FOR CORRECTING AND RE-SUBMITTING ANY DEFICIENCIES NOTED BY LENDER IN
CONNECTION WITH THE LOAN ASSUMPTION APPLICATION NO LATER THAN 3 BUSINESS DAYS
AFTER NOTIFICATION FROM LENDER OF SUCH DEFICIENCY.
PURCHASER ACKNOWLEDGES THAT
LENDER'S ASSUMPTION GUIDELINES MAY NOT BE CONSISTENT WITH THE PROVISIONS OF THE
ASSUMED LOAN DOCUMENTS CONCERNING THE LOAN ASSUMPTION AND RELEASE.
PURCHASER
SHALL COORDINATE WITH THE LENDER TO COMPLY WITH THE APPROPRIATE PROVISIONS OF
BOTH THE ASSUMED LOAN DOCUMENTS AND LENDER ASSUMPTION GUIDELINES IN ORDER TO
ALLOW FOR THE LOAN ASSUMPTION AND RELEASE.
4.5.5.
PURCHASER SHALL PAY ALL FEES AND EXPENSES (INCLUDING, WITHOUT
LIMITATION, ALL SERVICING FEES AND CHARGES, TRANSFER FEES, ASSUMPTION FEES,
TITLE FEES AND ENDORSEMENT FEES) IMPOSED OR CHARGED BY THE LENDER OR ITS COUNSEL
(SUCH FEES AND EXPENSES COLLECTIVELY BEING REFERRED TO AS THE "LENDER FEES"), IN
CONNECTION WITH THE LOAN ASSUMPTION APPLICATION AND THE LOAN ASSUMPTION AND
RELEASE.
4.5.6.
AT CLOSING, SELLER SHALL ASSIGN TO PURCHASER ALL OF SELLER'S RIGHT,
TITLE AND INTEREST IN AND TO ALL RESERVES, IMPOUNDS AND OTHER ACCOUNTS HELD BY
LENDER IN CONNECTION WITH THE LOAN, AND AT CLOSING, PURCHASER SHALL REMIT TO
SELLER AN AMOUNT EQUAL TO THE BALANCE OF SUCH RESERVES, IMPOUNDS AND ACCOUNTS SO
ASSIGNED.
ADDITIONALLY, PURCHASER SHALL BE RESPONSIBLE FOR FUNDING ANY
ADDITIONAL OR INCREASED RESERVES, IMPOUNDS OR ACCOUNTS REQUIRED BY LENDER TO BE
MAINTAINED BY PURCHASER IN CONNECTION WITH THE LOAN AFTER THE LOAN ASSUMPTION
AND RELEASE (THE "REQUIRED LOAN FUND AMOUNTS").
4.5.7.
PURCHASER AGREES PROMPTLY TO DELIVER TO THE LENDER ALL DOCUMENTS AND
INFORMATION REQUIRED BY THE ASSUMED LOAN DOCUMENTS, AND SUCH OTHER INFORMATION
OR DOCUMENTATION AS THE LENDER REASONABLY MAY REQUEST, INCLUDING, WITHOUT
LIMITATION, FINANCIAL STATEMENTS, INCOME TAX RETURNS AND OTHER FINANCIAL
INFORMATION FOR PURCHASER AND ANY REQUIRED GUARANTOR.
SELLER AGREES THAT IT
WILL COOPERATE WITH PURCHASER AND LENDER, AT NO COST OR EXPENSE TO SELLER, IN
CONNECTION WITH PURCHASER'S APPLICATION TO LENDER FOR APPROVAL OF THE LOAN
ASSUMPTION AND RELEASE.
4.5.8.
TO THE EXTENT REQUIRED BY LENDER, NO LATER THAN 10 DAYS AFTER THE
EFFECTIVE DATE, PURCHASER SHALL ORDER A PHASE I ENVIRONMENTAL STUDY AND/OR
PROPERTY CONDITION REPORT (PREPARED BY A CONSULTANT AND ENGINEER REASONABLY
ACCEPTABLE TO LENDER), AND COVENANTS THAT SUCH PHASE I ENVIRONMENTAL STUDY
AND/OR PROPERTY CONDITION REPORT SHALL BE DELIVERED TO SELLER AND LENDER NO
LATER THAN 10 DAYS PRIOR TO THE CLOSING DATE IN CONNECTION WITH AND AS A
PRECONDITION TO THE LOAN ASSUMPTION AND RELEASE.
4.5.9.
PURCHASER SHALL BE IN DEFAULT HEREUNDER IF PURCHASER FAILS TO SUBMIT
A COMPLETE LOAN ASSUMPTION APPLICATION BY THE LOAN APPLICATION SUBMITTAL
DEADLINE, IN WHICH EVENT SELLER'S SOLE REMEDY SHALL BE TO TERMINATE THIS
CONTRACT PRIOR TO THE EXPIRATION OF THE FEASIBILITY PERIOD UPON WRITTEN NOTICE
TO PURCHASER, WHEREUPON THE ESCROW AGENT SHALL RETURN THE DEPOSIT, LESS THE
INDEPENDENT CONTRACT CONSIDERATION, TO PURCHASER, AND THIS CONTRACT SHALL BE OF
NO FURTHER FORCE AND EFFECT SUBJECT TO AND EXCEPT FOR THE SURVIVAL PROVISIONS.
PURCHASER SHALL BE IN DEFAULT HEREUNDER IF PURCHASER FAILS TO OBTAIN THE LOAN
ASSUMPTION AND RELEASE PRIOR TO THE CLOSING