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. (Check one)
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. The Property is currently encumbered by that certain Multifamily Deed of Trust, Assignment of Rents and Security Agreement (the "Mortgage") by Seller to Berkshire Mortgage Finance Limited Partnership (the "Lender"), dated as of September 15, 1995, which secures that certain Multifamily Note (the "Note") made by Seller in favor of Lender in the original principal amount of Seventeen Million Dollars ($17,000,000.00), that certain Replacement Reserve and Security Agreement by and between Lender and Seller, dated September 15, 1995 (the "Replacement Reserve Agreement"), and that certain Completion/ Repair and Security Agreement by and between Lender and Seller, dated September 15, 1995 (the "Completion Reserve Agreement", and the Mortgage, the Note, the Replacement Reserve Agreement, the Completion Reserve Agreement, together with all other documents or instruments entered into in connection with the Mortgage and the Note, are hereinafter referred to as the "Loan Documents"). Seller has delivered to Purchaser copies of the Note, the Mortgage, the Replacement Reserve Agreement and the Completion Reserve Agreement. In addition, within ten (10) business days of the date hereof, Seller shall provide Purchaser with a list of all escrows, reserves and holdbacks held by Lender under the Loan Documents. The parties acknowledge that, in accordance with the terms of the Completion Reserve Agreement, as heretofore amended, Seller is obligated to complete the repairs described on Exhibit N attached hereto (the "Repairs") on or before October 31, 1996 (the "Deadline"). Seller covenants and agrees that it shall diligently pursue the completion of the Repairs at all times after the execution of this Agreement and that it shall use its best efforts to complete the Repairs prior to the Closing. In the event that Seller completes the Repairs to the satisfaction of Lender prior to the Closing, Seller shall be entitled to receive all remaining "Collateral Account Funds" (as defined in the Completion Reserve Agreement). In the event that a portion, but not all, of the Repairs have been completed prior to Closing (a) Seller shall use its best efforts to have Lender extend the Deadline to a date that is acceptable to Purchaser, (b) Seller shall be entitled to receive that portion of the Collateral Account Funds attributable to the Repairs that have been completed, as determined by Lender, (c) Seller shall assign all of its right, title and interest in the remaining Collateral Accoun...
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. 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. (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. State whether or not the buyer will take over the seller’s mortgage. If yes, provide the following mortgage details: Name of financial institution Date of mortgage and current balance Also, choose whether the seller or buyer will pay the fees related to the mortgage transfer. Step 7 – Identify Financing Contingencies 11. Terms of Mortgage. Choose what you want the terms of the mortgage to be. 12. Buyer’s Obligations.
