Mortgage Assumption Sample Clauses

Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to 84 LN# in the approximate amount of $ currently payable at 85 $ per month, including principal, interest, 🞎 taxes and insurance, and having a 86 🞎 fixed 🞎 other (describe) 87 interest rate of % which 🞎 will 🞎 will not escalate upon assumption. Any variance in the mortgage 88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase 89 ▇▇▇▇▇▇’s escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the 90 assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing 91 which this Contract will terminate; and ▇▇▇▇▇’s deposit(s) will be returned. If the lender disapproves 92 Buyer, this Contract will terminate; and ▇▇▇▇▇’s deposit(s) will be returned.

Mortgage Assumption. If the “Other” box is marked with the Letter C, this Contract is contingent 136 uponBuyer, at ▇▇▇▇▇’s expense obtaining the lenders’ consent, if necessary, to ▇▇▇▇▇’s assumption 137 of ▇▇▇▇▇▇’s mortgage, and Contract to pay the existing real estate mortgage loan with an approximate 138 balance of $ with an interest rate of not greater than % per annum, and with a transfer 139 fee of no more than $ or % of loan amount. ▇▇▇▇▇▇ agrees to permit such assumption 140 WITH WITHOUT (check one) release of Seller’s obligations. Interest, and other loan expenses, 141 shall be prorated as of Closing. If allowed by Seller’s lender, any tax or insurance escrow shall be 142 assigned to Buyer and paid for by ▇▇▇▇▇ at Closing. 143 (D) Purchase Money Mortgage (Seller Financing). If the “Other” box is marked with the Letter D, 144 this Contract is contingent upon the Buyer obtaining a mortgage from Seller on the Loan Terms 145 indicatedabove. ▇▇▇▇▇▇’s attorney to prepare the necessary documents, at ▇▇▇▇▇’s cost and 146 expense, for this transaction and the Parties must agree on the form of same on or before the 147 Finance Contingency Deadline. In the event the parties cannot so agree, either party may 148 terminate this Contract. For Termination Procedure see Paragraph 37.

Mortgage Assumption. The Bank hereby consents to the sale, transfer, and conveyance of the Property by the Borrower to the Buyer, provided, however, that the Buyer hereby agrees to assume all obligations of the Borrower under the Mortgage, which obligations the Buyer hereby affirms and assumes. Notwithstanding the foregoing, the Borrower, the Buyer and the Bank agree that the Buyer is expressly not assuming personal liability to the Bank to repay the Note.

Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to LN# in the approximate amount of $ currently payable at $ per month, including principal, interest, taxes and insurance, and having a  fixed  other (describe) interest rate of % which  will  will not escalate upon assumption. Any variance in the mortgage will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller’s escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing which this contract will terminate; and Buyer’s deposit(s) will be returned. If the lender disapproves Buyer, this contract will terminate; and Buyer’s deposit(s) will be returned.

Mortgage Assumption. The obligation of Seller and Purchaser to close the transaction contemplated hereby is subject to Seller’s and Purchaser’s receipt of consent from Greenwich Capital to the assumption of the Greenwich Mortgage by Purchaser pursuant to the terms of the Greenwich Mortgage loan documents existing as of the date of execution hereof, and the release of the Seller from any and all liability in connection therewith. Seller and Purchaser agree to use reasonable efforts to obtain such consent, provided that Seller shall not be required to make any payment to Greenwich Capital as a condition to obtaining such consent, exclusive of the payment by Seller to Greenwich Capital of the assumption fee provided for in the Greenwich Mortgage and the other loan documents evidencing the loan secured by such mortgage and ancillary closing costs and charges required to be paid or reimbursed to Greenwich Capital and any recording costs. In the event Seller and Purchaser are unable to obtain such consent at least fifteen (15) days before the Closing Date as defined in Section 1.1(c) of the Agreement, the Closing Date shall be extended to a date that is fifteen (15) days after the required consent is obtained; provided, however, that if Seller and Purchaser are unable to obtain the required consent within sixty (60) days from and after the original Closing Date, this Agreement shall terminate, in which event the Deposit, together with all net interest earned thereon, shall promptly be returned to Purchaser, this Agreement shall become null and void, and neither party shall have any further rights and obligations hereunder (subject, however to survival of Purchaser’s Indemnity and Purchaser’s Confidentiality Obligations). For the purposes hereof, “consent” shall be deemed obtained when an assumption agreement consistent with the terms hereof and executed by Greenwich Capital is deposited in escrow with Escrowee.

Mortgage Assumption. If the “Other” box is marked with the Letter A, this Contract is contingent upon ▇▇▇▇▇, at ▇▇▇▇▇’s expense obtaining the lenders’ consent, if necessary, to ▇▇▇▇▇’s assumption of Seller’s mortgage, and Contract to pay the existing real estate mortgage loan with an approximate balance of $ with an interest rate of not greater than % per annum, and with a transfer fee of no more than $ or % of loan amount. Seller agrees to permit such assumption WITH WITHOUT (check one) release of Seller’s obligations. Interest, and other loan expenses, shall be prorated as of Closing. If allowed by ▇▇▇▇▇▇’s lender, any tax or insurance escrow shall be assigned to Buyer and paid for by Buyer at Closing.

Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to ____________________ ________________ 84 LN# in the approximate amount of $ currently payable at _______________ 🞎 85 $ per month, including principal, interest, taxes and insurance, and having a _____________________________________________________________ 🞎 🞎 86 fixed other (describe) ______ 🞎 🞎 87 interest rate of % which will will not escalate upon assumption. Any variance in the mortgage 88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase ______ 89 ▇▇▇▇▇▇’s escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the ________________ 90 assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing 91 which this Contract will terminate; and ▇▇▇▇▇’s deposit(s) will be returned. If the lender disapproves 92 Buyer, this Contract will terminate; and ▇▇▇▇▇’s deposit(s) will be returned. 🞎 93 7. Assignability: (Check one) Buyer may assign and thereby be released from any further liability under this 🞎 🞎 94 Contract, may assign but not be released from liability under this Contract, or may not assign this Contract. 🞎

Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to

Mortgage Assumption. It is specifically understood and agreed that as a condition precedent to Seller's respective obligations hereunder, Buyer shall and shall be obligated hereunder to, assume in the name of Buyer, each and every obligation evidenced and/or secured by the Loan Documents affecting all four of the Properties, and Seller shall be fully released from each and every obligation evidenced and/or secured by such Loan Documents, including without limitation, the obligation to repay the indebtedness (or any portion thereof) evidenced and/or secured by the Loan Documents. Seller shall be responsible for all interest and other payments due under the Loan Documents prior to the Closing Date, subject to proration as herein provided. In connection therewith, Buyer hereby agrees to execute any and all documents, instruments and agreements which may be required by Key Bank of New York as the lender under the Loan Documents affecting the Carriage Property, Georgetown Property and the Lakeshore Property and by Marine Midland Bank, N.A., as the lender under the Loan Documents affecting the Sunset Property, in order to effect such assumption by Buyer and such release of Seller. (Key Bank of New York and Marine Midland Bank, N.A. shall be individually referred to herein as the "Lender" and collectively as the "Lenders"). Buyer shall, and hereby agrees to, apply for credit approval within five (5) days after the Effective Date of this Contract with both Lenders and to furnish within such five (5) day period its most recent financial statements and deliver to Lenders any other information which the Lenders may request in order for the Lenders to process the application and to approve the sale of the Properties to Buyer and the assumption of the loans by Buyer. Seller shall pay any and all assumption fees or other charges of the Lenders in connection with the assumption by Buyer of the loan obligations. It is understood and agreed that the debt secured by (i) the Carriage Mortgage (as defined in Exhibit B) matures on May 1, 1999, (ii) the Georgetown Mortgage (as defined in Exhibit B) matures on May 1, 1999, and (iii) the Lakeshore Mortgage (as defined in Exhibit B) matures on May 1, 1999, and (iv) the Sunset Mortgage (as defined in Exhibit B) matures on July 1, 1996. Buyer hereby understands and agrees that any prepayment may not be made unless thirty (30) days prior written notice has been duly given to the applicable Lender. Therefore, by executing this Contract, Buyer hereby repre...