Assumption of Obligations by New Borrower. Effective upon and from and after the Effective Date, New Borrower hereby assumes and covenants to perform, be liable for and bound by and comply with each and every covenant, condition, agreement, representation, warranty, waiver, consent, acknowledgment, duty, obligation and liability of Original Borrower under the Original Loan Documents (other than the Original Guaranties, the Original Lockbox Agreement, the Original Deposit Account Agreement, the Original Borrower Certificate, and the Original Management Agreement Subordination) from and after the Effective Date, as the Original Loan Documents are amended and modified pursuant to the terms hereof and as the Original Loan Documents are supplemented, replaced by and substituted for by this Agreement, the New Environmental Indemnity, the New Indemnity Guaranty, the New Management Agreement Subordination, the New Lockbox Agreement, the New Deposit Account Agreement and the New Borrower's Certificate, to the same extent and with the same force and effect as if said Original Loan Documents (other than the Original Guaranties, the Original Lockbox Agreement, the Original Deposit Account Agreement, the Original Borrower Certificate and the Original Management Agreement Subordination) had each originally been executed and delivered by New Borrower. The foregoing assumption by New Borrower is absolute and unconditional, notwithstanding any failure of Original Borrower to perform on warranties or covenants running from Original Borrower or any affiliate of Original Borrower to New Borrower. The foregoing assumption is for each and every covenant, condition, agreement, representation, warranty, waiver, consent, acknowledgment, duty, obligation or liability under the Loan Documents (as hereinafter defined) from and after the Effective Date.
Assumption of Obligations by New Borrower. The New Borrower hereby fully and unconditionally assumes all of the obligations, liabilities, covenants, representations, and warranties of the Original Borrower under each of the Loan Documents, and New Borrower hereby fully and unconditionally assumes and agrees to pay the unpaid balance of the indebtedness evidenced by the Loan, as it exists from time to time, in accordance with all the terms and conditions thereof, and further agrees to comply with and perform all the duties, obligations and covenants of the Original Borrower in the Loan Documents at the times and in the manner provided therein. New Borrower hereby acknowledges that it has received and reviewed copies of all the Loan Documents and understands the provisions, contents and effect thereof. New Borrower further acknowledges that the unpaid principal balance of the indebtedness evidenced by the Loan through and including all payments through the date hereof is as follows: SBA Loan $1,056,807.27, LOC Loan $814,296.52, Truck Loan $17,908.02.
