Assumption definition

Assumption. The process whereby, on sale or transfer of a legal or beneficial interest in a Mortgaged Property, the new owner of such Mortgaged Property becomes legally obligated under the terms of the related existing Security Instrument, Mortgage Note and any addenda and riders to such Security Instrument or Mortgage Note. Subsequent to the Assumption, the new owner of the property shall be deemed to be the Borrower under the related Mortgage Loan Documents.
Assumption shall have their correlative meanings.
Assumption has the meaning set forth in Section 2.2.

Examples of Assumption in a sentence

  • Any cancellation of this preauthorized debit agreement will not affect in any way the agreement between you and Assumption Life, as long as payment is provided by an alternate method.

  • Important Form Information NHA must receive a Guest’s completed Booking Form and signed Release of Liability, Waiver of Claims, Assumption of Risk, & Binding Arbitration Agreement in its Louisville, CO office within 14 days of making an initial booking or deposit.

  • I have fully informed myself of the contents of this Rental Agreement and Liability Release and Express Assumption of Risk by reading it before I signed it on behalf of myself and my heirs.

  • Sensitivity and Issue Target Modelling Assumption Volume Predictions Quality of inventory information – demonstrate band of reasonable results.

  • For instance, a Tax Event Upon Merger cannot occur because of interest payments due under Sections 2(e) or 6(b) or 6(d)(ii), nor will it apply if Transactions are impacted by the Merger Without Assumption Event of Default (Section 5(a)(viii)) because they can be termi- nated through an Event of Default which is more serious and will close out all Transactions under the Agreement.


More Definitions of Assumption

Assumption has the meaning specified in Section 10.25.
Assumption has the meaning set forth in Section 11.3.
Assumption is deemed to also include a sale (of the Mortgaged Property) subject to the Mortgage that is not accompanied by an assumption or substitution of liability agreement.
Assumption shall have the respective meanings set forth in Section 2.2(a)(iii).
Assumption means a Permitted Direct Assumption or a Permitted Indirect Assumption.
Assumption has the meaning specified in the recitals of this Indenture.
Assumption shall have the meaning provided in the recitals to this Agreement.