Loan Assumptions. All of the Loan Assumption Conditions for which Sellers are responsible shall have been duly satisfied by such Sellers concurrently with the Closing.
Loan Assumptions. Buyer may assume the following loans (the “Existing Loans”): (i) that certain loan in the original principal amount of $37,500,000 from UBS Real Estate Investment, Inc. (the “Storage Company Lender”) secured by the property owned by The Storage Company LLC (the “Storage Company Loan”) and (ii) that certain loan in the original principal amount of $6,000,000 from General Electric Capital Corporation (the “Suffern Lender”, the Suffern Lender and Storage Company Lender are collectively referred to herein as the “Lenders”) secured by the property owned by Suffern Self Storage, L.L.C. (the “Suffern Loan”). Buyer shall receive a credit towards the Purchase Price equal to the outstanding principal balance of the Storage Company Loan and the Suffern Loan on the Closing Date. Buyer may, subject to the terms and conditions of this Agreement and further subject to prior approval of the Storage Company Lender and the Suffern Lender, assume the Existing Loans and all documents relating thereto, on the same terms and conditions as set forth in the loan documents evidencing the Existing Loans (the “Loan Documents”) except that the guarantors and/or indemnitors under the Existing Loans (collectively, the “Guarantors”) shall be fully and completely released from the Loan Documents except for liability with respect to those matters which first arose and pertain to the period of time during which The Storage Company LLC owned the property which is security for the Storage Company Loan and Suffern Self Storage, L.L.C. owned the property which is security for the Suffern Loan (the “Loan Assumptions”). If Buyer is approved for the Loan Assumptions, then, at Closing, Buyer shall execute and deliver to the Escrow Agent, the Lender and Seller such documents as are necessary for Buyer to consummate Buyer’s assumption of the Existing Loans. Seller shall cooperate, at no expense to Seller, with all reasonable requests of Buyer in connection with the assumption of the Existing Loans, to the extent that no additional liability or obligations are incurred by Seller as a result of such cooperation. Buyer shall advise Seller at least twenty (20) business days prior to Closing whether Buyer has elected to assume the Existing Loans, but in the event Buyer for any reason elects not to assume the Existing Loans, Buyer shall be required to proceed to Closing hereunder with an all cash Purchase Price and Buyer shall either pay directly to Lender or reimburse Seller for all costs incurred in con...
Loan Assumptions. Provided Purchaser has used commercially reasonable and diligent efforts, the Purchaser shall received the applicable lender’s customary conditional approval to any Loan Assumption that it has elected to undertake pursuant to Section 2.5.
Loan Assumptions. KPCB and Comdisco shall have entered into loan assumption agreements in substantially the forms provided to the WTI Syndicate on or about January 7, 2003, and such assumption agreements shall have become effective; and
Loan Assumptions. Subject to Section 1(f) hereof, such documents as are reasonably required to be executed and delivered to the lenders by Sellers to effectuate the Loan Assumptions.
Loan Assumptions. Subject to the terms of Section 7.01(d), Purchaser shall assume (each, an “Assumption” and collectively, the “Assumptions”) certain existing loans as set forth on Schedule 2.02 (each, an “Assumption Loan” and collectively, the “Assumption Loans”) at Closing. The amount of the applicable outstanding principal balance due the lender (each, an “Assumption Lender” and collectively, the “Assumption Lenders”) in connection with an Assumption Loan encumbering a Facility will be credited against the Purchase Price for such Facility at Closing. At Closing, Purchaser will assume such Assumption Loan and will pay to Seller that owns such Facility the difference between the allocated Purchase Price for such Facility and the outstanding principal balance of such Assumption Loan, subject to the other prorations and adjustments set forth in Section 8.04.
Loan Assumptions. (1) Notwithstanding the foregoing, Purchaser acknowledges it has reviewed the notes, mortgages, loan agreements and ancillary loan documents encumbering the Group Two Properties, including without limitation loan agreements, notes, mortgages and ancillary loan documents pertaining to the Group Two Properties. Purchaser acknowledges that the provisions contained in this Section 5(e) apply only to the Group Two Properties:
(2) Accordingly, Purchaser has agreed to assume the existing mortgage loans (the “Existing Mortgage Loan” or “Existing Mortgage Loans”) encumbering each of the Group Two Properties (“Loan Assumption” or “Loan Assumptions”), Purchaser shall complete and deliver to Seller or to the Existing Mortgage Loans lender the Purchaser’s portion of the Loan Assumption application package required by the Seller’s loan servicer with respect to each of the Group Two Properties (“Loan Assumption Package”) within ten (10) days after Purchaser’s receipt of the application package from Seller. Purchaser shall pay all costs and expenses associated with the Loan Assumption which are requested or required or charged by the lender or servicer and all other costs and expenses required by the lender and the loan servicers in processing the Loan Assumption (including without limitation, any application fees, attorneys fees, third party consultant fees, and any loan assumption fee (collectively the “Loan Assumption Costs and Expenses”). All such Loan Assumption Costs and Expenses shall be paid by Purchaser within five (5) business days of demand from the lender or loan servicer or at Closing as lender or loan servicer may require. Purchaser and each Group Two Seller shall each in good faith, use and employ commercially reasonable efforts to cause the lender and the loan servicers to approve the Loan Assumptions at the earliest practicable date and shall each timely supply all information required to be submitted pursuant to the loan documents or requested by the lender or the loan servicer. In connection with the Loan Assumption, Purchaser and each Seller shall reasonably cooperate with each other and the Existing Mortgage Loan lender or its servicer and their respective counsel and, in furtherance thereof, (i) Purchaser and Seller shall promptly complete, execute and make all necessary and required applications and documentation in connection with the Loan Assumption diligently and timely upon request by Seller; (ii) Purchaser shall deliver any funds and issue any ...
Loan Assumptions. Approval by the lender/servicer of the Loan Assumption for each of the Group Two Properties pursuant to Section 5(e) hereof.
Loan Assumptions. The receipt of the necessary approvals by all beneficiaries, lenders and servicers under (i) the Applicable Assumed Loan Documents of the transfer to Purchaser of the Applicable Purchased Assets encumbered by the Applicable Assumed Mortgages and the assumption by Purchaser of the Applicable Assumed Mortgages pursuant to the Applicable Loan Assumption Documents in form and substance acceptable to the Seller Parties and to Purchaser in their commercially reasonable discretion and (ii) solely as a condition to the Tranche II Closing, the Market Place Loan Documents of the transfer to Purchaser of the Market Place Property and the assumption by Purchaser of the Market Place Mortgage pursuant to the Market Place Loan Assumption Documents in form and substance acceptable to the Company and to Purchaser in their commercially reasonable discretion.
Loan Assumptions. Purchaser shall have received approval from each respective mortgagee of assumption by Purchaser of the existing mortgage loans listed on Exhibit C, and Seller shall have received assurances reasonably satisfactory to Seller from such mortgagees that upon assumption by Purchaser, Seller and any existing guarantors shall be released from all future liability under such mortgage loans as such liability may relate to the Property for matters first arising after the Closing. Purchaser will submit its "Assumption Applications" or equivalent to each of the Lenders for consideration by no later than Wednesday, January 19, 2005. If requested by Seller, and at no additional expense to Purchaser, Purchaser will work with Preferred Capital Advisors ("Seller's Mortgage Agent") to effect the assumption of the loans by the Purchaser and the release of the Seller from the loans. Seller will pay the fee for the Seller's Mortgage Agent. Purchaser will pay any and all costs associated with assuming the loan, including any loan assumption fees estimated to be on average one percent (1%) of the outstanding principal balance of each loan, in addition to appraisal and third party report costs, lender fees, including legal, mortgage tax costs and general loan closing costs. Regardless of the one percent estimate, Purchaser will be responsible for the total cost of assuming the loans, excepting: (x) direct Seller elected loan substitution costs associated with Seller's rights under the TIAA Loans for Eastpark I and II, (y) Seller legal costs associated with assisting the Purchaser in assuming the loans, and (z) the cost of Seller's Mortgage Agent.
