Common use of Release of Mortgages Clause in Contracts

Release of Mortgages. Notwithstanding anything to the contrary contained in this Agreement or any riders attached hereto, in the event the SELLER after due diligence cannot obtain a release for any existing mortgage on the Premises at the time of the closing of title from the holder of said mortgage, or any assignee thereof, either because said holder will not release the mortgage without first receiving payment or because the holder has delayed in sending the attorney for the SELLER the release of mortgage, then BUYER and SELLER agree to close title notwithstanding the absence of the release of mortgage, provided the attorney for the SELLER furnishes the attorney for the BUYER, at the closing, with the written payoff statement and a copy of the payoff check evidencing that payment of the unreleased mortgage is to be made in full at the time of the closing, and with an undertaking to make said payment, and further provided the BUYER's Title Insurance Company will issue a fee policy at no additional premium which takes no exception for said mortgage or mortgages or which provides affirmative coverage against loss or damage by reason of said unreleased mortgage or mortgages. SELLER shall exercise due diligence to obtain any such release or releases and will upon receipt thereof immediately record the same and forward a copy or copies thereof to BUYER's attorney with recording information. If SELLER has not obtained such release within sixty (60) days after closing, he shall give to BUYER's attorney the affidavit provided for in Connecticut General Statutes Section 49-8(a), as amended, together with the necessary recording fee. This provision shall survive the closing.

Release of Mortgages. Notwithstanding anything to the contrary contained in this Agreement or any riders attached hereto, in the event the SELLER after due diligence cannot obtain a release for any existing mortgage on the Premises at the time of the closing of title from the holder of said mortgage, or any assignee thereof, either because said holder will not release the mortgage without first receiving payment or because the holder has delayed in sending the attorney for the SELLER the release of mortgage, then BUYER and SELLER agree to close title notwithstanding the absence of the release of mortgage, provided the attorney for the SELLER furnishes the attorney for the BUYER, at the closing, with the written payoff statement and a copy of the payoff check evidencing that payment of the unreleased mortgage is to be made in full at the time of of, the closing, and with an all undertaking to make said payment, and further provided the BUYER's Title Insurance Company will issue a fee policy at no additional premium which takes no exception for said mortgage or mortgages or which provides affirmative coverage against loss or damage by reason of said unreleased mortgage or mortgages. SELLER shall exercise due diligence to obtain any such release or releases and will upon receipt thereof immediately record the same and forward a copy or copies thereof to BUYER's attorney with recording information. If SELLER has not obtained such release within sixty (60) days after closing, he shall give to BUYER's attorney the affidavit provided for in Connecticut General Statutes Section 49-8(a), as amended, together with the necessary recording fee. This Tills provision shall survive the closing.

Release of Mortgages. Notwithstanding anything to the contrary contained in this Agreement or any riders attached hereto, in the event the SELLER Seller after due diligence cannot obtain a release for any existing mortgage on the Premises Property at the time of the closing of title from the holder of lending institution holding said mortgage, or any assignee thereof, either because said holder lending institution will not release the mortgage without first receiving payment or because the holder lending institution has delayed in sending the attorney for the SELLER Seller the release of mortgage, then BUYER and SELLER agree Purchaser agrees to close title notwithstanding the absence of the release of mortgage, provided the attorney for the SELLER Seller furnishes the attorney for the BUYERPurchaser, at the closing, with the written payoff statement amount and a copy of the payoff check evidencing that payment of the unreleased mortgage is to be made in full at the time of the closing, and with an undertaking to make said payment, and further provided the BUYERPurchaser's Title Insurance Company will issue a fee policy at no additional premium which takes no exception for said mortgage or mortgages or which provides affirmative coverage against loss or damage by reason of said unreleased mortgage or mortgages. SELLER Seller shall exercise due diligence to obtain any such release or releases and will upon receipt thereof immediately record the same and forward a copy or copies thereof to BUYERPurchaser's attorney with recording information. If SELLER Seller has not obtained such release within sixty (60) days after closing, he shall give to BUYERPurchaser's attorney the affidavit provided for in Connecticut General Statutes Section 49-8(a), as amended, together with the necessary recording fee. This provision shall survive the closing. 17.

Release of Mortgages. Notwithstanding anything to the contrary contained in this Agreement or any riders attached hereto, in the event the SELLER Seller after due diligence cannot obtain a release for any existing mortgage on the Premises Property at the time of the closing of title from the holder of lending institution holding said mortgage, or any assignee thereof, either because said holder lending institution will not release the mortgage without first receiving payment or because the holder lending institution has delayed in sending the attorney for the SELLER Seller the release of mortgage, then BUYER and SELLER agree Purchaser agrees to close title notwithstanding the absence of the release of mortgage, provided the attorney for the SELLER Seller furnishes the attorney for the BUYERPurchaser, at the closing, with the written payoff statement amount and a copy of the payoff check evidencing that payment of the unreleased mortgage is to be made in full at the time of the closing, and with an undertaking to make said payment, and further provided the BUYERPurchaser's Title Insurance Company will issue a fee policy at no additional premium which takes no exception for said mortgage or mortgages or which provides affirmative coverage against loss or damage by reason of said unreleased mortgage or mortgages. SELLER Seller shall exercise due diligence to obtain any such release or releases and will upon receipt thereof immediately record the same and forward a copy or copies thereof to BUYERPurchaser's attorney with recording information. If SELLER Seller has not obtained such release within sixty (60) days after closing, he shall give to BUYERPurchaser's attorney the affidavit provided for in Connecticut General Statutes Section 49-8(a), as amended, together with the necessary recording fee. This provision shall survive the closing.