Common use of Assignment of Loan Documents Clause in Contracts

Assignment of Loan Documents. Upon not less than thirty (30) days written notice to Lender by Borrower, and provided that the Documents continue to secure a bona fide obligation of the Borrower, Lender agrees to assign the Note, this Instrument, the Assignment of Leases and Rents and the other Documents, all without recourse, covenant or warranty of any nature, express or implied, to any party designated by Borrower (other than Borrower or a nominee of Borrower) (the “Assignee”), provided that (a) Borrower shall have first caused the same to be purchased for an amount equal to the entire indebtedness (including, without limitation, all unpaid principal, accrued interest and the prepayment premium due ) and upon payment by Borrower of (i) Lender’s then customary administrative fee for processing assignments of mortgages; (ii) the reasonable expenses of Lender incurred in connection therewith; and (iii) Lender’s reasonable attorneys’ fees for the preparation, delivery and performance of such an assignment; (b) Borrower shall have caused the delivery of an executed Statement of Oath under Section 275 of the New York Real Property Law; (c) the Assignee shall assume the obligations and liabilities of Lender (or Lender shall be otherwise released from any such obligations); and (d) provided further that such an assignment is not then prohibited by any federal, state or local law, rule, regulation, order, or by any other governmental authority. Borrower shall be responsible for all taxes, recording fees and other charges payable in connection with any such assignment.

Assignment of Loan Documents. Upon not less than thirty (30) days written notice to Lender by Borrower, and provided that the Documents continue to secure a bona fide obligation of the Borrower, Lender agrees to assign the Note, this Instrument, the Assignment of Leases and Rents and the other Documents, all without recourse, covenant or warranty of any nature, express or implied, to any party designated by Borrower (other than Borrower or a nominee of Borrower) (the “Assignee”), provided that (a) Borrower shall have first caused the same to be purchased for an amount equal to the entire indebtedness (including, without limitation, all unpaid principal, accrued interest and the prepayment premium due ) and upon payment by Borrower of (i) Lender’s then customary administrative fee for processing assignments of mortgages; (ii) the reasonable expenses of Lender incurred in connection therewith; and (iii) Lender’s reasonable attorneys’ fees for the preparation, delivery and performance of such an assignment; (b) Borrower shall have caused the delivery of an executed Statement of Oath under Section 275 of the New York Real Property Law; (c) the Assignee shall assume the obligations and liabilities of Lender (or Lender shall be otherwise released from any such obligations); and (d) provided further that such an assignment is not then prohibited by any federal, state or local law, rule, regulation, order, or by any other governmental authority. Borrower shall be responsible for all taxes, recording fees and other charges payable in connection with any such assignment. In no event shall an assignment of the Note, this Instrument and the Documents be permitted unless (x) in connection with satisfying the Note and the First Priority Note (as defined herein), the First Priority Note is purchased by the same proposed assignee, said (y) said purchase of the First Priority Note and assignment of the First Priority Documents (as defined herein) closes simultaneously with the purchase of the Note and the assignment of the Documents contemplated in this Section 10.05.

Assignment of Loan Documents. Upon If the entire outstanding Obligations are repaid or prepaid in accordance with the Loan Documents, upon not less than thirty (30) days written notice to Lender by Borrower, Borrower and provided that the Loan Documents continue to secure a bona fide obligation of the Borrower, Lender agrees agrees, in lieu of a release of any portion of the Property from the lien of the Instruments pursuant to this Agreement, to assign the Note, this Instrument, the Assignment of Leases and Rents Instruments and the other Loan Documents, all without recourse, covenant or warranty of any nature, express or implied, to any party designated by Borrower (other than Borrower, an affiliate of Borrower or a nominee of Borrower) (the “Assignee”), provided that (a) Borrower shall have first caused the same to be purchased (in the event of a prepayment) for an amount equal to the entire indebtedness outstanding Obligations (including, without limitation, all unpaid principal, accrued interest and any prepayment penalty or premium due). In addition, any such assignment shall be conditioned on the prepayment premium due following: (a) and upon payment by Borrower of (i) Lender’s then customary reasonable fees and an administrative fee for processing assignments of mortgages; (ii) the reasonable expenses of Lender incurred in connection therewith; and (iii) Lender’s reasonable attorneys’ attorney’s fees for the preparation, delivery and performance of such an assignment; (b) if applicable, Borrower shall have caused the delivery of an executed Statement of Oath under Section 275 of the New York Real Property Law; (c) the Assignee shall assume the obligations and liabilities of Lender (or Lender shall be otherwise released from any such obligations); and (d) provided further that such an assignment is not then prohibited by any federal, state or local law, rule, regulation, order, or by any other governmental authority; and (d) Borrower shall provide such other items, information and documents reasonably necessary in the determination of Lender to effectuate such assignment. Borrower shall be responsible for all taxes, recording fees and other charges payable in connection with any such assignmentassignments.

Assignment of Loan Documents. Upon not less than thirty (30) days written notice to Lender by Borrower, and provided that the Documents continue to secure a bona fide obligation of the Borrower, Lender agrees to assign the Note, this Instrument, the Assignment of Leases and Rents and the other Documents, all without recourse, covenant or warranty of any nature, express or implied, to any party designated by Borrower (other than Borrower or a nominee of Borrower) (the “Assignee”), provided that (a) Borrower shall have first caused the same to be purchased for an amount equal to the entire indebtedness (including, without limitation, all unpaid principal, accrued interest and the prepayment premium due ) and upon payment by Borrower of (i) Lender’s then customary administrative fee for processing assignments of mortgages; (ii) the reasonable expenses of Lender incurred in connection therewith; and (iii) Lender’s reasonable attorneys’ fees for the preparation, delivery and performance of such an assignment; (b) Borrower shall have caused the delivery of an executed Statement of Oath under Section 275 of the New York Real Property Law; (c) the Assignee shall assume the obligations and liabilities of Lender (or Lender shall be otherwise released from any such obligations); and (d) provided further that such an assignment is not then prohibited by any federal, state or local law, rule, regulation, order, or by any other governmental authority. Borrower shall be responsible for all taxes, recording fees and other charges payable in connection with any such assignment.