Absolute Conveyance No Merger. 7.01 Conveyance/No merger. The conveyance of the Property to Lender according to the terms of this Agreement is an absolute conveyance of all of its right, title, and interest in and to the Property in fact as well as form and was not and is not now intended as a mortgage, trust conveyance, deed of trust, or security instrument of any kind, and that the consideration for such conveyance is exactly as recited herein and Company has no further interest (including rights of redemption) or claims in and to the Property or to the rents, proceeds, and profits that may be derived thereof, of any kind whatsoever. Notwithstanding Lender’s acquisition of the Property, the indebtedness evidenced by the Note shall not be cancelled, shall survive the Closing and delivery of any deeds and/or releases and all of the Loan Documents shall remain in full force and effect after the transaction contemplated by this Agreement has been consummated. The parties further agree that the interest of Lender in the Property after Buyer’s acquisition of the Property shall not merge with the interest of Lender in the Property under the Loan Documents. It is the express intention of each of the parties hereto (and all of the conveyances provided for in this Agreement shall so recite) that such interests of Lender and Buyer in the Property shall not merge, but be and remain at all times separate and distinct, notwithstanding any union of said interest in Lender at any time by purchase, termination, or otherwise and that the lien of the Mortgage in the Property shall be and remains at all times a valid and continuous lien on the Property until and unless released of record by Lender or its successors and assigns.
Absolute Conveyance No Merger. 6.1 Borrowers acknowledge and agree that (A) the consummation of the transactions contemplated in this Agreement and in the documents and instruments to be executed in connection herewith (including without limitation the conveyance of the Property to the Grantee) shall constitute an absolute, present and unconditional conveyance of all of Borrowers’ right, title and interest in and to the Property, in fact as well as in form, and is not in any way intended to be a mortgage, trust conveyance, deed of trust or security instrument of any kind, (B) the consideration for such conveyance is exactly as recited herein and (C) Borrowers shall have no further direct or indirect interest or claims of any kind whatsoever in and to the Property or to any proceeds and profits which may be derived therefrom (including without limitation any rights of possession, repurchase, cure or redemption). In consideration of Lenders’ execution and delivery of this Agreement, Borrowers hereby waive (and, if such waiver is unenforceable, assign and transfer to NIP JV and its successors and assigns) any equitable or other right in or with respect to the Property which Borrowers may hereafter be determined to have.
Absolute Conveyance No Merger
