Time to Obtain Lender Approval. Notwithstanding anything to the contrary in this ARTICLE 5, Purchaser shall have until October 17, 2008 (the “Loan Assumption Deadline”) to obtain each Assumption Lender’s approval of the assumption by Purchaser of the applicable Assumed Loan, each upon terms and conditions substantially similar to those currently in the Assumed Loan Documents and/or otherwise reasonably acceptable to Purchaser, in Purchaser’s sole discretion, and that contains a complete release of the applicable Assumption Seller from the obligations thereunder (a “Loan Assumption Approval”); provided, however, that Purchaser shall use good faith, commercially reasonable efforts to obtain all Loan Assumption Approvals as soon as possible.
Appears in 5 contracts
Samples: Purchase and Sale Agreement (Century Properties Growth Fund Xxii), Purchase and Sale Agreement (Shelter Properties Vi Limited Partnership), Purchase and Sale Agreement (Davidson Diversified Real Estate Ii Limited Partnership)
Time to Obtain Lender Approval. Notwithstanding anything to the contrary in this ARTICLE 5, Purchaser shall have until October 17November 21, 2008 (the “Loan Assumption Deadline”) to obtain each Assumption Lender’s approval of the assumption by Purchaser of the applicable Assumed Loan, each upon terms and conditions substantially similar to those currently in the Assumed Loan Documents and/or otherwise reasonably acceptable to Purchaser, in Purchaser’s sole discretion, and that contains a complete release of the applicable Assumption Seller from the obligations thereunder (a “Loan Assumption Approval”); provided, however, that Purchaser shall use good faith, commercially reasonable efforts to obtain all Loan Assumption Approvals as soon as possible.
Appears in 1 contract
Samples: Purchase and Sale Agreement (Consolidated Capital Properties Iv)
