Assumption of Loan. New Borrower hereby assumes the indebtedness due under the Note, the Loan and all of Original Borrower’s other obligations, as grantor, mortgagor, borrower, assignor, trustor, indemnitor, guarantor, or maker, as the case may be, under the Loan Documents to the same extent as if New Borrower had signed such instruments. New Borrower agrees to comply with and be bound by all the terms, covenants and agreements, conditions and provisions set forth in the Loan Documents.
Assumption of Loan. Buyer shall assume Seller’s existing mortgage (the “Mortgage”) owed to [financial institution], dated , having a present balance of $ . Buyer agrees to assume and pay the Mortgage in accordance with its terms for all payments due after the Closing. All fees associated with the transfer of the Mortgage shall be paid by [Seller/Buyer].
Assumption of Loan. Lender shall have consented to the transfer of each Property to the Purchaser and the assumption of each Loan by the Purchaser on terms and conditions satisfactory to the Purchaser in its reasonable discretion, and Lender shall have executed and delivered all applicable documentation evidencing such consent, which documentation shall be satisfactory to the Purchaser in its reasonable discretion. In no event shall Lender’s consent be deemed to be satisfactory to the Purchaser if the public trading of any stock, or the creation of any new stock, in Five Star Quality Care, Inc., shall be deemed a prohibited transfer or otherwise require Lender’s consent under the applicable Loan Documents. All costs and expenses incurred in connection with such consent shall be paid by the Purchaser, including, without limitation, any so-called assumption fee; provided, however, the Purchaser shall have no obligation to pay any assumption fee to the extent such assumption fee exceeds one percent (1%) of the outstanding principal balance of the applicable Loan as of the Closing Date (and any such assumption fee in excess thereof shall be paid for by the Sellers at the Closing). Notwithstanding the foregoing, in lieu of assuming any Loan, the Purchaser may elect, in its sole and absolute discretion exercisable by giving written notice of such election to the Sellers prior to the expiration of the Inspection Period, to have such Loan prepaid as of the Closing Date, in which event the Sellers shall give timely notice of prepayment, the Sellers shall cause such Loan to be prepaid on or before the Closing Date and the applicable Loan Documents shall not be considered Permitted Exceptions but shall be considered Voluntary Liens; provided, however, at Closing, the Purchaser shall pay (or reimburse) the Sellers for all prepayment premiums associated with the prepayment of such Loan on or before the Closing Date.
Assumption of Loan. Should the Guarantors be required to make payment to the Bank pursuant to the Guarantee, the Companies hereby consent to the assumption of the Loan by the Guarantors, including all collateral rights. The Companies will use their best efforts to facilitate such assumption.
Assumption of Loan. New Borrower hereby assumes the indebtedness due under the Note and all of Original Borrower's other obligations, as grantor, mortgagor, borrower, trustor, indemnitor, guarantor, or maker, as the case may be, under the Loan Documents to the same extent as if New Borrower had signed such instruments. New Borrower agrees to comply with and be bound by all the terms, covenants and agreements, conditions and provisions set forth in the Loan Documents.
Assumption of Loan. (Check one) ☐ Buyer shall assume Seller’s existing mortgage (the “Mortgage”) owed to _______________________ [Financial institution], dated _______________, 20_____, having a present balance of $__________. Buyer agrees to assume and pay the Mortgage in accordance with its terms for all payments due after the Closing. All fees associated with the transfer of the Mortgage shall be paid by (Check one) ☐ Seller ☐ Buyer. ☐ Buyer shall NOT assume Seller’s existing mortgage.
Assumption of Loan. Employer agrees to assume all financial obligations to the loans in the approximate aggregate amounts of $300,000, now held in the name of Xxxxx Xxxxxxxxxx and as shown in detail on the attache Schedule A. Employer shall sign and execute all necessary documents of assumption as required by the banks on or before June 30, 1999.
Assumption of Loan. New Borrower hereby assumes the indebtedness due under the Note, the Loan and all of Original Borrower’s other obligations, as grantor, mortgagor, borrower, assignor, trustor, indemnitor, guarantor, or maker, as the case may be, under the Loan Documents, as amended hereby, to the same extent as if New Borrower had signed such instruments. New Borrower agrees to comply with and be bound by all the terms, covenants and agreements, conditions and provisions set forth in the Loan Documents, as amended hereby, from and after the Acquisition Date.
Assumption of Loan. New Borrower hereby assumes the indebtedness due under the Note and the other Loan Documents and all of Original Borrower's other obligations, as grantor, mortgagor, borrower, trustor, indemnitor, guarantor, or maker, as the case may be, under the Loan Documents to the same extent as if New Borrower had signed such instruments. New Borrower agrees to comply with and be bound by all the terms, covenants and agreements, conditions and provisions set forth in the Loan Documents. The New Borrower acknowledges and agrees that from and after the effectiveness of this Agreement that the Loan Documents shall be modified and amended as follows: (i) New Borrower shall be the "Borrower", "Mezzanine Borrower", "Junior Tier Mezzanine Borrower", "Pledgor", "Debtor", "Indemnitor", "Party B", "Grantor", "Debtor", and "Assignor", as applicable, under any Loan Documents in which Original Borrower was the "Borrower", "Mezzanine Borrower", "Junior Tier Mezzanine Borrower", "Pledgor", "Debtor", "Indemnitor", "Party B", "Grantor", "Debtor" or "Assignor", as applicable, and all provisions of the Loan Documents previously applicable to Original Borrower shall apply to New Borrower (other than with respect to the existing Environmental Indemnity (Mezzanine) and the Reaffirmation of the Environmental Indemnity (Mezzanine)), (ii) Maguire LP shall be the "Guarantor" under any Loan Document in which Xxxxxxxx Indemnitor (as hereinafter defined) was the "Guarantor" and all provisions of the Loan Documents previously applicable to Original Indemnitor shall apply to Maguire LP (other than with respect to the existing Recourse Guarantx (Xxxxxxxne), the Reaffirmation of the Recourse Guaranty (Mezzanine) and the Reaffirmation of Recourse Guaranty (Mortgage)), (iii) New Property Owner shall be the "Mortgage Borrower" under any Loan Document in which Original Property Owner was the "Mortgage Borrower" and all provisions of the Loan Documents previously applicable to Original Property Owner shall apply to New Property Owner (other than with respect to the existing Environmental Indemnity (Mortgage) and the Reaffirmation of the Environmental Indemnity (Mortgage)), (iv) New Senior Mezzanine Borrower shall be the "Senior Tier Mezzanine Borrower" under any Loan Document in which Original Senior Tier Mezzanine Borrower was the "Senior Tier Mezzanine Borrower" and all provisions of the Loan Documents previously applicable to Original Senior Tier Mezzanine Borrower shall apply to New Senior Mezzanine ...
Assumption of Loan. New Borrower hereby (i) assumes and promises to pay and perform all of the indebtedness, liabilities, covenants, agreements, duties and obligations of Existing Borrower and Maker under the Note and the other Loan Documents (including, without limitation, those arising prior to the Effective Date), and (ii) agrees to be bound by all of the terms, conditions and provisions of the Note and the Loan Documents, as any of the foregoing may be modified as provided in this Agreement, as if it were the maker thereunder. From and after the Effective Date, any reference in the Loan Documents to "Borrower", "Maker", "Grantor" or other similar references shall mean and refer to New Borrower. Notwithstanding anything to the contrary contained in any of the Loan Documents or this Agreement, the Loan shall be fully recourse to New Borrower, and New Borrower shall be fully and personally liable for the repayment of all outstanding principal, accrued interest and all other sums outstanding under the Loan Documents and the performance of all obligations of Maker and/or Existing Borrower under the Loan Documents, without any limitation of liability whatsoever. Accordingly, and without limiting the foregoing in any manner, Section 1.05 of the Note, Section 5.27 of the Deed of Trust, Section 24 of the Assignment of Leases and Rents and all similar non-recourse provisions of the Loan Documents are hereby deleted in their entirety and shall be of no further force and effect.
