Common use of Assumption Restrictions Clause in Contracts

Assumption Restrictions. In any case in which a Single-Family Residence subject to a Mortgage has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage Loan, the Servicer may release (subject to any required FHA, HUD, RD or VA or PMI Insurer and Xxxxxx Xxx or Xxxxxxx Mac approval, as applicable, and in accordance with currently applicable FHA, RD, HUD or VA or PMI Insurer and Xxxxxx Mae or Xxxxxxx Mac rules and regulations, as the case may be) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if Servicer so consents in writing; provided, however, that such assumption may only be permitted if:

Assumption Restrictions. In any case in which a Single-Family Residence subject to a Mortgage has been or is about to be conveyed by the Mortgagor and the purchaser desires to assume all the rights and obligations of the Mortgagor under the Mortgage Loan, the Servicer may release (subject to any required FHA, HUD, RD or VA or PMI Insurer and Xxxxxx Xxx or Xxxxxxx Mac approval, as applicable, and in accordance with currently applicable FHA, RD, HUD or VA or PMI Insurer and Xxxxxx Mae Xxx or Xxxxxxx Freddie Mac rules and regulations, as the case may be) the original Mortgagor and take or enter into an assumption agreement from or with the person to whom such property has been or is about to be conveyed only if Servicer so consents in writing; provided, however, that such assumption may only be permitted if: