Assumability Sample Clauses
The Assumability clause defines whether and under what conditions a party to a contract can transfer its rights and obligations to another party. Typically, this clause outlines if consent is required from the non-transferring party, and may specify exceptions, such as transfers to affiliates or in connection with a merger or sale of business assets. Its core function is to provide clarity and control over changes in contractual relationships, helping to prevent unwanted or unapproved assignments that could affect the interests of the original parties.
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Assumability. No Mortgage Loan is assumable.
Assumability. (A) The Borrowers shall have the right to request that Lender consent to (i) a transfer of all of the Properties to another Person (the "TRANSFEREE BORROWER") and the assumption by the Transferee Borrower of all of the Borrowers' obligations under the Loan Documents, (ii) replacement of Guarantor with new guarantors and indemnitors who shall assume all of the obligations of the Guarantors arising from and after such date and release of the Borrowers and Guarantor from obligations arising from and after such date and (iii) the replacement of the Mezzanine Borrowers with pledgors of the ownership interests in the Transferee Borrower (collectively, an "ASSUMPTION"), subject to the conditions set forth in paragraphs (B) and (C) of this Section. Together with such written application, the Borrowers will pay to Lender a review fee of $10,000. The Borrowers also shall pay on demand all of the reasonable out-of-pocket costs and expenses incurred by Lender, including reasonable attorneys' fees and expenses, and the fees and expenses of the Rating Agencies, if any, and other outside entities, in connection with considering any proposed Assumption, whether or not the same is permitted or occurs.
(B) Lender shall not withhold its consent to an Assumption (any such Assumption consented to by Lender, a "PERMITTED ASSUMPTION") provided and upon the conditions that:
(i) No Event of Default shall have occurred and be continuing at the time of such Assumption;
(ii) The Borrowers shall have submitted to Lender true, correct and complete copies of any and all information and documents reasonably requested by Lender concerning the Transferee Borrower, replacement guarantors and indemnitors and all of such information and documents shall be reasonably acceptable to Lender;
(iii) Evidence reasonably satisfactory to Lender shall have been provided showing that the Transferee Borrower and such of its Affiliates as shall reasonably be designated by Lender comply and will comply with Article IX, as those provisions may be modified by Lender taking into account the ownership structure of Transferee Borrower and its Affiliates;
(iv) The Borrowers shall have obtained (and delivered to Lender) a Rating Confirmation with respect to the Assumption, the Transferee Borrower, the new guarantors and indemnitors and all related transactions;
(v) The Borrowers shall have paid all of Lender's reasonable out-of-pocket costs and expenses in connection with considering the Assumption, and shall hav...
Assumability. With respect to each Adjustable Rate Mortgage Loan, the Mortgage Loan Documents provide that after the related first Interest Rate Adjustment Date, a related Mortgage Loan may only be assumed if the party assuming such Mortgage Loan meets certain credit requirements stated in the Mortgage Loan Documents;
Assumability. With respect to each Adjustable Rate Mortgage Loan, the Mortgage Loan Documents do not allow an assumption of such Mortgage Loan by any other party;
Assumability. With respect to each Adjustable Rate Mortgage Loan, the Mortgage Loan Documents provide that the related Mortgage Loan may only be assumed if the party assuming such Mortgage Loan meets the criteria set forth in the Mortgage Loan Documents as well as Fannie Mae and Freddie Mac requirements;
Assumability. None of the Senderra Mortgage Loans are, by their terms, assumable;
Assumability. None of the MILA Mortgage Loans are, by their terms, assumable;
Assumability. Either (i) the Mortgage Loan Documents provide that a related Mortgage Loan may only be assumed if the party assuming such Mortgage Loan meets certain credit requirements stated in such documents, or (ii) the Mortgage Note with respect to such Mortgage Loan contains a "due-on-sale" provision which prevents the assumption of the Mortgage Loan by a proposed transferee and accelerates the payment of the outstanding principal balance of such Mortgage Loan;
Assumability. None of the Mortgage Loans are, by their terms, assumable;
Assumability. The Mortgage Loan, by its terms, is not assumable;