Payoff Property definition

Payoff Property means all Properties for which the Loan will be paid off at Closing and identified as a Payoff Property on the Seller Information Schedule.
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Payoff Property means any of the Properties for which the Assumption Loan will be paid off at Closing (instead of assumed) as may be elected by the Seller of such Property in accordance with Section 5.7.
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Examples of Payoff Property in a sentence

  • If, under Section 5.7 Purchaser is unable to obtain Loan Assumption Approval by November 21, 2008 with respect to the ▇▇▇▇▇▇’▇ Pointe Property and the applicable Seller has elected to convert ▇▇▇▇▇▇’▇ Pointe to a Payoff Property, the Closing Date shall be thirty (30) days after the ▇▇▇▇▇▇’▇ Pointe Seller gives notice of its election to convert the Property to Purchaser.

  • Any existing reserves, impounds and other accounts maintained in connection with the Loan on a Payoff Property shall be released to the applicable Seller unless credited by Lender against the amount due under the Note.

  • If Sellers elect to convert an Assumption Property to a Payoff Property as provided herein, Sellers shall have no obligation to offer to Purchaser the Seller Loan for such Property.

  • It is understood and agreed that any deeds of trust and/or mortgages which secure a Note for a Payoff Property (collectively, a “Deed of Trust”) shall not be deemed Permitted Exceptions for such Property, whether Purchaser gives further written notice of such or not, and shall be paid off, satisfied, discharged and/or cured from proceeds of the Purchase Price at Closing.

  • In addition, if a Seller elects to convert an Assumption Property to a Payoff Property pursuant to Section 5.7, the Deed of Trust with respect to such Property shall be paid off, satisfied, discharged and/or cured from proceeds of the Purchase Price at Closing; provided, however, that the applicable Seller shall be responsible for payment of any prepayment premiums or penalties imposed by the applicable Assumption Lender in connection with such payoff.

  • On the Closing Date, for each Payoff Property a sufficient amount of the proceeds of the Purchase Price will be used to pay the outstanding principal balance of the applicable Note together with all interest accrued under such Note prior to the Closing Date (the “Loan Payoff”).

  • On the Closing ▇▇▇e, for each Property converted to a Payoff Property a sufficient amount of the proceeds of the Purchase Price will be used to pay the outstanding principal balance of the applicable Note together with all interest accrued under such Note prior to the Closing Date (the “Loan Payoff”).

  • It is understood and agreed that, if a Seller elects to convert its Property to a Payoff Property pursuant to Section 5.7, the Deed of Trust with respect to such Property shall be paid off, satisfied, discharged and/or cured from proceeds of the Purchase Price at Closing; provided, however, that the applicable Seller shall be responsible for payment of any prepayment premiums or penalties imposed by the applicable Assumption Lender in connection with such payoff.

Related to Payoff Property

  • Real Property Assets means as to any Person as of any time, the real property assets (including, without limitation, interests in participating mortgages in which such Person’s interest therein is characterized as equity according to GAAP) owned directly or indirectly by such Person at such time.

  • Historic property means any prehistoric or historic site, district, building, object or other real or personal property of historical, architectural or archaeological value, and folklife resources. These properties or resources may include, but are not limited to, monuments, memorials, Indian habitations, ceremonial sites, abandoned settlements, sunken or abandoned ships, engineering works, treasure trove, artifacts or other objects with intrinsic historical or archaeological value, or any part thereof, relating to the history, government and culture of Florida.

  • New property means (i) the assessed value, after final

  • School property means in or within any building, structure, athletic playing field, playground, parking lot or land contained within the real property boundary line of a public elementary or secondary school, or in or on a school bus, as defined in Vehicle and Traffic Law §142.

  • Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.