Loan Assumption Process Clause Samples

Loan Assumption Process. Sellers shall obtain for Purchaser all necessary applications and materials from the Servicer for Purchaser to make application to the Servicer for the assumption of the First Mortgage Loans. Provided that the same are timely delivered to Purchaser, on or before the commencement of the Assumption Period, Purchaser shall, to the extent it has not theretofore terminated this Agreement, complete and submit the same to the Servicer. In the event that Purchaser shall have timely notified Sellers of its satisfaction or waiver with the Physical/Financial Review Condition, then, during the Assumption Period, Purchaser will use good faith efforts, in cooperation with Sellers who shall likewise use good faith efforts, to obtain the written approval of the Servicer necessary to satisfy the Loan Assumption Condition. To the extent that the Servicer shall only agree to issue its approval to such assumption on the condition that various terms and conditions in the documents evidencing and securing the First Mortgage Loans be modified, then, Purchaser shall have the right to accept or reject such approval in its reasonable discretion. In the event such approval is not obtained on or prior to the conclusion of the Assumption Period, as the same may be extended as provided above, then, thereafter, until such approval is so obtained, either party shall have the right, on notice to the other, to terminate this Agreement, in which event the Deposit shall be returned to Purchaser and neither party shall thereafter have any further liability or obligation hereunder, except for those that expressly survive termination of this Agreement. In the event that in connection with the approval by the Servicer of the assumption of the First Mortgage Loans by Purchaser, the Servicer requires Purchaser to assume all obligations of the loan and security documents evidencing and securing the First Mortgage Loan from its inception, as distinguished from such obligations accruing from and after Closing, then, Sellers and their affiliate __________________________ [INSERT NAME OF COLLECTIBLE ENTITY OR PERSON AFFILIATED WITH SELLER] shall, at Closing, in an indemnity agreement reasonably acceptable to Purchaser, indemnify, defend and hold harmless Purchaser and its affiliate that shall guaranty any non-recourse carve outs of and from any such obligations under such loan and security documents accruing prior to Closing.