Existing Financing. At Closing, Seller shall pay off all existing financing created by Seller which constitutes a lien on the Property, and shall bear all costs and expenses associated therewith, including, but not limited to, the recording costs for releases of any deeds of trust, mortgages or other financing documents in connection therewith.
Existing Financing. Tenant shall comply with the terms, covenants and conditions contained in the Existing Financing Documents, and shall not take any action that would cause a default thereunder. In the event of any inconsistency between the terms, covenants and conditions provided in this Agreement and those provided in the Existing Financing Documents, the Existing Financing Documents shall control. Effective automatically upon the repayment in full of the Existing Financing, this Lease shall terminate with respect to the Leased Property and the Leased Property shall be deemed to be added to and demised under Master Lease Agreement No. 4 (or under such other lease between Landlord and/or one or more Affiliates of Landlord and Tenant and/or one or more Affiliates of Tenant as may be agreed upon by Landlord and Tenant) for the Rent set forth herein and otherwise on the terms and conditions of Master Lease Agreement No. 4 (or such other lease), including, without limitation, Section 4.1.1(b) of Master Lease Agreement No. 4. Such termination and addition shall occur automatically without the need to execute any additional documentation, but Landlord and Tenant shall execute any documentation reasonably requested by the other to evidence such termination and addition.
Existing Financing. Unless otherwise provided in this Contract, Seller shall make any payments required on existing mortgages or deeds of trust until closing. The “Property” will be transferred to Seller free and clear of all mortgage and Deeds of Trust.
Existing Financing. The Loans and the Conditional Early Release ------------------ Unlimited Guaranty of the Loans and all Obligations are senior to or pari passu with all Existing Financing. Nothing in this Agreement and the other Loan Papers violates any provision of the Existing Financing Documentation, and no consent is required in connection with any of the Existing Financing Documentation in order to execute, deliver and perform under this Agreement and the other Loan Papers. To the actual knowledge of the Authorized Officers, there exists no "Default" or "Event of Default" as defined in, and under any of the Existing Financing Documentation, or any other event or circumstance which causes a Repayment Event with respect to any of the Existing Financing. All notices required by any Existing Financing Documentation regarding the execution, delivery or performance by the Borrower or any Restricted Subsidiary of the Loan Papers have been given in accordance with the terms of the Existing Financing Documentation.
Existing Financing. (a) At the Closing, Purchaser shall assume the Existing Financing. With respect to Purchaser’s assumption of Existing Financing, (a) no later than five (5) business days after the Effective Date, Purchaser shall commence its efforts to begin the process of the assumption of the Existing Financing by Purchaser (“Loan Assumption”), including but not limited to providing all reasonable information concerning the transfer of the Property to Lender (“Assumption Application”), (b) Purchaser and Seller shall cooperate and use all reasonable and diligent efforts to cause the Lender (or its loan servicer, as applicable) to consent to the Loan Assumption and to cause the Seller and all applicable guarantors, if any, to be released from any and all liability under the Existing Financing; provided, however, Seller’s cooperation shall be at no cost or expense to Seller, (c) the Existing Financing shall be credited towards the Purchase Price, (d) for purposes of determining the amount of the Existing Financing to be credited toward the Purchase Price, the aggregate of the outstanding principal balance of the Existing Financing and all accrued and unpaid interest and late charges or other similar fees, if any, as of the Closing Date (but expressly excluding the Assumption Fee (defined below)) shall be aggregated and determined and shall be credited to the Purchase Price and (e) Purchaser shall be exclusively liable for and shall pay as the same are incurred (i) the assumption fees and/or costs required by the Lender (or the loan servicer) and (ii) all fees, expenses and/or costs required by the Lender to process the Assumption Application and the Loan Assumption (collectively, the “Assumption Fee”).
Existing Financing. Purchaser will assume the Existing Financing upon completion of the Closing Process. Purchaser will pay all loan assumption costs in assuming the Existing Financing.
Existing Financing. Tenant shall, at Landlord’s option at such time as the Existing Financing shall no longer constitute an Encumbrance on one or more Properties, amend this Agreement such that the applicable Property shall no longer be subject to this Agreement but shall be subject to such other lease between Landlord and/or one or more Affiliates of Landlord and Tenant and/or one or more Affiliated of Tenant as Landlord shall designate by Notice to Tenant, the terms of which other lease shall be consistent with the terms of this Agreement, but for the minimum rent thereunder, which shall be established by Landlord (with a corresponding reduction in the Minimum Rent hereunder).
Existing Financing. To Seller’s knowledge, there exists no circumstance, condition or state of facts that constitutes a default by Owner or its Affiliates under the Existing Financing, or that would, with the passage of time or the giving of notice, or both, constitute such a default.
Existing Financing. An amount equal to the unpaid principal balance at Closing of the Existing Indebtedness shall be evidenced by Purchaser accepting the conveyance of the Property subject to the Existing Indebtedness. Purchaser shall receive the conveyance of the Property subject to the Existing Indebtedness. Purchaser shall neither assume the obligation to pay the Note in accordance with its terms nor the obligation to comply with the covenants, terms and obligations of the Existing Loan Documents.
