NOT ACCEPTABLE TO PURCHASER, OTHER THAN (I) THE DELETION
OF ONE OR MORE OF THE SPECIFIC AIMCO PROVISIONS AS PROVIDED ABOVE, (II) IMPOSING
CUSTOMARY ESCROWS FOR TAXES AND/OR INSURANCE IN MONTHLY AMOUNTS THAT DO NOT
EXCEED 1/12 TH OF THE REASONABLY ESTIMATED ANNUAL TAXES AND INSURANCE PREMIUMS
FOR THE PROPERTY ((II) IS HEREIN CALLED THE " REQUIRED LOAN FUND AMOUNTS") OR
(III) STANDARD TYPES OF MINISTERIAL REQUIREMENTS, SUCH AS PRODUCTION OF TITLE
REPORTS.
THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING.
4.7.3
PURCHASER FURTHER ACKNOWLEDGES THAT THE ASSUMED LOAN DOCUMENTS REQUIRE
THE SATISFACTION BY PURCHASER OF CERTAIN REQUIREMENTS AS SET FORTH THEREIN TO
ALLOW FOR THE LOAN ASSUMPTION AND RELEASE.
ACCORDINGLY, PURCHASER, AT ITS SOLE
COST AND EXPENSE AND WITHIN 15 DAYS AFTER THE EFFECTIVE DATE (THE " LOAN
ASSUMPTION APPLICATION SUBMITTAL DEADLINE"), SHALL SATISFY THE REQUIREMENTS SET
FORTH IN THE ASSUMED LOAN DOCUMENTS TO ALLOW FOR THE LOAN ASSUMPTION AND
RELEASE, INCLUDING, WITHOUT LIMITATION, SUBMITTING A SUBSTANTIALLY COMPLETE
APPLICATION TO EACH OF THE LENDERS FOR ASSUMPTION OF THE LOANS TOGETHER WITH ALL
DOCUMENTS AND INFORMATION REQUIRED IN CONNECTION THEREWITH (COLLECTIVELY, THE "
LOAN ASSUMPTION APPLICATION").
PURCHASER AGREES TO NOTIFY SELLER THAT THE LOAN
ASSUMPTION APPLICATION HAS BEEN SUBMITTED TO LENDER , PROMPTLY AFTER SUCH
SUBMISSION.
PURCHASER ACKNOWLEDGES AND AGREES THAT PURCHASER IS SOLELY
RESPONSIBLE FOR THE PREPARATION AND SUBMITTAL OF THE LOAN ASSUMPTION
APPLICATION, INCLUDING THE COLLECTION OF ALL MATERIALS, DOCUMENTS, CERTIFICATES,
FINANCIALS, SIGNATURES, AND OTHER ITEMS REQUIRED TO BE SUBMITTED TO LENDERS IN
CONNECTION WITH THE LOAN ASSUMPTION APPLICATION, EXCEPT THAT, UPON PURCHASER'S
OR LENDERS' REQUEST TO SELLER, WHICH REQUEST SHALL SPECIFY WHICH
PROPERTY-RELATED DOCUMENTS ARE TO BE DELIVERED TO LENDERS BY SELLER, SELLER
SHALL DELIVER ANY PROPERTY-RELATED DOCUMENTS TO LENDERS, TO THE EXTENT (A) NOT
PREVIOUSLY DELIVERED TO PURCHASER, (B) THAT THE SAME EXIST AND (C) SUCH
PROPERTY-RELATED DOCUMENTS ARE IN SELLER'S POSSESSION OR REASONABLE CONTROL.
4.7.4
PURCHASER SHALL COMPLY WITH EACH LENDER'S ASSUMPTION GUIDELINES IN
CONNECTION WITH THE LOAN ASSUMPTION AND RELEASE AND, IF REQUIRED BY SUCH LENDER,
PURCHASER SHALL CAUSE EITHER (A) JEREMY RIEDER OR (B) SUCH OTHER PERSON OR
ENTITY REASONABLY ACCEPTABLE TO SUCH LENDER, WHICH HAS BEEN DESIGNATED BY
PURCHASER, TO EXECUTE AND DELIVER A CUSTOMARY "NON-RECOURSE CARVE-OUT" GUARANTY
AND CUSTOMARY ENVIRONMENTAL INDEMNITY, IN SUBSTANTIALLY THE SAME FORM AS THE
EXISTING "NON-RECOURSE CARVE-OUT" GUARANTY AND ENVIRONMENTAL INDEMNITY
(EXCLUDING THE SPECIFIC AIMCO PROVISIONS), IN FAVOR OF LENDERS.
PURCHASER SHALL
BE RESPONSIBLE AT ITS SOLE COST AND EXPENSE FOR CORRECTING AND RE-SUBMITTING ANY
DEFICIENCIES NOTED BY LENDERS IN CONNECTION WITH THE LOAN ASSUMPTION APPLICATION
WITHIN A REASONABLE AMOUNT OF TIME AFTER NOTIFICATION FROM A LENDER OF SUCH
DEFICIENCY.
PURCHASER ALSO SHALL PROVIDE SELLER WITH A COPY OF ANY
CORRESPONDENCE FROM A LENDER WITH RESPECT TO THE LOAN ASSUMPTION APPLICATION NO
LATER THAN 3 BUSINESS DAYS AFTER RECEIPT OF SUCH CORRESPONDENCE FROM SUCH
LENDER.
4.7.5
PURCHASER SHALL PAY ALL FEES AND EXPENSES (INCLUDING, WITHOUT
LIMITATION, ALL SERVICING FEES AND CHARGES, ASSUMPTION FEES UP TO 1% OF THE
AMOUNT OF THE LOANS, TITLE FEES, ENDORSEMENT