Common use of UNDERLYING OBLIGATIONS Clause in Contracts

UNDERLYING OBLIGATIONS. Copies of the First Note and First Mortgage are attached hereto as Exhibit D and are sometimes hereinafter referred to as the "Existing Note" and "Existing Encumbrance". If the First Mortgage documents require that the Lender consent to the conveyance provided for in this Agreement, then the parties' obligations hereunder are subject to receipt of the consent ("Consent") and an Estoppel Certificate (as hereinafter defined). The Purchaser agrees to execute the documents required by the Lender in order to obtain Lender's Consent, provided that, except for the limited personal liability provisions presently contained in the First Mortgage documents, Purchaser will not assume any personal liability for the indebtedness and the Consent shall not require a change in the interest rate or a change in the maturity date of the loan. If the Consent is not received by Seller within five (5) days prior to the Closing Date, then either party shall have the right upon notice to the other party delivered not less than three (3) days prior to the Closing Date to terminate this Agreement. In the event of termination of this Agreement, all the Earnest Money plus all accrued i▇▇▇▇▇▇▇ shall be delivered to the Purchaser.

UNDERLYING OBLIGATIONS. Copies of the First Note and First Mortgage are attached hereto as Exhibit D and are sometimes hereinafter referred to as the "Existing Note" and "Existing Encumbrance". If the First Mortgage documents require that the Lender consent to the conveyance provided for in this Agreement, then the parties' Seller's and Purchaser's obligations hereunder are subject to receipt of the consent ("Consent") and an Estoppel Certificate (as hereinafter defined). The Purchaser agrees to execute the documents required by the Lender in order to obtain Lender's Consent, provided that, except for the limited personal liability provisions presently contained in the First Mortgage documents, that Purchaser will not assume any personal liability for the indebtedness and the Consent shall not require a change in the interest rate or a change in the maturity date of the loanindebtedness. If the Consent is not received by Seller within five (5) days prior to the Closing Date, then either party shall have the right upon notice to the other party delivered not less than three (3) days prior to the Closing Date to terminate extend the Closing Date to a date no later than August 4, 1997. If the Consent is not received by July 30, 1997, then this AgreementAgreement shall be terminated. In the event of termination of this Agreement, all the Earnest Money plus all accrued i▇▇▇▇▇▇▇ interest shall be delivered to the Purchaser▇▇▇ ▇▇rchaser.