PAYOFF STATEMENT Clause Samples
A Payoff Statement clause defines the requirement for a lender or creditor to provide a detailed statement of the total amount required to fully satisfy a debt or loan. This statement typically includes the outstanding principal, accrued interest, fees, and any other charges up to a specified date. It is commonly used in real estate transactions or loan refinancing, where an accurate payoff amount is necessary to close a deal or transfer property. The core function of this clause is to ensure transparency and accuracy in financial settlements, preventing disputes over the exact amount owed at the time of payoff.
POPULAR SAMPLE Copied 1 times
PAYOFF STATEMENT. B orrower will provide written notice to Lender specifying the proposed Business Day on which any payment of the Loan in hill is to be made pursuant to hereof, which date shall be no earlier than 30 days after the date of such payoff notice. In the event Borrower wishes to set the payoff date at a date which is earlier than 30 days after the date of such payoff notice, Borrower shall be responsible for payment of 30 days interest regardless of the actual payoff date.
PAYOFF STATEMENT. A payoff statement prepared by any holder of Mortgage Indebtedness setting forth the amount, including accrued interest and prepayment penalties, to pay off the Mortgage Indebtedness.
PAYOFF STATEMENT. A payoff statement from the Lender showing that all obligations and liabilities with respect to the Existing Loan will be paid off at Closing and that neither the REIT nor the Operating Partnership shall have any remaining obligation or liability thereunder.
PAYOFF STATEMENT. A current payoff statement issued by the Lender with respect to any existing Indebtedness of Borrower in connection with borrowed money;