Assumed Loan. As of the Closing Date, Buyer shall have assumed Seller’s obligation under the Assumed Loan on terms and conditions acceptable to Buyer in its sole discretion, and all required approvals from Lender shall have been obtained. Seller shall reasonably cooperate and assist with obtaining the consent of Lender to Buyer’s assumption of the Assumed Loan. Promptly following the Effective Date and Buyer’s receipt of Lender’s loan assignment and assumption application, Buyer shall submit to Lender (or its servicer, as applicable) a completed loan assignment and assumption application (the “Loan Assumption Application”) for Buyer’s proposed assumption of the Assumed Loan. Subsequently, Buyer and Seller shall use commercially reasonable efforts to cause the Lender (or its loan servicer, as applicable) to consent to the conveyance of the Property by Seller to Buyer and to agree to allow Buyer to assume the obligations of the maker and the trustor under the Note, the Deed of Trust and the other Loan Documents. In that regard, if Buyer waives its conditions set forth in Sections 6.1 to 6.3 above, Buyer desires to form a new limited liability company to take title to the Property at Closing, Lender requires Buyer to guaranty such new limited liability company’s obligations under the Assumed Loan, Buyer elects not to provide such guaranty, and this transaction fails to close as a result of a default by Buyer, then Buyer shall reimburse Seller for any out-of-pocket costs and expenses incurred by Lender and its service provider which Seller is obligated to pay to Lender, if any. In connection with the assignment and assumption of the Assumed Loan, at Closing Seller and Buyer shall each pay one-half (1/2) of: (i) any assumption fee required by the Lender (or the loan servicer), (ii) all costs related to the proposed assumption, (iii) all out-of-pocket costs and expenses incurred by Lender and the loan servicer, which may include, without limitation, attorneys’ fees and title costs, and (iv) all fees and/or costs required
Assumed Loan. As of the Closing Date, Buyer shall have assumed Seller’s obligation under the Assumed Loan, and all required approvals from Seller’s lender shall have been obtained. Seller shall reasonably cooperate and assist with obtaining the consent of its lender to Buyer’s assumption of the Assumed Loan.
Assumed Loan. Attached hereto as Exhibit B is a true, correct and complete list of the material Assumed Loan Documents to date. Seller represents that is has delivered to Buyer true, correct and complete copies of the Assumed Loan Documents. Seller has not received written notice from the Lender or Servicer asserting an Event of Default under the Assumed Loan Documents that remains uncured on the date hereof. To the best of Seller’s knowledge, there is no outstanding event of default under the Assumed Loan Documents and no event has occurred that with notice or the passage of time, or both, would constitute an event of default under the Assumed Loan Documents. Seller is current in all payments of principal and interest due under the Assumed Loan through the last scheduled payment date. Exhibit B accurately sets forth the unpaid principal balance of the Assumed Loan as of the last scheduled payment date (taking into account such payment), and the principal amount of any deposits, reserves or escrows held or established in connection with therewith as of the date specified on Exhibit B, which is the last date on which such information was provided to Seller by Lender or Servicer.
Assumed Loan. At Closing of the Hillsboro Courtyard by Marriott Hotel, Buyer agrees to assume in full, all of Seller’s rights and obligations under that certain Loan by and between Seller, as Grantor, and Citigroup Global Markets Realty Corp., as Beneficiary, recorded under Washington County Recording No. 2004-137493, in the original principal amount of $6,800,000, which is a first lien secured by the Hillsboro Courtyard by Marriott Hotel. The Assumed Loan shall be deemed a Permitted Exception by Buyer. All assumption related costs shall be paid by Seller.
Assumed Loan. Such agreements as may be required by Barclays Capital Real Estate Inc, the holder of the Assumed Loan for Buyer’s assumption of the Assumed Loan.
Assumed Loan. Such assumption agreement as may reasonably be required by the holder of the Assumed Loan for the assumption by Buyer of the Assumed Loan.
Assumed Loan. HoPo/Tupelo Hotels, LLC shall receive a credit for any interest, insurance, Seasonal Reserve (as defined in the Assumed Loan documents) or tax escrows existing under the Assumed Loan. Any amounts in the Immediate Repair Escrow Account, Replacement Reserve Account and the Additional Replacement Reserve Funds (all as defined in the Assumed Loan documents) shall become property of Buyer at Closing and Seller shall not receive any credit therefor. Notwithstanding the foregoing, Seller shall be entitled to a credit at Closing for the cost of reimbursable Required Replacements (as defined in the Assumed Loan documents) made to the Hotel but for which Seller has not been reimbursed by the Lender from the Replacement Reserve Account. Seller shall provide Buyer with supporting documentation that in Buyer’s reasonable discretion evidences such non-reimbursed Required Replacements.
Assumed Loan. (a) It is acknowledged that both BH and the Managing Member on behalf of the Company shall use good faith efforts to assume the loans secured by the Property in the approximate aggregate amount of $15,550,000 defined and described as the “Existing Loans” in the Purchase Agreement (herein called the “Assumed Loans”) on terms which are acceptable to both BH and the Managing Member, the assumption of such Assumed Loans on the Closing Date constituting partial consideration for the acquisition of the Property under the Purchase Agreement.
Assumed Loan. As of July 8, 2010, the Loan has an unpaid principal balance as of the date of this Agreement, of TWENTY-EIGHT MILLION EIGHT HUNDRED NINETY-FIVE THOUSAND THREE HUNDRED THIRTY-NINE AND 48/100THS DOLLARS ($28,895,339.48), and prior to default bears interest at the rate of five and thirty-seven hundredths percent (5.37%) per annum. There is presently a balance of ONE HUNDRED NINETY THOUSAND SEVEN HUNDRED SIXTY-NINE AND 91/100THS DOLLARS ($190,769.91) in the tax escrow account, a balance of FIVE THOUSAND SIX HUNDRED NINETY-FOUR AND 87/100THS DOLLARS ($5,694.87) in the insurance escrow account and a balance of ONE HUNDRED TWENTY-ONE THOUSAND FIVE HUNDRED ONE AND 82/100THS DOLLARS ($121,501.82) in the reserves escrow account(s), maintained by the Lender parties in connection with the Loan, all of which shall remain on deposit for the benefit of Buyer as a condition of the Assumption. All such accounts are funded fully to the extent currently required by the Lender parties. There are no defaults by Seller under any of the provisions or requirements of any of the Loan Documents, nor are there any existing events or conditions which with the giving of notice or the passage of time or both may constitute a default by the Seller under any of the provisions of any of the Loan Documents. The copies of the Loan Documents delivered or made available to Buyer as part of Seller’s Materials are all of the documents to which Buyer is a party or is bound or responsible for in connection with the Loan, and such Loan Documents are accurate and complete copies (including all exhibits and schedules) of the originals thereof.
Assumed Loan. [Intentionally Deleted].
