Common use of Existing Loan Clause in Contracts

Existing Loan. In the event part of the purchase price is to be satisfied by buyer taking subject to existing f inancing, buyer shall not be required to pay fees exceeding $ nor be required to show income or creditw orthiness to the holder of said mortgage or deed of trust. Seller expressly agrees and understands that buyer is taking the property "subject to" such mortgages or deeds of trust, and is not expressly assuming responsibility for the underlying loans. If the actual loan balance of said loan is less than as stated herein, the purchase price shall be reduced to reflect the difference; if the actual loan balance is more than as stated herein, then buyer's required cash payment shall be reduced accordingly. Seller agrees to forfeit tax and insurance escrow s held by said lender or its assigns.

Existing Loan. In the event part of the purchase price is to be satisfied by buyer taking subject to existing f inancingfinancing, buyer shall not be required to pay fees exceeding $ $______________ nor be required to show income or creditw orthiness creditworthiness to the holder of said mortgage or deed of trust. Seller expressly agrees and understands that buyer is taking the property "subject to" such mortgages or deeds of trust, and is not expressly assuming responsibility for the underlying loans. If the actual loan balance of said loan is less than as stated herein, the purchase price shall be reduced to reflect the difference; if the actual loan balance is more than as stated herein, then buyer's required cash payment shall be reduced accordingly. Seller agrees to forfeit tax and insurance escrow s escrows held by said lender or its assigns.