Common use of Acknowledgement of Debt Clause in Contracts

Acknowledgement of Debt. (a) Original Borrower and, based solely on its servicing records, Lender confirm and acknowledge that the outstanding principal balance under the Note immediately prior to the Effective Date is $37,549,146.86 and the balances of all reserve and escrow accounts required under the Loan Documents are set forth on Schedule 1, attached hereto and made a part hereof. New Borrower declares and acknowledges, for the specific reliance and benefit of Lender, that (i) New Borrower has no right, claim, defense or right of offset of any kind or in any amount with respect to the Note, the Security Instrument or any of the other Loan Documents, and (ii) no amounts paid by New Borrower or Original Borrower to Lender pursuant to or in connection with the execution and delivery of this Agreement shall be applied to or set off against the principal balance of the Note.

Acknowledgement of Debt. (a) Original Borrower and, based solely on its servicing records, Lender and New Borrower confirm and acknowledge that the outstanding principal balance under the Note immediately prior to the Effective Date is $37,549,146.86 24,259,403.59, and the balances of all reserve and escrow accounts required under the Loan Documents are set forth on Schedule 1, attached hereto and made a part hereof. New Borrower declares and acknowledges, for the specific reliance and benefit of Lender, that (i) New Borrower has no right, claim, defense or right of offset of any kind or in any amount with respect to the Note, the Security Instrument or any of the other Loan Documents, and (ii) no amounts paid by New Borrower or Original Borrower to Lender pursuant to or in connection with the execution and delivery of this Agreement pursuant to Section 17 of this Agreement or similar amounts so paid shall be applied to or set off against the principal balance of the Note.