Common use of Existing Mortgage Clause in Contracts

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. (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. (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   (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 thethe 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 be made between the date hereof and Closing.