Assumption of Mortgage. Purchaser agrees to assume and pay existing mortgage balance in favor of (Lender) in the approximate amount of $ and pay the balance in cash, or be certified or cashier’s check at the time of delivery of the deed. It is understood that the present mortgage terms provide for interest at % per annum and payments of $ per . Said payments include . Interest on the existing loan and any mortgage insurance premium shall be prorated to the date of closing. Purchaser(s) agrees to assume Seller’s escrow subject to Lender’s requirements. Seller agrees that the loan will be current at the time of closing. Purchaser(s) agrees to pay assumption fees, if any. The mortgage/contract being assumed (does/does not) provide for a variable interest rate. The mortgage/contract being assumed (does/does not) contain a balloon payment. Date of balloon, if any: . Seller(s) understands that he/she/they are allowing his/her/their mortgage to be assumed by the above-named Buyer(s), and unless otherwise specified, the Seller(s) is/are not being released from liability with the existing mortgage.
Assumption of Mortgage. The buyer agrees to take over and pay the seller’s liability for payments on an already existing mortgage on the property. This method saves the buyer from closing costs or potentially higher interest rates on a new mortgage. When Do I Need One?
Assumption of Mortgage. The Mortgagee shall consent to the assumption by Buyer of the Mortgage at the balance of the Mortgage as of the Closing as shown by the amortization table attached hereto as SCHEDULE 8.1.22 upon terms and conditions reasonably acceptable to Buyer and upon the current terms and conditions of the Mortgage, subject only to a 1% assumption fee and other costs not to exceed $15,000. Buyer shall not be obligated as a condition of such assumption to cause the Mortgagee to release or return any guarantees, indemnification agreements or deposits made by Seller or Seller's Parties or any other person.
Assumption of Mortgage. Seller shall use its commercially reasonable efforts to obtain the consent of the mortgagee and lender of the Mortgage to permit the assumption of the Mortgage and related indebtedness by Buyer at the Closing.
Assumption of Mortgage. Purchaser shall purchase the Property subject to the existing mortgage and assume the mortgage loan (hereinafter the “Mortgage Loan”), pursuant to a Loan Agreement dated as of April 11, 2006, between 70 Hxxxxx and 70 Urban (each, an “Individual Borrower” and collectively, “Borrower”) and LXXXXX BROTHERS BANK, FSB, a federal stock savings bank, having an address at 1000 Xxxx Xxxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxxxxx 00000 (“Lender”) (as amended, restated, replaced, supplemented or otherwise modified from time to time, herein the “Loan Agreement”) provided, however, that the Lender approves in writing (i) the assumption pursuant to the applicable provisions of the Loan Documents (as hereinafter defined) and (ii) the sale of the Property to Purchaser subject to the lien of Lender’s mortgage. As of October 8, 2010 the Mortgage Loan had a current balance of approximately $121,828,418.87 and escrow balances held by Lender under the Mortgage Loan as of October 8, 2010 were as follows: approximately $219,239.62. Seller shall, subject to the provisions of Section 4.2.8 hereof, receive either a return of all escrows and reserves held in escrow by or for Lender in connection with the Mortgage Loan or shall be reimbursed by Purchaser for the amount of such escrows and reserves at Closing (the loan documents executed in connection with the Mortgage Loan and all amendments, restatements, replacements supplements and other modifications are described on Exhibit M attached hereto and incorporated herein by reference, and are herein referred to sometimes as the “Loan Documents”). Seller agrees, upon execution of this Agreement, to diligently pursue Lender’s written approval of the Purchaser’s Loan assumption and to keep Purchaser informed with respect to its efforts to obtain the Initial Approval (as hereinafter defined) including providing Purchaser with copies of all written correspondence provided to Lender, including but not limited to the written approval from the Lender when such approval has been granted (the “Initial Approval”). Purchaser agrees to cooperate in pursuing and obtaining Lender’s written approval of the Purchaser’s Loan assumption and to keep Seller informed with respect to its efforts including providing Seller with copies of all written correspondence provided to Lender, including but not limited to the Initial Approval if obtained by Purchaser. Seller shall promptly request the Initial Approval following the execution of this Agreement and shall use c...
Assumption of Mortgage. The buyer agrees to take over and pay the seller’s liability for payments on an already existing mortgage on the property. This method saves the buyer from closing costs or potentially higher interest rates on a new mortgage. When Do I Need One? If you don’t have a Real Estate Purchase Agreement, you and the other party to the contract will not have a clear understanding of your rights, the possible risks, and any economic implications of those potential risks. Without an agreement, it will be much more difficult to negotiate the scope of each party’s liability and enforce your legal rights.
Assumption of Mortgage. The Agreement and Purchaser’s obligation to close are contingent upon Transamerica Life Insurance Company (the “Mortgagee”) approving the assumption by Purchaser of, and release of Seller from, the indebtedness secured by the mortgage in favor of AmSouth Bank recorded in Official Records Book 4433, Page 2, as modified in Official Records Book 5236, Page 252, and in Official Records Book 5476, Page 444, and as assigned to Mortgagee by Assignment of Mortgage in Official Records Book 5476, Page 438, all of Public Records of Seminole County, Florida (the “Mortgage”). Purchaser shall promptly provide the name of the guarantor, guarantor financial information, a firm summary on Cornerstone, a list of other holdings in Florida, and a general list of other holdings outside of Florida to the Mortgagee no later than Monday, March 3, 2008. Purchaser shall pay all costs associated with obtaining the assumption and release. If Purchaser does not deliver notice to Seller on or before 5:00 p.m. Eastern Standard Time, March 31, 2008, that Purchaser has (i) approved the form of the Mortgage, and (ii) obtained the assumption and release on terms and conditions acceptable to Purchaser in each case, in Purchaser’s sole and absolute discretion, or that Purchaser has waived this condition, the Agreement shall terminate and the Xxxxxxx Money shall be refunded to Purchaser.
Assumption of Mortgage. As consideration of the transfer of title of the Mortgaged Premises from Bromley to Borrower, Borrower hereby assumes the obligations of Bromley to the Bank under the Note, Mortgage and other Loan Documents set forth therein with the same force and legal effect as if Borrower was the original party thereto. Bromley, Borrower and Bank acknowledge that the amount of the obligation to be assumed is as set forth below in paragraph 3. Bromley hereby agrees to convey to Borrower by Bargain and Sale Deed with Covenants Against Guarantor's Acts all their right, title and interest in the Mortgaged Premises.
Assumption of Mortgage. Buyer and Seller shall each use their commercially reasonable efforts (as defined herein) to expedite the assumption of the Mortgage by Buyer. The Parties' respective obligations to close under this Agreement shall be subject to and contingent upon the Lender's consent to the sale of the Property to Buyer and the assumption by Buyer of the Mortgage and approval of the Property Management Agreement upon terms and conditions reasonably acceptable to Buyer and Seller and generally prevailing in the commercial lending industry, subject to Buyer's payment of an assumption fee of Three Thousand Seven Hundred Fifty Dollars ($3,750.00) and the Lender's normal and customary costs, including its reasonable attorney's fees. Buyer hereby acknowledges and agrees that it accepts the principal balance of the Mortgage (current as of Closing) at an original principal amount of $33,490,000.00, a maturity date of June 13, 2014, with payments amortized over thirty (30) years with interest at 5.64% per annum. In connection with the Buyer's assumption of the Mortgage, Buyer or any affiliate of Buyer holding an interest in Buyer shall provide such commercially reasonable substitute pledges and/or negative pledges (collectively, "BUYER INDEMNITEES") to Lender with respect to that certain loan secured by the Mortgage sufficient to obtain from Lender a full release of all environmental indemnities, pledges and negative pledges given by Seller and/or any of Seller's Partners and/or any affiliates of Seller and/or any individual interest holder in Seller and/or any affiliates of Seller, including any pledges executed by Biltmore Medical Equity Corporation, TenetHealthSystem Biltmore, Inc., and its successors and assigns and Anthony Hedley (collectively, "SELLER INDEMNITEES") for obligations arxxxxx xxxx xxx after the date of the purchase of the Property by Buyer ("RELEASES"). Buyer and Seller shall each use their commercially reasonable efforts to expedite the Lender's consent and approval of the sale of the Property to Buyer, the Property Management Agreement (as hereinafter defined), for the Lender's acceptance of the Buyer Indemnitees and to obtain the Releases. The terms and conditions of the Lender's requirements for the assumption of the Mortgage and the Buyer Indemnitees shall be acceptable to Buyer in its reasonable discretion and the Releases and any conditions imposed in connection therewith shall be acceptable to Seller in its reasonable discretion; it being understood and...
Assumption of Mortgage. If Purchaser does not deliver notice to Seller on or before 2:00 p.m. Eastern Standard Time, April 4, 2008, that Purchaser has (i) approved the form of the Mortgage, and (ii) obtained the assumption and release on terms and conditions acceptable to Purchaser in each case, in Purchaser’s sole and absolute discretion, or that Purchaser has waived this condition, the Agreement shall terminate and the Xxxxxxx Money shall be refunded to Purchaser.
