Common use of Current Encumbrances Clause in Contracts

Current Encumbrances. In relation to 3.1 there are two existing encumbrances of which will be released simultaneously. The first of which was calculated at $253,156.79 as of December 14th, 2011to PNC Bank which at time of payoff will be recalculated. The second of which is to Voidicle LLC was established on May 20th 2011 for approximately $118,000. This obligation carries a simple interest rate of 7% per annum for a daily per diem of $22.63. The current estimated payoff as of this date is $125,241.64 of which will be recalculated to the date of actual payoff. Both PNC Bank and Voidicle will be required to sign a release for at time of such payoff.

Current Encumbrances. In relation to 3.1 there are two existing encumbrances of which will be released simultaneously. The first of which was calculated at $253,156.79 as of December 14th, 2011to PNC Bank which at time of payoff will be recalculated. The second of which is to Voidicle LLC was established on May 20th 2011 for approximately $118,000. This obligation carries a simple interest rate of 7% per annum for a daily per diem of $22.63. The current estimated payoff as of this date is $125,241.64 of which will be recalculated to the date of actual payoff. Both PNC Bank and Voidicle will be required to sign a release for at time of such payoff. 3.