Satisfactions. Seller shall deliver to Buyer on the Closing Date a satisfaction of any encumbrance or lien on the business property, satisfactory in form and substance to the Buyer, indicating that the then outstanding unpaid principal balance of any promissory note secured thereby has been paid in full prior to or simultaneously with the closing. Advice of Changes Between the date hereof and the Closing Date, Seller will promptly advise Buyer in writing of any fact which, if existing or known at the date hereof, would have been required to be set forth herein or disclosed pursuant to this Agreement.
Satisfactions. Seller will deliver to Purchaser prior to the Closing Date a satisfaction of any mortgage and lien holder of the Corporation's Property, satisfactory in form and substance to the Purchaser and his counsel indicating that the then outstanding unpaid principal balance of any promissory note secured thereby has been paid in full prior to or simultaneously with the Closing (if any), except mortgages for real property, which the purchaser shall assume.
Satisfactions. Upon the payment in full of any Mortgage Loan, or the receipt by the Servicer of a notification that payment in full will be escrowed in a manner customary for such purposes, the Servicer will immediately notify the Custodian by a certification of a Servicing Officer, which certification shall include a statement to the effect that all amounts received or to be received in connection with such payment which are required to be deposited in the Collection Account pursuant to Section 4.04 have been or will be so deposited and shall request delivery to it of the portion of the Mortgage File held by the Custodian. Upon receipt of such certification and request, the Custodian shall promptly release the related mortgage documents to the Servicer and the Servicer shall promptly prepare and process any satisfaction or release. In the event the Servicer satisfies or releases a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage or should it otherwise prejudice any right the Owner may have under the mortgage instruments, the Primary Insurance Policy, if any, or the Pool Policy, if applicable, the Servicer, upon written demand, shall remit to the Owner the then outstanding principal balance of the related Mortgage Loan plus accrued and unpaid interest at the Mortgage Loan Remittance Rate through the last day of the month in which such satisfaction or release occurs by deposit thereof in the Collection Account. The Servicer shall maintain the Fidelity Bond insuring the Servicer against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein. The Servicer shall make reasonable efforts to satisfy mortgages and release their liens in a timely manner, including the preparation of any required release or satisfaction document. Once the required release or satisfaction documents are executed and the Note is canceled, The Servicer shall promptly send the canceled documents to the Borrower if state law requires such action or the Borrower specifically requests the return of the documents. In other instances, the Servicer may either return the documents to the Borrower or retain them (as long as they are not destroyed until after the retention period required by applicable law). The Servicer should also take any other steps required to release the lien and assure that no penalties are incurred because the actions were not performed in a timely manner. The Servicer may not...
Satisfactions. The Servicer is hereby authorized and empowered to execute and deliver on behalf of itself, Angel Oak and the related Investors all instruments of satisfaction or of partial or full release and all other comparable instruments with respect to the Mortgage Loans and Mortgaged Properties when appropriate in accordance with the terms of this Agreement. The Servicer shall take all actions necessary to satisfy mortgages and release their liens in a timely manner. Once the required release or satisfaction documents are executed and the Mortgage Note is canceled, the Servicer shall promptly send the canceled documents to the Mortgagor if state law requires such action or the Mortgagor specifically requests the return of the documents. In other instances, the Servicer may either return the documents to the Mortgagor or retain them (as long as they are not destroyed until after the retention period required by applicable law). The Servicer shall also take any other steps required to release the lien and assure that no penalties are incurred because the actions were not performed in a timely manner. The Servicer may not seek reimbursement from Angel Oak, the related Investor, or the Mortgagor for any penalty fee that the Servicer has to pay because the Servicer failed to process any release or satisfaction documents within the required time frame. Notwithstanding the foregoing, if Angel Oak or its designee must provide the Servicer with, or execute, a document, or take any other action, in order for the Servicer to effect a release or satisfaction and Servicer has timely notified Angel Oak, Angel Oak or its designee must act in a timely manner. If Angel Oak or its designee fails to do so, the Servicer may seek reimbursement as a Servicing Advance for any penalty that the Servicer pays because the release or satisfaction was not processed in the required time frame as a result of Xxxxx Xxx’s failure to act in a timely manner. The Servicer shall generally follow the procedures set forth in the Freddie Mac or Xxxxxx Xxx Guidelines regarding satisfactions of mortgages.
Satisfactions. Releases and Waivers of Liabilities and Other Obligations Prior to Closing, COTF will have obtained the release, settlement, satisfaction, or waiver of all liabilities of the COTF, except that if the amount due to the auditors of COTF has not been settled through available resources, including the amount payable at or before Closing by PS, as described herein, then COTF must obtain the agreement of such auditors to accept the balance owed in four quarterly installments, with the first installment being due three months after the date of the Closing.
Satisfactions. All indebtedness of each of the Subject Companies and all intercompany liabilities of the Subject Companies shall have been satisfied or terminated in full as of the Closing; and the Subject Companies shall have furnished to CBIZ such pay-off letters, lien discharges, releases of guarantees and other releases as are reasonable requested by CBIZ with respect to any such indebtedness or intercompany liabilities.
Satisfactions or releases of mortgage, UCC-3 termination statements and such other instruments as may be required by Buyer in order to extinguish all liens on or security interests in the Vessel, the Collateral Vessels or the Collateral (as defined both in the Mortgages and in the Security Agreement), other than the lien of the First Preferred Mortgage (as defined in the Cunningham Mortgage) encumbering the Cunxxxxxxx.
Satisfactions. Brathall and XxXxxxx shall deliver to Buyer on the Closing Date in satisfaction of any encumbrance or lien on the business, evidence satisfactory in form and substance (other than listed in Exhibit G) to the Buyer indicating that the then outstanding unpaid principal balance of any promissory note(s) secured thereby has been paid in full prior to or simultaneously with the closing. Advise of Changes. Between the date hereof and the Closing Date, Brathall and XxXxxxx will promptly advise Buyer in writing of any fact which, if existing or known at the date hereof, would have been required to be set forth herein or disclosed pursuant to this Agreement.
Satisfactions. Does not apply.
Satisfactions. Seller shall deliver to Buyer on the Closing Date a satisfaction of any encumbrance or lien on the Business property, satisfactory in form and substance to the Buyer… indicating that the then outstanding unpaid principal balance of any promissory note secured thereby has been paid in full prior to or simultaneously with the closing. Important to Note for the Record… Third Millennium Music (xxxxxxxxxxxxxxxxxxxx.xxx and 0xxxx.xxx) have… no encumbrances or liens on the Business property whatsoever, so, therefore, no encumbrances or liens need to be satisfied prior to the Closing Date. Advice of Changes Between the date hereof and the Closing Date, Seller will promptly advise Buyer in writing of any fact, which if existing or known at the date hereof, would have been required to be set forth herein or disclosed pursuant to this Agreement.
