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.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Carlyle Real Estate LTD Partnership Xvi), Purchase and Sale Agreement (Carlyle Real Estate LTD Partnership Xv)