Common use of Existing Deed of Trust Clause in Contracts

Existing Deed of Trust. It is understood and agreed that any deeds of trust and/or mortgages which secure a Note for a Payoff Property (collectively, a “Deed of Trust”) shall not be deemed Permitted Exceptions for such Property, whether Purchaser gives further written notice of such or not, and shall be paid off, satisfied, discharged and/or cured from proceeds of the Purchase Price at Closing. In addition, if a Seller elects to convert an Assumption Property to a Payoff Property pursuant to Section 5.7, the Deed of Trust with respect to such Property shall be paid off, satisfied, discharged and/or cured from proceeds of the Purchase Price at Closing; provided, however, that the applicable Seller shall be responsible for payment of any prepayment premiums or penalties imposed by the applicable Assumption Lender in connection with such payoff. The foregoing notwithstanding, Purchaser acknowledges and agrees that Purchaser may be required to assume the existing regulatory agreement that is related to the Deeds of Trust encumbering the Springhouse Property for the remainder of the “Qualified Project Period” (as such term is defined in such regulatory agreement).

Existing Deed of Trust. It is understood and agreed that that, whether or not Purchaser gives an Objection Notice with respect thereto for a Property, any deeds of trust and/or mortgages which secure a Note for a Payoff Property (collectively, a “"Deed of Trust”") shall not be deemed Permitted Exceptions for such Property, whether Purchaser gives further written notice of such or not, and shall shall, pursuant to Section 5.4.7, be paid off, satisfied, discharged and/or cured from proceeds of the Purchase Price at Closing, provided that the Lender's Fees due in connection with such Loan Payoff shall be paid by Purchaser. In additionIt is further understood and agreed that, if provided that Purchaser provides prompt notice to Seller, any tax lien for delinquent property taxes, mechanic's liens for work authorized by the applicable Seller and judgment liens against the applicable Seller shall not be deemed a Seller elects to convert an Assumption Property to a Payoff Property pursuant to Section 5.7Permitted Exception, the Deed of Trust with respect to such Property and shall be paid off, satisfied, discharged and/or cured from proceeds of the Purchase Price at Closing; provided, however, that by the applicable Seller shall be responsible for payment of any prepayment premiums at or penalties imposed by the applicable Assumption Lender in connection with such payoff. The foregoing notwithstanding, Purchaser acknowledges and agrees that Purchaser may be required to assume the existing regulatory agreement that is related to the Deeds of Trust encumbering the Springhouse Property for the remainder of the “Qualified Project Period” (as such term is defined in such regulatory agreement)before Closing.