Non-Assumable Clause Samples
A Non-Assumable clause prohibits a party from transferring their obligations or rights under an agreement to another person without the consent of the other party. In practice, this means that if a borrower has a loan with a non-assumable clause, they cannot simply have a buyer take over the loan when selling the property; the lender must approve any such transfer. This clause ensures that the original contracting party remains responsible for the agreement, thereby protecting the other party from being forced to accept a new, potentially less creditworthy or unknown party.
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Non-Assumable. The loan evidenced by the Note and secured by this Mortgage is personal to Mortgagor, and Mortgagee made such loan to Mortgagor, based upon the credit of Mortgagor and the Guarantor, and Mortgagee's judgment of the ability of Mortgagor to repay the entire Indebtedness and therefore this Mortgage may not be assumed by any subsequent holder of an interest in the Mortgaged Property without Mortgagee's prior written consent.
Non-Assumable. The Mortgage Obligations are personal to Grantor and therefore this Deed of Trust may not be assumed by any subsequent holder of an interest in the Mortgaged Property without Beneficiary’s prior written consent, which may be withheld in Beneficiary’s sole and absolute discretion.
Non-Assumable. The Mortgage Obligations are personal to Mortgagor and therefore, except as expressly permitted in the Credit Agreement, this Mortgage may not be assumed by any subsequent holder of an interest in the Mortgaged Property without Mortgagee’s prior written consent, which may be withheld in Mortgagee’s sole and absolute discretion.
Non-Assumable. This Mortgage may not be assumed by any subsequent holder of an interest in the Mortgaged Property without Mortgagee’s prior written consent except for any transferee of the Mortgaged Property permitted under the Loan Agreement.