Examples of Assumption Lenders in a sentence
Subject to receiving the approval of the Assumption Lenders as provided above, New Property Manager shall take over management of the Properties under the terms of the Management Agreements on October 21, 2008 or such later date that the approval, if necessary, of the applicable Assumption Lender is obtained (the “Management Date”).
The amounts of any escrows and deposits held by Assumption Lenders for the benefit of the borrower thereunder or pursuant to the Loan Documents relating to the Assumption Loans shall be credited to the applicable Seller by Purchaser and transferred to Purchaser at Closing to the extent such lender continues to retain such amount after Closing for the benefit of Purchaser.
Upon written request by Purchaser and within the time periods reasonably required by Purchaser, Seller shall, at its own expense, make any and all repairs or replacements that are recommended to be made by any Premises Condition Report and are designated as “critical” therein or that relate to life safety (the “Required PCR Repairs”) and any other repairs or replacements required by HUD or the Assumption Lenders.
Unless otherwise required by the Assumption Lenders, the consummation of the transactions contemplated hereby (the “Closing”) will take place via the escrow services of the Escrow Agent or at such other location upon which Seller and Purchaser mutually agree, on the later to occur of (i) December 9, 2011, or (ii) ten (10) Business Days following the date on which the Assumption Contingency is satisfied (or such later date as may be established pursuant to Section 7.03) (the “Closing Date”).
To the extent any Seller owes any other amounts under the Assumption Loans other than principal and the prorated interest, such amounts shall be paid to Assumption Lenders at Closing and shall be debited from the applicable Seller’s proceeds.
Sellers shall cooperate in the filing of any and all forms, notices, consents and applications with HUD and the Assumption Lenders as may be reasonably necessary to effectuate the Assumptions.
Notwithstanding the foregoing or any other language in this Agreement to the contrary, the location and other logistics of the Closing and the Closing Date shall be subject to any requirements or extensions imposed by HUD and the Assumption Lenders in connection with the satisfaction of the Assumptions Contingency.
Such changes could represent either changes in the behaviour of final consumers (eg switching between the Booker customer and the newly entering/exiting retailer) or of retailers (ie retailers switching to different wholesalers in response to changes in the local retail competition they face).