Documentation of Assumption. Upon receipt of Loan Assumption Approval, the applicable Assumption Seller and Purchaser shall work, in good faith, with the Assumption Lender to negotiate and execute by the Closing Date, a loan assumption agreement (the “Loan Assumption Agreement”) and any other documents which are necessary or reasonably required in order for the Assumption Seller in question to assign to Purchaser, and for Purchaser to assume, all of such Assumption Seller’s liability and obligations under the Assumed Loan Documents first arising after the Closing and to release the applicable Assumption Seller, its guarantors and other obligated parties from all obligations first arising after the Closing (collectively with the Loan Assumption Agreement, the “Assignment and Assumption Documents”).
Appears in 5 contracts
Samples: Agreement for Purchase and Sale and Escrow Instructions (Century Properties Growth Fund Xxii), Agreement for Purchase and Sale and Escrow Instructions (Shelter Properties Vii LTD Partnership), Agreement for Purchase and Sale and Escrow Instructions (Shelter Properties Vi Limited Partnership)
