Existing Loan Interest. Interest on the outstanding principal balance of the Existing Loan shall be prorated between Seller and Buyer as of the Closing Date with interest up to and including the Closing Date being allocated to Seller. If interest is paid to the Existing Lender in arrears, then Seller shall credit Buyer with the interest payment for the month in which Closing occurs.
Appears in 11 contracts
Samples: Purchase Contract (Apple REIT Nine, Inc.), Purchase Contract (Apple REIT Nine, Inc.), Purchase Contract (Apple REIT Nine, Inc.)
Existing Loan Interest. Interest on the outstanding principal balance of the Existing Loan shall be prorated between Seller and Buyer as of the Closing Date with interest up to and including the day preceding the Closing Date being allocated to Seller. If interest is paid to the Existing Lender in arrears, then Seller shall credit Buyer with the interest payment for the month in which Closing occurs.
Appears in 3 contracts
Samples: Purchase Contract (Apple REIT Ten, Inc.), Purchase Contract (Apple REIT Ten, Inc.), Purchase Contract (Apple REIT Ten, Inc.)
