafter referred to as the "Loan Documents"). Seller has delivered to Purchaser copies of those Loan Documents set forth on Exhibit M. In addition, within thirty (30) business days of the date hereof, Seller shall provide Purchaser with a list of all escrows, reserves and holdbacks held by Lender under the Loan Documents. Notwithstanding anything contained in this Agreement to the contrary, Purchaser and Seller agree that the obligation of each party to consummate the transactions contemplated by this Agreement are contingent upon the occurrence of the following on or before the expiration of the Inspection Period (the "Condition Precedent"): Lender consenting, in writing, to (i) the assumption by Purchaser of Seller's obligations under the Loan Documents on terms reasonably acceptable to Purchaser and (ii) a release by Lender of Seller from any liability under the Loan Documents (together, the "Lender Consent"). If Purchaser does not terminate this Agreement on or before the expiration of the Inspection Period in accordance with Paragraph 7, then Purchaser acknowledges that for purposes of this Agreement the Lender Consent shall be deemed reasonable if it provides for the assumption by Purchaser of Seller's obligations under the Loan Documents on terms and conditions which do not expand the existing obligations under the Loan Documents, including, without limitation, the payment by Purchaser in connection with obtaining the Lender Consent of the application fee set forth in the Loan Documents or in the absence of a specified amount in the Loan Documents a reasonable application fee ...
Assumption of Loan. New Borrower hereby assumes the indebtedness due under the Note, the Loan and all of Original Borrower’s other obligations, as grantor, mortgagor, borrower, assignor, trustor, indemnitor, guarantor, or maker, as the case may be, under the Loan Documents, as amended hereby, to the same extent as if New Borrower had signed such instruments. New Borrower agrees to comply with and be bound by all the terms, covenants and agreements, conditions and provisions set forth in the Loan Documents, as amended hereby, from and after the Acquisition Date.
Assumption of Loan. Employer agrees to assume all financial obligations to the loans in the approximate aggregate amounts of $300,000, now held in the name of Xxxxx Xxxxxxxxxx and as shown in detail on the attache Schedule A. Employer shall sign and execute all necessary documents of assumption as required by the banks on or before June 30, 1999.
Assumption of Loan. New Borrower hereby assumes the indebtedness due under the Note and all of Original Borrower's other obligations, as grantor, mortgagor, borrower, trustor, indemnitor, guarantor, or maker, as the case may be, under the Loan Documents to the same extent as if New Borrower had signed such instruments. New Borrower agrees to comply with and be bound by all the terms, covenants and agreements, conditions and provisions set forth in the Loan Documents.
Assumption of Loan. (Check one) ☐ Buyer shall assume Seller’s existing mortgage (the “Mortgage”) owed to _______________________ [Financial institution], dated _______________, 20_____, having a present balance of $__________. Buyer agrees to assume and pay the Mortgage in accordance with its terms for all payments due after the Closing. All fees associated with the transfer of the Mortgage shall be paid by (Check one) ☐ Seller ☐ Buyer. ☐ Buyer shall NOT assume Seller’s existing mortgage.
Assumption of Loan. State whether or not the buyer will take over the seller’s mortgage. If yes, provide the following mortgage details: Name of financial institution Date of mortgage and current balance Also, choose whether the seller or buyer will pay the fees related to the mortgage transfer. Step 7 – Identify Financing Contingencies 11. Terms of Mortgage. Choose what you want the terms of the mortgage to be. 12. Buyer’s Obligations. Write whether you want the agreement to be contingent upon an appraisal with a value equaling or exceeding the purchase price.
