Existing Mortgage. (Delete if inapplicable) If this sale is subject to an existing mortgage as indicated in paragraph 3(b) above:
Existing Mortgage. Seller, as a condition of the settlement of the Option to Purchase, shall not possess a mortgage on the Premises in an amount greater than the Purchase Price or other consideration as agreed to between the Seller and Buyer.
Existing Mortgage. The outstanding principal balance secured by the Existing Mortgage as of February 1, 2015, is $15,523,187.
Existing Mortgage. (Delete if inapplicable) If this sale is subject to an existing mortgage as indicated in paragraph 3(b) above: (a) The Premises shall be conveyed subject to the continuing lien of the existing mortgage, which is presently payable, with interest at the rate of __________ percent per annum, in monthly installments of $_________ which include principal, interest and escrow amounts, if any, and with any balance of principal being due and payable on: (set forth). (b) To the extent that any required payments are made on the existing mortgage between the date hereof and Closing which reduce the unpaid principal amount thereof below the amount shown in paragraph 3(b), then the balance of the price payable at Closing under paragraph 3(d) shall be increased by the amount of the payments of principal. Seller represents and warrants that the amount shown in paragraph 3(b) is substantially correct and agrees that only payments required by the existing mortgage will he made between the date hereof and Closing. (c) If there is a mortgagee escrow account, Seller shall assign it to Purchaser, if it can be assigned, and in that case Purchaser shall pay the amount in the escrow account to Seller at Closing. (d) Seller shall deliver to Purchaser at Closing a certificate dated not more than 30 days before Closing signed by the holder of the existing mortgage, in form for recording, certifying the amount of the unpaid principal, the date to which interest has been paid and the amounts, if any, claimed to be unpaid for principal and interest, itemizing the same. Seller shall pay the fees for recording such certificate. If the holder of the existing mortgage is a bank or other institution as defined in Section 274-a of the Real Property Law (''Institutional Lender''), it may, instead of the certificate, furnish a letter signed by a duly authorized officer, employee or agent, dated not more than 30 days before Closing, containing the same information. (e) Seller represents and warrants that (i) Seller has delivered to Purchaser true and complete copies of the existing mortgage, the note secured thereby and any extensions and modifications thereof, (ii) the existing mortgage is not now, and at the time of Closing will not be, in default, and (iii) the existing mortgage does not contain any provision that permits the holder of the mortgage to require its immediate payment in full or to change any other term thereof by reason of the sale or conveyance of the Premises.
Existing Mortgage. (a) The Property shall be conveyed Subject to Purchaser's assumption and promise to pay in accordance with its terms the loan (the "Loan") evidenced by that certain Promissory Note (the "Note"), dated 6/21/96 in the original principal sum of SEVEN MILLION EIGHT HUNDRED THIRTY SIX THOUSAND ($7,836,000) DOLLARS payable to the order of THE PATRICIAN FINANCIAL CO., A Maryland corporation (the "Lender"), and assumption and promise to perform all covenants and obligations of Seller under the documents or instruments governing, securing, evidencing or pertaining to the indebtedness evidenced by the Note (collectively, the "Loan Documents"), including, but not limited to, that certain Indenture of Mortgage, Deed of Trust, Deed to secure Debt, Security Agreement, Fixture Filing, Financing Statement and Assignment of Rents and leases of even date with the Note (the "Deed of Trust") recorded in the Real Property Records of Xxxxxx County, Texas.
Existing Mortgage. You agree that no advance has been made, or obligation created, after it was agreed that the mortgage would be given, that is secured by an encumbrance that is either prior to the mortgage or has the same priority as the mortgage. You agree that no such advance will be made or obligation created. For example, you have not borrowed again, or drawn on a line of credit, under a prior mortgage, and will not do so.
Existing Mortgage. (Delete if inapplicable) If this sale is subject to an existing mortgage as indicated in paragraph 3(b) above: The Premises shall be conveyed subject to the continuing lien of the existing mortgage, which is presently payable, with interest at the rate of percent per annum, in monthly installments of $ which include principal, interest and escrow amounts, if any, and with any balance of principal being due and payable on To the extent that any required payments are made on the existing mortgage between the date hereof and Closing which reduce the unpaid principal amount thereof below the amount shown in paragraph 3(b), then the balance of the price payable at Closing under paragraph 3(d) shall be increased by the amount of the
Existing Mortgage. The parties shall use their respective commercially reasonable efforts and cooperate with each other to obtain from the current holder (the “Mortgage Holder”) of the Existing Mortgage approval of Buyer’s assumption of the Existing Mortgage at Closing and a full release (the “Mortgage Release”) of Seller as of the Closing Date from all obligations under the Existing Mortgage arising from and after Closing (the “Released Mortgage Obligations”), including by cooperating with the Mortgage Holder’s requests for due diligence information and legal opinions, to the extent reasonable and customary. Notwithstanding anything in this Agreement to the contrary, from and after the Effective Date, Buyer shall be permitted to discuss the assumption of the Existing Mortgage and the Mortgage Release directly with the Mortgage Holder. Buyer shall contact the Mortgage Holder regarding, and apply for approval of, the assumption of the Existing Mortgage no later than ten (10) business days after the Effective Date. Seller shall receive a credit to the Purchase Price for any loan reserve balances held by the Mortgage Holder and related to the Existing Mortgage. Buyer and Seller shall equally share the cost of the fees, costs and expenses charged by the Existing Mortgage holder which are related to the assumption of the Existing Mortgage and the Mortgage Release, including all assumption fees and costs charged by the Mortgage Holder, but specifically excluding the fees and expenses of Seller’s and Buyer’s counsel and other advisors, which fees and expenses shall be the sole responsibility of Seller or Buyer respectively. The immediately prior sentence shall survive termination of this Agreement.
Existing Mortgage. The premises will be conveyed subject to the continuing lien of ''existing mortgage'' as follows: Mortgage now in the unpaid principal amount of $__________ and interest at the rate of __________ per cent per year, presently payable in installments of $__________ which include principal, interest, and with any balance of principal being due and payable on __________ Seller hereby states that no existing mortgage contains any provision that permits the holder of the mortgage to require its immediate payment in full or to change any other term thereof by reason of the fact of closing.
Existing Mortgage. If the Borrower has not sold the real property described in the Existing Mortgage by December 31, 1998, the Borrower shall fulfill its obligations under clause (b) of Section 7.1.8 as if such real property were acquired after the date hereof.
