Assumption of Existing Loan. At Closing, Buyer intends to assume the loan (the “Loan Assumption”) evidenced by a note in the original principal amount of Seventeen Million Twenty-Four Thousand and no/100 Dollars ($17,024,000.00) (the “Loan”). Documents securing the Loan currently encumber the Property. The Loan was originally made by Xxxxx Fargo Bank Northwest, N.A. as Trustee and is currently serviced by Xxxxx Fargo Bank Northwest, N.A. (collectively with any successors and assigns, the “Existing Lender”), and is evidenced and/or secured by a number of documents, which are hereinafter collectively referred to as the “Loan Documents” are listed on Exhibit “H” attached hereto and incorporated by reference. The Existing Lender’s consent and approval is required before Buyer will be permitted to assume the Loan. Buyer shall pay all costs, fees and expenses in connection with Buyer attempting to obtain Existing Lender’s approval of the assumption of the Loan, including but not limited to: (i) the Existing Lender’s assumption fee in the amount of one percent (1.0%) of the outstanding principal balance of the Loan; (ii) legal fees and expenses of the special counsel representing the beneficial holder of the promissory note described in the Loan Documents; (iii) document filing fees and title insurance endorsement fees required by Existing Lender; and (iv) legal fees for opinions of counsel required by Existing Lender (collectively, the “Loan Assumption Related Fees”). In addition to the foregoing, Buyer shall not be responsible for and Seller shall be solely responsible for the costs of curing any defaults by Seller under the Loan and all other costs and expenses incurred by Seller under the Loan whether or not related to the Loan Assumption. In connection with such approval, the parties shall diligently, promptly and in good faith attempt to obtain such approval and both parties will supply the information reasonably requested by Existing Lender with respect to such approval. Buyer agrees to make application to the Lender for the Loan Assumption within ten (10) business days from Buyer’s receipt of all Property Information, and Seller hereby authorizes Buyer to contact Existing Lender directly regarding the Loan Assumption. Seller and Buyer shall cooperate in all respects in connection with the Loan Assumption, and Seller shall execute any and all applications or other documents required by Existing Lender as part of the Loan Assumption process. The documents evidencing the Loan Assumption...
Assumption of Existing Loan. Except as may be provided in Section 2 of this Assumption Addendum, Buyer shall assume and pay an existing loan (the “Existing Loan”) in the approximate amount of $ . The Existing Loan is presently payable at $ per month including: [ ] principal and interest (presently at %per annum); [ ] real estate taxes; [ ] property insurance premium; [ ] mortgage insurance premium. Seller agrees to provide to Xxxxx (as an additional Seller Disclosure under Section 7 of the REPC) copies of any notes and trust deeds to be assumed by Xxxxx. Seller represents that the Existing Loan is assumable. Xxxxx agrees to make application to the Lender to assume the Existing Loan, if required.
Assumption of Existing Loan. The Company recognizes and agrees that, in connection with the Existing Loan, the Property presently is encumbered by the Existing Mortgage. The Loan is evidenced by that certain promissory note dated as of May 12, 2004 in the stated principal amount of $20,860,000 (the "EXISTING NOTE") executed by Owner and payable to the order of Greenwich Capital Financial Products, Inc. Owner has heretofore delivered a true, correct and complete copy of the Existing Note and the other Existing Loan Documents to the Company for its review. The Company agrees that, at the Closing, the Company shall assume Owner's obligations under the Existing Note and all of the other Existing Loan Documents and accept title to the Property subject to the Existing Mortgage. It shall be a condition to the Owner's and the Company's obligations hereunder that at Closing the Existing Lender shall release Owner, as well as any guarantors and other obligated parties under the Existing Loan Documents from all obligations under the Existing Loan Documents (and any related guarantees or letters of credit), including, without limitation, any obligation to make payments of principal and interest under the Existing Note (the foregoing assumption of the Existing Loan and the release of Owner and all guarantors thereunder being herein called the "LOAN ASSUMPTION AND RELEASE"). The Company shall, within three (3) Business Days of the Effective Date, submit to the Lender a completed application for the Loan Assumption and Release (the "APPLICATION"). The Company and Owner each agree to use commercially reasonable diligent efforts to cause the Loan Assumption and Release to be consummated in the most timely and efficient manner. The Company shall pay all fees and expenses imposed or charged by the Lender and its counsel in connection with the Loan Assumption and Release, including, without limitation, all servicing fees and charges, transfer fees, assumption fees, title fees and endorsement fees and this obligation to pay fees and expenses shall survive the Closing or any earlier termination of this Agreement. The Company and Owner shall each pay their own legal fees and costs and expenses in connection with the Loan Assumption and Release. In connection with the Loan Assumption and Release, the Company shall form a subsidiary entity to take title to the Property, which subsidiary entity shall be a bankruptcy remote single purpose entity which satisfies the requirements of the Existing Loan Documents an...
Assumption of Existing Loan. At Closing, Buyer shall assume the loan in the original principal amount of Eleven Million Two Hundred Thousand and No/100 Dollars ($11,200,000.00), which currently encumbers the Property (the “Loan”) and receive a credit
Assumption of Existing Loan. Seller hereby agrees that Purchaser shall have an additional thirty (30) days following the expiration of the Inspection Period (“Financing Contingency Period”) to obtain the necessary approvals from the existing lender of the Existing Loan and HUD, if applicable, to allow Purchaser to assume, at Closing, the Existing Loan, provided that the Financing Contingency Period may be extended for an additional thirty (30) days upon written notice from Purchaser to Seller given prior to the thirtieth (30th) day after the Inspection Period. If Purchaser is unable to obtain the approval of the existing lender or HUD, if applicable, by the last day of the Financing Contingency Period, Purchaser shall, within three (3) business days after the expiration of the Financing Contingency Period, elect to (i) payoff and satisfy all obligations of the Existing Loan including the payment of any prepayment penalties and/or fees and Close on its purchase of the Property or (ii) terminate this Agreement and receive a refund of its Xxxxxxx Money from Escrow Agent . If Purchaser fails to provide notice of its election to terminate this Agreement pursuant to (i) or (ii) above within said three (3) day period, Purchaser shall be deemed to have elected option (ii) above.
Assumption of Existing Loan. Execute and deliver to the Owner, Existing Lender and the Title Company the documents and instruments reasonably necessary to effect the assumption by the Company of the Owner's obligations under the Existing Loan and Existing Loan Documents and the release of Owner, as well as any guarantors and other obligated parties, under the Existing Loan Documents from all obligations under the Existing Loan Documents and any related guarantees, and pay to the Existing Lender all assumption fees, costs and expenses required by the Existing Loan Documents to effect such assumption by the Company and requisite consent by the Existing Lender.
Assumption of Existing Loan. Buyer shall have executed and delivered to Escrow Holder all documents required for Buyer to assume all of Seller's obligations under the Existing Loan arising from and after the Closing Date. The foregoing conditions contained in this Article IV.B are intended solely for the benefit of Seller (except to the extent otherwise provided in Article IV.A hereof).
Assumption of Existing Loan. Buyer understands that the sale transaction contemplated herein is contingent upon Buyer qualifying and being approved by Existing Lender for the assumption of the Existing Loan and upon Seller being released from all obligations and liability thereunder. Buyer shall pay all application fees, assumption fees, title insurance premiums and all other costs, fees and expenses relating to the assumption of the Existing Loan, regardless of whether the Closing occurs. Buyer agrees to provide to Existing Lender, within five (5) days after the date hereof, that information listed on Exhibit "B" hereto with respect to the assumption of the Existing Loan. Thereafter, Buyer will provide any other information Existing Lender deems pertinent to the financial condition of Buyer within five (5) days after Existing Lender requests such information and in the format required by Existing Lender. Buyer agrees that Existing Lender may determine the suitability of Buyer's creditworthiness based upon standards that Existing Lender determines are appropriate. Existing Lender may seek any other information it deems necessary or required from any source Existing Lender may choose. Buyer understands that if such information is not provided in the 5-day periods described above, Seller shall have the right to terminate this Agreement immediately upon notice to Buyer and Escrow Agent. Buyer's obligation to pay all fees, costs and expenses associated with the assumption of the Existing Loan shall survive the Closing or any termination of this Agreement.
Assumption of Existing Loan. Seller entered into the Existing Loan with the Lender secured by a mortgage on the Property (the “Existing Mortgage”). At Closing, subject to obtaining all necessary approvals from the Lender under the Existing Loan, Buyer shall assume all obligations and agreements of Seller related to the Existing Loan. All loan documentation related to the Existing Loan is hereinafter referred to as the "Existing Loan Documents". Copies of said Existing Loan Documents have been provided to Buyer. Buyer shall receive a credit against the Purchase Price equal to the outstanding principal balance and all accrued but unpaid interest and other fees and expenses under the Existing Loan.
Assumption of Existing Loan. $ by Xxxxx assuming and agreeing to pay an existing loan in this approximate amount, presently payable at $ per including principal, interest presently at % per year. Xxxxx agrees to pay all assumption and related fees. CAUTION: XXXXXX’S APPROVAL OF AN ASSUMPTION MAY BE REQUIRED BY EXISTING LOAN DOCUMENTS.
