Common use of Mortgage Assumption Clause in Contracts

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 ________________ 83 _____ ________________ 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 rat----------- e 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 ▇Seller▇▇▇▇▇’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 Buyer▇▇▇▇▇’s deposit(s) will be returned. If the lender disapproves 92 Buyer, this Contract will terminate; and Buyer▇▇▇▇▇’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 ____________________ ________________ 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. 🞎