Common use of Assumption of Obligation Clause in Contracts

Assumption of Obligation. Assumptor agrees to and does hereby assume as of the origination date of the Loan, all of the payment and performance obligations of Original Borrower set forth in the Note, the Security Instrument and the other Loan Documents in accordance with their respective terms and conditions, as the same may be modified by this Agreement including, without limitation, payment of all sums due and payable under the Note. Assumptor further agrees to abide by and be bound by all of the terms of the Loan Documents, all as though each of the Loan Documents had been made, executed and delivered by Assumptor. The provisions of the Loan Documents are incorporated herein by reference as if fully set forth herein. Assumptor acknowledges and agrees that any reference to Original Borrower in the Loan Documents shall be deemed to refer to Assumptor. Assumptor hereby adopts, ratifies and confirms as of the date hereof all of the representations, warranties and covenants of Original Borrower contained in the Loan Documents in connection with the Loan (including, but not limited to, the warranty of title set forth in, and the other terms and provisions of, Section 5.2 of the Security Instrument) as if Assumptor was Original Borrower named in the Loan Documents, and, without limitation of the foregoing, Assumptor hereby represents, warrants, and covenants that Assumptor has good, indefeasible and insurable fee simple title to the real property comprising part of the Property and good and indefeasible title to the balance of the Property, free and clear of all liens whatsoever except the Permitted Exceptions (as defined in the Security Instrument), such other liens as are permitted pursuant to the Loan Documents and the liens created by the Loan Documents.

Assumption of Obligation. The Assumptor agrees to and does hereby assume as of the origination date of the Loan, all of the payment and performance obligations of the Original Borrower set forth in the Note, the Security Instrument and the other Loan Documents Documents, except that Assumptor shall not assume all of the obligations of the Original Borrower set forth in the Guaranty of Recourse Obligations of Borrower, the Environmental Indemnity Agreement and the Conditional Assignment of Management Agreement and Subordination of Management Fees, each dated June 2, 1998, but shall instead execute and deliver to Noteholder that certain Guaranty, Hazardous Materials Indemnity Agreement and Assignment of Management Agreement dated of even date herewith, in accordance with their respective terms and conditions, as the same may be modified by this Agreement includingAgreement, including without limitation, payment of all sums due and payable under the Note. The Assumptor further agrees to abide by and be bound by all of the terms of the Loan Documents, all as though each of the Loan Documents had been made, executed and delivered by the Assumptor. The provisions of the Loan Documents are incorporated herein by reference this reference, as if fully set forth herein. The Assumptor acknowledges and agrees that any reference to Original the Borrower in the Loan Documents shall be deemed to refer to the Assumptor. The Assumptor hereby adopts, ratifies and confirms as of the date hereof all of the representations, warranties and covenants of Original Borrower contained in the Loan Documents Documents, in connection with the Loan (includingLoan, but not limited to, the warranty of title set forth in, and the other terms and provisions of, Section 5.2 of the Security Instrument) as if the Assumptor was the Original Borrower named in the Loan Documents, and, without limitation of . In addition to the foregoing, Assumptor hereby represents, warrants, has executed and covenants delivered to Noteholder that Assumptor has good, indefeasible and insurable fee simple title to certain Hazardous Materials Indemnity Agreement (the real property comprising part of the Property and good and indefeasible title to the balance of the Property, free and clear of all liens whatsoever except the Permitted Exceptions (as defined in the Security Instrument"Hazardous Substances Indemnity"), such other liens as are permitted pursuant to the Loan Documents and the liens created by the Loan Documents.

Assumption of Obligation. Assumptor agrees to and does hereby assume as of the origination date of the Loan, all of the payment and performance obligations of Original Borrower set forth in the Note, the Security Instrument and the other Loan Documents in accordance with their respective terms and conditions, as the same may be modified by this Agreement including, without limitation, payment of all sums due and payable under the Note. Assumptor further agrees to abide by and be bound by all of the terms of the Loan Documents, all as though each of the Loan Documents had been made, executed and delivered by Assumptor. The provisions of the Loan Documents are incorporated herein by reference as if fully set forth herein. Assumptor acknowledges and agrees that any reference to Original Borrower in the Loan Documents shall be deemed to refer to Assumptor. Assumptor hereby adopts, ratifies and confirms as of the date hereof all of the representations, warranties and covenants of Original Borrower contained in the Loan Documents in connection with the Loan (including, but not limited to, the warranty of title set forth in, and the other terms and provisions of, Section 5.2 of the Security Instrument) as if Assumptor was Original Borrower named in the Loan Documents, and, without limitation of the foregoing, Assumptor hereby represents, warrants, and covenants that Assumptor has good, indefeasible indefeasible, and insurable fee simple title to the real property comprising part of the Property and good and indefeasible title to the balance of the Property, free and clear of all liens whatsoever except the Permitted Exceptions (as defined in the Security Instrument), such other liens as are permitted pursuant to the Loan Documents and the liens created by the Loan Documents.