Examples of Loan Assumption Approval in a sentence
In the event that on or before October 30, 2008, Purchaser has not obtained Loan Assumption Approval for the Xxxxxx’x Pointe Property, and Purchaser has used its best efforts to obtain such Loan Assumption Approval with respect to such Property, the Closing Date with respect to the Xxxxxx’x Pointe Property shall automatically be extended to November 21, 2008 and the provisions of Section 5.7 of this Agreement shall apply.
If, under Section 5.7 Purchaser is unable to obtain Loan Assumption Approval by November 21, 2008 with respect to the Xxxxxx’x Pointe Property and the applicable Seller has elected to convert Xxxxxx’x Pointe to a Payoff Property, the Closing Date shall be thirty (30) days after the Xxxxxx’x Pointe Seller gives notice of its election to convert the Property to Purchaser.
Purchaser shall be in default of this Agreement in the event (a) Purchaser fails to obtain any Loan Assumption Approval by the Loan Assumption Deadline and (b) Purchaser did not use its best efforts to so obtain such approval.
In the event Purchaser notifies Seller on the Loan Assumption Deadline that a Loan Assumption Approval was not obtained and Purchaser has used its best efforts to obtain such Loan Assumption Approval, the Loan Assumption Deadline shall automatically be extended to November 21, 2008 (the “Extended Loan Assumption Deadline”).
In the event Sellers elect to further extend the Extended Loan Assumption Approval as provided above and at the expiration of such extended period the applicable Loan Assumption Approval still has not been obtained despite Purchaser having used best efforts to obtain such approval, then Sellers shall elect to exercise either of their rights set forth in items (b) or (c) above.
If a Loan Assumption is elected by Buyer for a Loan Site, the Parties’ obligation to close on the sale of that Loan Site hereunder pursuant to a Loan Assumption Approval is contingent upon the applicable Lender’s agreement pursuant to the related Loan Assumption documents to release Seller, its Affiliates and any existing guarantors, from all principal, interest and other liabilities under or with respect to the Loan for any matters first occurring after the Closing at which the Loan Assumption occurs.
Subject to the provisions of Section 4.12.4 below, the date that is ten (10) days after Loan Assumption Approval.
If Buyer elects to pursue a Loan Assumption for a Site but does not timely procure a Loan Assumption Approval on terms reasonably acceptable to Buyer and (solely with respect to provisions relating to release of liability and obligations of Seller thereunder) Seller, then subject to Section 1.9(f) and the other provisions of this Agreement, Buyer will proceed with the purchase of such Site pursuant to a Prepayment.
Seller shall (a) cooperate in good faith with Purchaser in Purchaser's direct communication with Lender and in expediting Purchaser's negotiation and finalization of the Loan Assumption Approval and the Assumption Agreement and (b) promptly make any reasonable and customary informational deliveries regarding Seller or the Property as required by Lender pursuant to the Existing Loan Documents.
This transaction shall close at the Title Company’s offices or other location acceptable to the Parties on or before the date which is the earlier to occur of (a) Closing Deadline, or (b) ten (10) business days after the later to occur of the date of the Loan Assumption Approval (defined below), the Hotel Operating Agreement Assumption Approval (defined below), and the HSR Approval (defined below).