Existing Monetary Obligations. As a condition of Closing, Seller shall fully satisfy by prepayment, at its sole cost and expense, any existing mortgage, security interests, or financing obligations currently encumbering the Property (collectively, the “Mortgage Loans”). All escrow reserves on deposit with Seller’s lender(s) or with Seller’s supplier(s) as of the Closing and related to the Mortgage Loans or Seller’s supply contracts are Excluded Property and shall be released to Seller as of the Closing.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Condor Hospitality Trust, Inc.), Purchase and Sale Agreement (Condor Hospitality Trust, Inc.), Purchase and Sale Agreement (Condor Hospitality Trust, Inc.)
Existing Monetary Obligations. As a condition of Closing, Seller shall fully satisfy by prepaymentsatisfy, at its sole cost and expense, any existing mortgage, security interests, or financing obligations created or expressly assumed by Seller and currently encumbering the Property (collectively, the “"Mortgage Loans”"). All escrow reserves on deposit with Seller’s 's lender(s) or with Seller’s 's supplier(s) as of the Closing and related to the Mortgage Loans or Seller’s 's supply contracts are Excluded Property and shall be released to Seller as of the Closing.
Appears in 3 contracts
Samples: Purchase and Sale Agreement (Condor Hospitality Trust, Inc.), Purchase and Sale Agreement (Condor Hospitality Trust, Inc.), Purchase and Sale Agreement (Condor Hospitality Trust, Inc.)
