Assumption Requirements Clause Samples
The Assumption Requirements clause sets out the specific conditions and procedures that must be met for one party to transfer its rights and obligations under a contract to another party. Typically, this clause details the necessary approvals, documentation, and qualifications the new party must satisfy before the assumption is valid, such as obtaining written consent from the original counterparty or demonstrating financial capability. Its core function is to ensure that any transfer of contractual responsibilities is properly managed and that all parties are protected from unintended liabilities or unauthorized assignments.
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Assumption Requirements. Any Assumption permitted under this Agreement shall be performed in accordance with Prudent Servicing Practices. In connection with an Assumption of an assumable Mortgage Loan, the Servicer shall process such Assumption as provided for in the Mortgage Note or the Mortgage Note Assumption Rider and shall verify that:
(a) no material term of the Mortgage Note (including, but not limited to, the Mortgage Interest Rate, the remaining term to maturity, the Gross Margin, the Index, the Maximum Lifetime Mortgage Interest Rate, the Minimum Lifetime Mortgage Interest Rate, and any Periodic Rate Cap or any Periodic Payment Cap) may be changed in connection with such Assumption;
(b) that the new Borrower qualifies for credit under the Master Servicer's criteria and standards for similar loans;
(c) where applicable, the respective Primary Mortgage Insurer, and/or the respective Pool Insurer has in advance approved in writing such Assumption of such Mortgage Loan by the new Borrower and such Mortgage Loan will continue to be insured by such Primary Mortgage Insurer and/or such Pool Insurer;
(d) the documents relating to such Assumption (i) create a valid and enforceable promise to pay the Unpaid Principal Balance of the related Mortgage Loan, together with interest thereon in accordance with the related Mortgage Note by the new Borrower and (ii) the related Security Instrument continues to evidence a valid and perfected first lien on the related Mortgaged Property; and
(e) such Mortgage Loan will continue to be a valid first priority security interest upon the related Mortgaged Property.
Assumption Requirements. 11.4.2. Approval and Release........................................ 11.4.3. Assumption Agreement Provided to Custodian.................. 11.4.4.
Assumption Requirements. 11.4.2. Approval and Release......................................... 11.4.3.
Assumption Requirements. Any approval by the Grantor and the Cable Board, through their designated agent, of a Transfer shall be contingent upon the prospective transferee or assignee of the Grantee agreeing in writing to the following:
1. To abide by and accept the terms of the Franchise or otherwise becoming a signatory to the Franchise Agreement;
2. To assume and be responsible for the obligations and liabilities of the Grantee to the Grantor and the Cable Board under this Franchise, known and unknown; and
3. That the approval by the Grantor and the Cable Board, through their designated agent, does not constitute a waiver or release of any noncompliance claims the Grantor may have against the Grantee or of rights of the Grantor under the Franchise or Applicable Law upon discovery, whether arising before or after the effective date of the Transfer.
Assumption Requirements. 71 11.4.2 Approval and Release . . . . . . . . . . . . . . . . . . . 72 11.4.3
Assumption Requirements. At the Closing, Purchaser and Seller shall execute and deliver such loan assumption agreements and other documentation as Lender shall require, consistent with the applicable provisions of the Existing Loan Documents and any approval or consent letter issued by Lender in form and substance reasonably acceptable to Purchaser and Seller (collectively, the “Loan Assumption Documents”).