Assumption of Mortgage Sample Clauses

Assumption of Mortgage. Purchaser agrees to assume and pay existing mortgage balance in favor of (Lender) in the approximate amount of $ and pay the balance in cash, or be certified or cashier’s check at the time of delivery of the deed. It is understood that the present mortgage terms provide for interest at % per annum and payments of $ per . Said payments include . Interest on the existing loan and any mortgage insurance premium shall be prorated to the date of closing. Purchaser(s) agrees to assume Seller’s escrow subject to Lender’s requirements. Seller agrees that the loan will be current at the time of closing. Purchaser(s) agrees to pay assumption fees, if any. The mortgage/contract being assumed (does/does not) provide for a variable interest rate. The mortgage/contract being assumed (does/does not) contain a balloon payment. Date of balloon, if any: . Seller(s) understands that he/she/they are allowing his/her/their mortgage to be assumed by the above-named Buyer(s), and unless otherwise specified, the Seller(s) is/are not being released from liability with the existing mortgage.
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Assumption of Mortgage. The Mortgagee shall consent to the assumption by Buyer of the Mortgage at the balance of the Mortgage as of the Closing as shown by the amortization table attached hereto as SCHEDULE 8.1.22 upon terms and conditions reasonably acceptable to Buyer and upon the current terms and conditions of the Mortgage, subject only to a 1% assumption fee and other costs not to exceed $15,000. Buyer shall not be obligated as a condition of such assumption to cause the Mortgagee to release or return any guarantees, indemnification agreements or deposits made by Seller or Seller's Parties or any other person.
Assumption of Mortgage. Seller shall use its commercially reasonable efforts to obtain the consent of the mortgagee and lender of the Mortgage to permit the assumption of the Mortgage and related indebtedness by Buyer at the Closing.
Assumption of Mortgage. The buyer agrees to take over and pay the seller’s liability for payments on an already existing mortgage on the property. This method saves the buyer from closing costs or potentially higher interest rates on a new mortgage. When Do I Need One?
Assumption of Mortgage. Purchaser shall purchase the Property subject to the existing mortgage and assume the mortgage loan (hereinafter the “Mortgage Loan”), pursuant to a Loan Agreement dated as of April 11, 2006, between 70 Hxxxxx and 70 Urban (each, an “Individual Borrower” and collectively, “Borrower”) and LXXXXX BROTHERS BANK, FSB, a federal stock savings bank, having an address at 1000 Xxxx Xxxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxxx 00000 (“Lender”) (as amended, restated, replaced, supplemented or otherwise modified from time to time, herein the “Loan Agreement”) provided, however, that the Lender approves in writing (i) the assumption pursuant to the applicable provisions of the Loan Documents (as hereinafter defined) and (ii) the sale of the Property to Purchaser subject to the lien of Lender’s mortgage. As of October 8, 2010 the Mortgage Loan had a current balance of approximately $121,828,418.87 and escrow balances held by Lender under the Mortgage Loan as of October 8, 2010 were as follows: approximately $219,239.62. Seller shall, subject to the provisions of Section 4.2.8 hereof, receive either a return of all escrows and reserves held in escrow by or for Lender in connection with the Mortgage Loan or shall be reimbursed by Purchaser for the amount of such escrows and reserves at Closing (the loan documents executed in connection with the Mortgage Loan and all amendments, restatements, replacements supplements and other modifications are described on Exhibit M attached hereto and incorporated herein by reference, and are herein referred to sometimes as the “Loan Documents”). Seller agrees, upon execution of this Agreement, to diligently pursue Lender’s written approval of the Purchaser’s Loan assumption and to keep Purchaser informed with respect to its efforts to obtain the Initial Approval (as hereinafter defined) including providing Purchaser with copies of all written correspondence provided to Lender, including but not limited to the written approval from the Lender when such approval has been granted (the “Initial Approval”). Purchaser agrees to cooperate in pursuing and obtaining Lender’s written approval of the Purchaser’s Loan assumption and to keep Seller informed with respect to its efforts including providing Seller with copies of all written correspondence provided to Lender, including but not limited to the Initial Approval if obtained by Purchaser. Seller shall promptly request the Initial Approval following the execution of this Agreement and shall use c...
Assumption of Mortgage. The Agreement and Purchaser’s obligation to close are contingent upon Transamerica Life Insurance Company (the “Mortgagee”) approving the assumption by Purchaser of, and release of Seller from, the indebtedness secured by the mortgage in favor of AmSouth Bank recorded in Official Records Book 4433, Page 2, as modified in Official Records Book 5236, Page 252, and in Official Records Book 5476, Page 444, and as assigned to Mortgagee by Assignment of Mortgage in Official Records Book 5476, Page 438, all of Public Records of Seminole County, Florida (the “Mortgage”). Purchaser shall promptly provide the name of the guarantor, guarantor financial information, a firm summary on Cornerstone, a list of other holdings in Florida, and a general list of other holdings outside of Florida to the Mortgagee no later than Monday, March 3, 2008. Purchaser shall pay all costs associated with obtaining the assumption and release. If Purchaser does not deliver notice to Seller on or before 5:00 p.m. Eastern Standard Time, March 31, 2008, that Purchaser has (i) approved the form of the Mortgage, and (ii) obtained the assumption and release on terms and conditions acceptable to Purchaser in each case, in Purchaser’s sole and absolute discretion, or that Purchaser has waived this condition, the Agreement shall terminate and the Xxxxxxx Money shall be refunded to Purchaser.
Assumption of Mortgage. Notwithstanding the foregoing subordination provisions, if Declarant exercises its right of repurchase while Mortgagee’s mortgage or other lien encumbers the Lot, Declarant shall take the Lot subject to the mortgage or other lien, and Mortgagee in granting a mortgage or other lien subject to this right of repurchase agrees to allow Declarant or its applicable designee or assignee to repurchase the Lot subject to the mortgage or such other lien, and such conveyance shall not constitute an event of default under such mortgage or deed of trust.
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Assumption of Mortgage. Assumption of this Mortgage by a third party without the prior written consent of Lxxxxx; or
Assumption of Mortgage. On the Transfer Date, Tenant shall execute and deliver to Landlord and GMAC an Assumption Agreement in the form attached hereto as Exhibit F pursuant to which Tenant shall assume all of the liabilities and obligations of Landlord under the GMAC Fee Mortgage.
Assumption of Mortgage. Synergistic shall have assumed the existing mortgage on Salex's principal executive headquarters and secured the release in full of Xxxxx.
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