ASSUMPTION OF EXISTING MORTGAGE Sample Clauses

ASSUMPTION OF EXISTING MORTGAGE. Buyer may assume existing mortgage for $ plus an assumption fee of $ . The mortgage has an approximate remaining term of years at an interest rate of % fixed variable (described) . Lender approval of assumption is required is not required unknown. Notice to SELLER: You may remain liable for an assumed mortgage for a number of years after the Property is sold. Check with your lender to determine the extent of your liability. SELLER will insure that all mortgage payments and required escrow deposits are current at the time of closing and will transfer the escrow deposits to the Buyer at closing.
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ASSUMPTION OF EXISTING MORTGAGE. (S) The Property is encumbered by an existing mortgage, in the amount of $ , which has a variable interest rate; or a fixed interest rate of % per annum. At time of title transfer, some fixed interest rates are subject to increase; if increased, the rate shall not exceed % per annum. Seller shall furnish a statement from each mortgagee stating the principal balance, method of payment, interest rate and status of mortgage or authorize Buyer or Closing Agent to obtain the same. If Xxxxx has agreed to assume a mortgage which requires approval of Buyer by the mortgagee for assumption, then Xxxxx shall promptly obtain the necessary application and diligently complete and return it to the mortgagee. Any mortgagee charge(s), not to exceed $ (1% of amount assumed if left blank), shall be paid by Xxxxx. If Xxxxx is not accepted by mortgagee or the requirements for assumption are not in accordance with the terms of this Contract or mortgagee makes a charge in excess of the stated amount, Seller or Buyer may rescind this Contract by written notice to the other party unless either elects to pay the increase in interest rate or excess mortgage charges. Buyer’s Initials Seller’s Initials E. FEDERAL HOUSING ADMINISTRATION (FHA)/U.S. DEPARTMENT OF VETERANS AFFAIRS (VA)
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ASSUMPTION OF EXISTING MORTGAGE. As part of the Purchase Price, Buyer agrees, subject to Existing Mortgagee's prior approval, to assume the Existing Mortgage upon the terms and conditions set forth therein. Currently, the outstanding principal amount of the Existing Mortgage is approximately $7,921,846.00 as of September 2, 1997. Subject to Seller's payment of all third-party out-of-pocket fees and costs associated with Buyer's application and assumption (excluding Buyer's attorneys' fees but including Existing Mortgagee's attorney's fees, if any, and in any event not to exceed any prepayment premiums or penalties due in connection with such pay-off of the Existing Mortgage), Buyer shall make an application and attempt to obtain the approval of the Existing Mortgagee to the assumption of the Existing Mortgage during the Inspection Period on the terms and conditions that are acceptable to Buyer. In the event that Buyer does not obtain such approval or the terms and conditions thereof are not acceptable to Buyer, then Buyer shall have the right to terminate this Agreement during the Inspection Period as set forth in SECTION 10 hereof. In the event that Buyer does not terminate this Agreement during the Inspection Period as set forth in SECTION 10, then Buyer shall be deemed to have approved the terms of the assumption of the Existing Mortgage or Buyer shall otherwise be obligated to pay off the Existing Mortgage at the Closing, whereupon Buyer shall be responsible to pay any and all costs of prepaying the Mortgage, including, without limitation, prepayment premiums or penalties due in connection with such pay-off of the Existing Mortgage.
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ASSUMPTION OF EXISTING MORTGAGE. Prior to the Closing, Contributor shall have obtained the consent of the holder of the Existing Mortgage (the "Lender") to the transfer of the Property to Acquiror and to the assumption of the Existing Mortgage (without amendment or modification of any of the terms of such loan) by Acquiror. Contributor shall be responsible for all fees or expenses charged by Lender in connection with obtaining such consent. The REIT and Acquiror agree to cooperate (at no third party or out of pocket cost to the REIT) with Contributor in obtaining such consent. Acquiror agrees to use its commercially reasonable efforts to deliver to the Lender those documents contemplated in Section 5.1(b) of the Existing Mortgage to be delivered to the Lender by a so-called Qualified Party. Contributor agrees to use its commercially reasonable efforts to deliver to the Lender those documents contemplated in Section 5.1(b) of the Existing Mortgage to be delivered by the Mortgagor to the Lender.
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ASSUMPTION OF EXISTING MORTGAGE. The assumption of Existing Mortgage, duly executed by Acquiror; and
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Related to ASSUMPTION OF EXISTING MORTGAGE

  • Completion and Recordation of Assignments of Mortgage As soon as practicable after the Closing Date, the Servicing Transfer Date or the date on which a Qualifying Substitute Mortgage Loan is delivered pursuant to Section 2.05 of the Trust Agreement, as applicable (but in no event more than 90 days thereafter except to the extent delays are caused by the applicable public recording office), the Servicer shall cause the endorsements on the Mortgage Note (if applicable), and the Assignments of Mortgage (subject to Section 3.01(a)) to be completed in the name of the Trustee (or MERS, as applicable).

  • Ratification of Existing Agreements All existing Dual Enrollment agreements between the Trustees and the Private School are hereby modified to conform to the terms of this agreement and the appendices of this document.

  • Recordation of Assignments of Mortgage To the extent permitted by applicable law, each of the Assignments of Mortgage is subject to recordation in all appropriate public offices for real property records in all the counties or their comparable jurisdictions in which any or all of the Mortgaged Properties are situated, and in any other appropriate public recording office or elsewhere, such recordation to be effected at the Seller's expense in the event recordation is either necessary under applicable law or requested by the Purchaser at its sole option.

  • Termination of Existing Agreements Any previous employment agreement between Executive on the one hand and Employer or any of Employer’s Affiliates (as hereinafter defined) on the other hand is hereby terminated.

  • DESCRIPTION OF EXISTING INDEBTEDNESS Among other indebtedness which may be owing by Borrower to Lender, Borrower is indebted to Lender pursuant to, among other documents, a Business Financing Agreement, dated February 27, 2014, by and between Borrower and Lender, as may be amended from time to time (the “Business Financing Agreement”). Capitalized terms used without definition herein shall have the meanings assigned to them in the Business Financing Agreement. Hereinafter, all indebtedness owing by Borrower to Lender shall be referred to as the “Indebtedness” and the Business Financing Agreement and any and all other documents executed by Borrower in favor of Lender shall be referred to as the “Existing Documents.”

  • Termination of Existing Agreement The Existing Agreement is hereby terminated and replaced and superseded by this Agreement, effective August 1, 2001. All payments, of Base Salary or otherwise, made by the Company under the Existing Agreement with respect to any period commencing on or after August 1, 2001 shall be credited against the corresponding payment obligations of the Company under this Agreement.

  • Assumption of Contracts The sale of the Assets is and will be made subject to the Contracts to which the Assets are presently subject. Buyer shall assume and be responsible for all obligations accruing under the Contracts after the Effective Time.

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