Seller Financing. Seller agrees to provide financing to the Buyer under the following terms and conditions:
Seller Financing. Seller agrees to provide financing to the Buyer under the following terms and conditions: Loan Amount: $____________________ Down Payment: $____________________ Interest Rate (per annum): ____% Term: ____ ☐ Months ☐ Years Documents: The Buyer shall be required to produce documentation, as required by the Seller, verifying the Buyer’s ability to purchase according to the Purchase Price and the terms of the Seller Financing. Therefore, such Seller Financing is contingent upon the Seller’s approval of the requested documentation to be provided on or before ____________________, 20___. The Seller shall have until ____________________, 20___ to approve the Buyer's documentation. In the event Buyer fails to obtain Seller’s approval, this Agreement shall be terminated with the Buyer’s Xxxxxxx Money being returned within five (5) business days.
Seller Financing. If Buyer is to pay all or any portion of the Purchase Price with Seller financing, 158 Buyer Seller will deliver the proposed Seller financing documents to the other party on or before days before 159 Seller or Private Financing Deadline.
Seller Financing. Xxxxxx agrees to provide financing to the Buyer under the following terms and conditions: ☐ ☐
Seller Financing. A promissory note from Buyer to Seller of $ , secured by vendor's and deed of trust liens, and containing the terms and conditions described in the attached TREC Seller Financing Addendum. If an owner policy of title insurance is furnished, Buyer shall furnish Seller with a mortgagee policy of title insurance.
Seller Financing. As reflected on the attached Seller Financing Supplement.
Seller Financing. Buyer will execute a □ first □ second purchase money note and mortgage to 71 Seller in the amount of $ , bearing annual interest at % and payable as follows: 73 The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow 74 forms generally accepted in the county where the Property is located; will provide for a late payment fee 75 and acceleration at the mortgagee’s option if Buyer defaults; will give Buyer the right to prepay without 76 penalty all or part of the principal at any time(s) with interest only to date of payment; will be due on 77 conveyance or sale; will provide for release of contiguous parcels, if applicable; and will require Buyer to 78 keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller 79 to obtain credit, employment, and other necessary information to determine creditworthiness for the 80 financing. Seller will, within 10 days after Effective Date, give Buyer written notice of whether or not Seller 81 will make the loan.
Seller Financing. At Closing, Sellers (or such other AIMCO-affiliated entity as Sellers may select) will offer partial financing to the applicable Purchaser’s Designated Entities for Purchaser’s acquisition of (i) the Runaway Bay I Property, (ii) the Xxxxxx’x Pointe Property, and (iii) the Xxxx Bridge Crossing Property (collectively, the “Seller Loans”). The Seller Loans shall be in an amount equal to $3,250,000 with respect to Runaway Bay I, $2,250,000 with respect to Xxxxxx’x Pointe, and $2,200,000 with respect to Xxxx Bridge Crossing. The applicable Seller and Purchaser shall cooperate, using commercially reasonable efforts, to obtain the consent of the applicable Assumption Lender to (a) the recording of a second lien mortgage or deed of trust, as applicable, against the applicable Property as security for that Seller Loan; and (b) authorization for AIMCO or its designated affiliate to assume management responsibilities at the applicable Property in the event of a default by Purchaser (or the applicable Purchaser’s Designated Entity) under the applicable Seller Loan (regardless of whether a default has occurred under the senior Assumed Loan). In the event the parties are unable to obtain an Assumption Lender’s consent to the imposition of a second lien on the applicable Property, such Seller Loan shall be secured by a pledge of 100% of the ownership interests in such Purchaser’s Designated Entity owning such Property and providing, without limitation, for AIMCO or its designated affiliate to assume management of the applicable entity and of the Property upon a default under such Seller Loan. Interest shall be payable on the Runaway Bay I Seller Loan at a rate of 0% for the first three (3) years and at a rate of 4% each year thereafter until maturity. Interest shall be payable on the Xxxxxx’x Pointe Seller Loan at a rate of 3.5% for the first three (3) years and at a rate of 4% each year thereafter until maturity. Interest shall be payable on the Xxxx Bridge Crossing Seller Loan at a rate of 1.4% for the first three (3) years and at a rate of 4% each year thereafter until maturity. Prior to the Closing Date, Purchaser and Sellers shall agree upon the forms of the loan documents to be executed by the parties with respect to the Seller Loans (including, without limitation, promissory notes, which shall not be subject to offset) (collectively, the “Loan Documents”).
Seller Financing. Section 3.4(x) of this Agreement prohibits the extension by the Company, directly or indirectly, of seller financed loans (i.e., the seller accepts a secured promissory note in lieu of cash in payment of all or a portion of the sales price of Acquired Property) (“Seller Financed Loans”) to purchasers of any Asset, Collateral or Acquired Property (or any portion thereof) without the express prior written consent of the Initial Member, to be granted, withheld or conditioned it its sole and absolute discretion. Any request by the Manager for any such consent must identify all material terms and conditions of the proposed Seller Financed Loan, provide the form of Seller Financed Loan documents, and identify any other term or condition that the Initial Member may determine in its reasonable discretion is necessary for it to consider whether to approve such proposed Seller Financed Loan. Upon the provision of any Seller Financed Loan, the Manager must, or must cause the Company to, promptly deliver each original promissory note (with each Seller Financed Loan being duly evidenced by one or more original promissory notes) and the other original Seller Financed Loan documents to the Custodian. In the event the Company provides any Seller Financed Loans (or other financing) in violation of this Agreement (including the restriction in Section 3.4(x)), then, in addition to and without any limitation of any of the indemnification obligations under Section 4.6 or any of the other rights or remedies of the Initial Member, the Manager will be required to indemnify and make whole the Company and each Ownership Entity (and, without duplication, each Indemnified Party) for any Losses (including lost profits) they may incur in connection with such Seller Financed Loans (or other financing) or any failure of any borrower or other obligor to comply with any of its obligations thereunder, including any failure to pay principal or interest payable thereunder.
Seller Financing. Buyer will execute a [ ] first [ ] second purchase money note and mortgage to Seller in the amount of $_______________, bearing annual interest at _____% and payable as follows: __________________________________________________________ ___________________________________________________________________ The mortgage, note, and any security agreement will be in a form acceptable to Seller and will follow forms generally accepted in the county where the Property is located; will provide for a late payment fee and acceleration at the mortgagee's option if Buyer defaults; will give Buyer the right to prepay without penalty all or part of the principal at any time(s) with interest only to date of payment; will be due on conveyance or sale, will provide for release of contiguous parcels, if applicable; and will require Buyer to keep liability insurance on the Property, with Seller as additional named insured. Buyer authorizes Seller to obtain credit, employment and xxxxr necessary information to determine creditworthiness for the financing. Seller will, within 10 days from Effective Date, give Buyer written notice of whether or not Seller will make the loan.
