Assumption definition

Assumption. The process whereby, on sale or transfer of a legal or beneficial interest in a Mortgaged Property, the new owner of such Mortgaged Property becomes legally obligated under the terms of the related existing Security Instrument, Mortgage Note and any addenda and riders to such Security Instrument or Mortgage Note. Subsequent to the Assumption, the new owner of the property shall be deemed to be the Borrower under the related Mortgage Loan Documents.

Assumption shall have their correlative meanings.

Assumption has the meaning set forth in Section 2.2.

Examples of Assumption in a sentence

• The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.

• This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.

• This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument.

• Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.

• The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

More Definitions of Assumption

Assumption has the meaning specified in Section 10.25.

Assumption has the meaning set forth in Section 11.3.

Assumption is deemed to also include a sale (of the Mortgaged Property) subject to the Mortgage that is not accompanied by an assumption or substitution of liability agreement.

Assumption shall have the respective meanings set forth in Section 2.2(a)(iii).

Assumption has the meaning specified in the recitals of this Indenture.

Assumption means a Permitted Direct Assumption or a Permitted Indirect Assumption.

Assumption shall have the meaning provided in the recitals to this Agreement.