Assumption of Assumption Property Loans. At the Closing, subject to Purchaser’s obligations under ARTICLE 5, Purchaser shall receive a credit against the Base Purchase Price of each of the Assumption Properties in the amount of the outstanding principal balance and all accrued and unpaid interest (if any) thereon, of the applicable Assumed Loan as of the Closing Date. To the extent permitted by the applicable Assumption Lender, any existing reserves, impounds or other accounts maintained in connection with any Assumed Loan shall remain in place, and Purchaser shall provide the applicable Seller with a credit in the amount thereof at the Closing.
Appears in 5 contracts
Samples: Purchase and Sale Agreement (Century Properties Growth Fund Xxii), Purchase and Sale Agreement (Shelter Properties Vii LTD Partnership), Purchase and Sale Agreement (Davidson Income Real Estate Lp)
