Replacement of Reserves. At Closing, each Assumption Seller shall assign to Purchaser all of its right, title and interest in all reserves, impounds and other accounts required to be maintained in connection with the Assumed Loans. To the extent that an Assumption Lender permits, in lieu of distributing the current reserves to the applicable Assumption Seller and having Purchaser re-fund such amounts, the applicable Assumption Seller shall receive a credit against the Base Purchase Price for its Property at Closing equal to the amount of any reserves, impounds and other accounts held by such Assumption Lender and associated with the Assumed Loan in question, and all such reserves, impounds, and other accounts shall be assigned to Purchaser.
Appears in 5 contracts
Samples: Purchase and Sale Agreement (Shelter Properties Vi Limited Partnership), Purchase and Sale Agreement (Century Properties Growth Fund Xxii), Purchase and Sale Agreement (Davidson Diversified Real Estate Ii Limited Partnership)
