Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to _______________ LN# ________________________________ in the approximate amount of $_______________ currently payable at $________________ per month including principal, interest, [ ] taxes and insurance and have a [ ] fixed [ ] other (describe) ________________________ interest rate of ________% which [ ] will [ ] will not escalate upon assumption. Any variance in the mortgage will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller's escrow account dollar for dollar. If the lender disapproves Buyer, or the interest rate upon transfer exceeds ____% or the assumption/transfer fee exceeds $___________, either party may elect to pay the excess, failing which this agreement will terminate and Buyer's deposit(s) will be returned.
Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to 84 LN# in the approximate amount of $ currently payable at 85 $ per month, including principal, interest, 🞎 taxes and insurance, and having a 86 🞎 fixed 🞎 other (describe) 87 interest rate of % which 🞎 will 🞎 will not escalate upon assumption. Any variance in the mortgage 88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase 89 Xxxxxx’s escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the 90 assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing 91 which this Contract will terminate; and Xxxxx’s deposit(s) will be returned. If the lender disapproves 92 Buyer, this Contract will terminate; and Xxxxx’s deposit(s) will be returned.
Mortgage Assumption. If the “Other” box is marked with the Letter C, this Contract is contingent 136 uponBuyer, at Xxxxx’s expense obtaining the lenders’ consent, if necessary, to Xxxxx’s assumption 137 of Xxxxxx’s mortgage, and Contract to pay the existing real estate mortgage loan with an approximate 138 balance of $ with an interest rate of not greater than % per annum, and with a transfer 139 fee of no more than $ or % of loan amount. Xxxxxx agrees to permit such assumption 140 WITH WITHOUT (check one) release of Seller’s obligations. Interest, and other loan expenses, 141 shall be prorated as of Closing. If allowed by Seller’s lender, any tax or insurance escrow shall be 142 assigned to Buyer and paid for by Xxxxx at Closing. 143 (D) Purchase Money Mortgage (Seller Financing). If the “Other” box is marked with the Letter D, 144 this Contract is contingent upon the Buyer obtaining a mortgage from Seller on the Loan Terms 145 indicatedabove. Xxxxxx’s attorney to prepare the necessary documents, at Xxxxx’s cost and 146 expense, for this transaction and the Parties must agree on the form of same on or before the 147 Finance Contingency Deadline. In the event the parties cannot so agree, either party may 148 terminate this Contract. For Termination Procedure see Paragraph 37.
Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to __________ _____________________________________________________________________ LN# _________________________ in the approximate amount of $ ________________________________________ currently payable at $ _________________ per month including principal, Interest, |_|taxes and insurance and having a |_| fixed |_| other (describe)___________________________________________________________ interest rate of ________% which |_| will |_| will not escalate upon assumption. Any variance in the mortgage will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase Seller's escrow account dollar for dollar. If the lender disapproves Buyer, or the interest rate upon transfer exceeds _________________% or the assumption/transfer fee exceeds $ ___________________________ either party may elect to pay the excess, failing which this agreement will terminate and Buyer's deposit(s) will be returned.
Mortgage Assumption. The obligation of Seller and Purchaser to close the transaction contemplated hereby is subject to Seller’s and Purchaser’s receipt of consent from Greenwich Capital to the assumption of the Greenwich Mortgage by Purchaser pursuant to the terms of the Greenwich Mortgage loan documents existing as of the date of execution hereof, and the release of the Seller from any and all liability in connection therewith. Seller and Purchaser agree to use reasonable efforts to obtain such consent, provided that Seller shall not be required to make any payment to Greenwich Capital as a condition to obtaining such consent, exclusive of the payment by Seller to Greenwich Capital of the assumption fee provided for in the Greenwich Mortgage and the other loan documents evidencing the loan secured by such mortgage and ancillary closing costs and charges required to be paid or reimbursed to Greenwich Capital and any recording costs. In the event Seller and Purchaser are unable to obtain such consent at least fifteen (15) days before the Closing Date as defined in Section 1.1(c) of the Agreement, the Closing Date shall be extended to a date that is fifteen (15) days after the required consent is obtained; provided, however, that if Seller and Purchaser are unable to obtain the required consent within sixty (60) days from and after the original Closing Date, this Agreement shall terminate, in which event the Deposit, together with all net interest earned thereon, shall promptly be returned to Purchaser, this Agreement shall become null and void, and neither party shall have any further rights and obligations hereunder (subject, however to survival of Purchaser’s Indemnity and Purchaser’s Confidentiality Obligations). For the purposes hereof, “consent” shall be deemed obtained when an assumption agreement consistent with the terms hereof and executed by Greenwich Capital is deposited in escrow with Escrowee.
Mortgage Assumption. (a) Subject to the terms and conditions hereafter set forth, it is a condition to Seller’s and Purchaser’s obligation to complete the Closing that (i) Thrivent Financial For Lutherans (“Lender”) consents to the transfer of title to the Property to Purchaser and Purchaser’s assumption of the loan from Seller to Lender, in the original principal amount of Seventeen Million Three Hundred Fifty Thousand Dollars ($17,350,000.00) (the “Loan”), which Loan was evidenced by that certain Promissory Note dated November 30, 2005 granted by Seller to Lender (the “Promissory Note”), secured by that certain Mortgage and Security Agreement and Fixture Financing Statement, dated November 30, 2005, recorded December 6, 2005 in Mortgage Book 5835, page 2330 (the “Mortgage”) and evidenced and secured by other collateral assignments and security documents and other loan documents which are all described on Schedule 4(a) attached hereto (the Promissory Note, Mortgage and other loan documents are hereinafter referred to as the “Loan Documents”), and (ii) Lender agrees:
(1) on terms reasonably acceptable to Seller, to release Seller and all guarantors, if any, of the Loan Documents from all of its and their obligations with regard to the Loan Documents, including without limitation, liability under all environmental indemnification agreements and other loan documents executed in connection with the Loan, which obligations arise from and after the Closing Date;
(2) to modify the Loan Documents so that the Loan is not cross defaulted or cross collateralized with either or both of the loans (collectively, the “Maryland Loan”) from Lender to Bedminster Capital Funding Professional Place, L.L.C. and from Lender to Bedminister Capital Funding Professional Place, L.L.C. (collectively, “Maryland Borrower”), which Maryland Loan is secured by mortgages or deeds of trust on properties in Landover, Maryland and Lanham, Maryland;
(3) not to require pay down of the Maryland Loan by more than $8 million or require Seller or the Maryland Loan Borrower to cause additional collateral to be posted for payment of the Maryland Loan;
(4) not to require any modifications of the Maryland Loan (other than as set forth in clauses (2) and (3) hereof) that are not acceptable to Seller or the Maryland Loan Borrower, in their sole discretion, and
(5) to allow the Loan to be assumed on terms reasonably acceptable to Purchaser to effectuate the valid assignment of the Loan Documents to Purchaser and Purchaser’s...
Mortgage Assumption. Buyer shall assume, and discharge or relieve the ------------------- Company from liability with respect to, the mortgage note and mortgage due to Northwestern Mutual Life Insurance Company with respect to the premises located at 0000 Xxxx Xxxxxx and the related real estate held by the Company, in an amount not to exceed Five Hundred Thousand Dollars ($500,000) as of Closing. - Notwithstanding any other provision of this Agreement, Buyer shall not assume any other long-term debt of Company, HPI or of any of the Sellers. If the balance due under the Mortgage note is less than $500,000 on the Closing Date, Buyer shall pay Sellers, as additional cash consideration, an amount equal to the difference between $500,000 and the balance due under the Mortgage note on the Closing Date.
Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to 80 LN# in the approximate amount of $ currently payable at 81 $ per month, including principal, interest, taxes and insurance, and having a 82 fixed other (describe) 83 interest rate of % which will will not escalate upon assumption. Any variance in the 84 mortgage will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will 85 purchase Seller's escrow account dollar for dollar. If the interest rate upon transfer exceeds % or 86 the assumption/transfer fee exceeds $ , either party may elect to pay the excess, 87 failing which this contract will terminate; and Buyer's deposit(s) will be returned. If the lender disapproves 88 Buyer, this contract will terminate; and Buyer's deposit(s) will be returned.
89 6. Assignability: (Check one) Buyer may assign and thereby be released from any further liability under this 90 contract, may assign but not be released from liability under this contract, or may not assign this contract.
Mortgage Assumption. Buyer will take title subject to and assume and pay existing first mortgage to ____________________ ________________ 84 LN# in the approximate amount of $ currently payable at _______________ 🞎 85 $ per month, including principal, interest, taxes and insurance, and having a _____________________________________________________________ 🞎 🞎 86 fixed other (describe) ______ 🞎 🞎 87 interest rate of % which will will not escalate upon assumption. Any variance in the mortgage 88 will be adjusted in the balance due at closing with no adjustment to purchase price. Buyer will purchase ______ 89 Xxxxxx’s escrow account dollar for dollar. If the interest rate upon transfer exceeds % or the ________________ 90 assumption/transfer fee exceeds $ , either party may elect to pay the excess, failing 91 which this Contract will terminate; and Xxxxx’s deposit(s) will be returned. If the lender disapproves 92 Buyer, this Contract will terminate; and Xxxxx’s deposit(s) will be returned. 🞎
93 7. Assignability: (Check one) Buyer may assign and thereby be released from any further liability under this 🞎 🞎 94 Contract, may assign but not be released from liability under this Contract, or may not assign this Contract. 🞎
