Existing Loan Payoff. On the Closing Date, for each Payoff Property a sufficient amount of the proceeds of the Purchase Price will be used to pay the outstanding principal balance of the applicable Note together with all interest accrued under such Note prior to the Closing Date (the “Loan Payoff”). Any existing reserves, impounds and other accounts maintained in connection with the Loan on a Payoff Property shall be released to the applicable Seller unless credited by Lender against the amount due under the Note.
Appears in 5 contracts
Samples: Purchase and Sale Agreement (Davidson Diversified Real Estate Ii Limited Partnership), Purchase and Sale Agreement (Shelter Properties Vii LTD Partnership), Purchase and Sale Agreement (Shelter Properties Vi Limited Partnership)
Existing Loan Payoff. On the Closing DateXxxe, for each Property converted to a Payoff Property a sufficient amount of the proceeds of the Purchase Price will be used to pay the outstanding principal balance of the applicable Note together with all interest accrued under such Note prior to the Closing Date (the “Loan Payoff”). Any existing reserves, impounds and other accounts maintained in connection with the Loan on a Payoff Property shall be released to the applicable Seller unless credited by Lender against the amount due under the Note.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Consolidated Capital Properties Iv)
