Common use of Assumption of Obligation Clause in Contracts

Assumption of Obligation. Transferee agrees to and does hereby assume all of the payment and performance obligations of the Transferor set forth in the Note, the Mortgage and the other Loan Documents in accordance with their respective terms and conditions, as the same may be modified by this Agreement, including without limitation, payment of all sums due and payable under the Note. Transferee further agrees to abide by and be bound by all of the terms of the Loan Documents, as modified herein, all as though each of the Loan Documents had been made, executed and delivered by Transferee. The provisions of the Loan Documents are incorporated herein by this reference, as if fully set forth herein. Without limitation of any continuing liability of Transferor, Transferee acknowledges and agrees that any reference to the Transferor in the Loan Documents shall be deemed to refer to Transferee. Transferee hereby adopts, ratifies and confirms all of the representations, warranties and covenants of Transferor contained in the Loan Documents, including, but not limited to, the Indemnity Agreement, as if Transferee were the Transferor named in the Loan Documents.

Assumption of Obligation. Transferee The Assumptor agrees to and does hereby assume all of the payment and performance obligations of the Transferor Original Borrower set forth in the Note, the Mortgage Security Instrument and the other Loan Documents in accordance with their respective terms and conditions, as the same may be modified by this Agreement, including without limitation, payment of all sums due and payable under the Note. Transferee The Assumptor further agrees to abide by and be bound by all of the terms of the Loan Documents, as modified herein, all as though each of the Loan Documents had been made, executed and delivered by Transfereethe Assumptor. The provisions of the Loan Documents are incorporated herein by this reference, as if fully set forth herein. Without limitation of any continuing liability of Transferor, Transferee The Assumptor acknowledges and agrees that any reference to the Transferor Borrower in the Loan Documents shall be deemed to refer to Transfereethe Assumptor. Transferee The Assumptor hereby adopts, ratifies and confirms as of the date hereof all of the representations, warranties and covenants of Transferor Original Borrower contained in the Loan Documents, including, but not limited to, in connection with the Indemnity AgreementLoan, as if Transferee were the Transferor Assumptor was the Original Borrower named in the Loan Documents. In addition to the foregoing, Assumptor has executed and delivered to Noteholder that certain Hazardous Materials Indemnity Agreement dated of even date herewith (the “New Hazardous Materials Indemnity”).