Assumed Loan Documents. This Section 5.4.7 is applicable only to Assumption Properties. Each Seller of an Assumption Property shall be responsible for all principal required to be paid under the terms of the Note applicable to its Assumption Property prior to Closing, together with all interest accrued under such Note prior to Closing, all of which may be a credit against the Purchase Price for its Property as provided in Section 2.2.3. Purchaser shall be responsible for all Assumption Lender Fees, Required Loan Fund Amounts, and all other fees, penalties, interest and other amounts due and owing under the Assumed Loan Documents as a result of any Loan Assumption and Release. As set forth in Section 4.6.6, any existing reserves, impounds and other accounts maintained in connection with the applicable Loan shall be assigned to Purchaser, and at Closing, Purchaser shall pay to the applicable Seller an amount equal to the balance of such reserves, impounds and accounts so assigned.
Appears in 5 contracts
Samples: Purchase and Sale Contract, Purchase and Sale Contract (Consolidated Capital Properties Iv), Purchase and Sale Contract (Century Properties Fund Xvi)
