APPLICATION SUBMITTAL DEADLINE.
PURCHASER ACKNOWLEDGES AND AGREES
THAT PURCHASER IS SOLELY RESPONSIBLE FOR THE PREPARATION AND SUBMITTAL OF EACH
LOAN ASSUMPTION APPLICATION, INCLUDING THE COLLECTION OF ALL MATERIALS,
DOCUMENTS, CERTIFICATES, FINANCIALS, SIGNATURES, AND OTHER ITEMS REQUIRED TO BE
SUBMITTED TO SUCH LENDER IN CONNECTION WITH EACH LOAN ASSUMPTION APPLICATION.
4.5.4
PURCHASER SHALL COMPLY WITH EACH LENDER'S ASSUMPTION GUIDELINES IN
CONNECTION WITH THE LOAN ASSUMPTION AND RELEASE AND, IF REQUIRED BY A LENDER,
PURCHASER SHALL USE COMMERCIALLY REASONABLE EFFORTS TO CAUSE SUCH OTHER PERSON
OR ENTITY REASONABLY ACCEPTABLE TO SUCH LENDER, TO EXECUTE AND DELIVER A
CUSTOMARY "NON-RECOURSE CARVE-OUT" GUARANTY AND CUSTOMARY ENVIRONMENTAL
INDEMNITY IN FAVOR OF SUCH LENDER.
PURCHASER, AT ITS SOLE COST AND EXPENSE,
SHALL USE COMMERCIALLY REASONABLE EFFORTS TO CORRECT AND RE-SUBMIT ANY
DEFICIENCIES NOTED BY A LENDER IN CONNECTION WITH A LOAN ASSUMPTION APPLICATION
NO LATER THAN 3 BUSINESS DAYS AFTER NOTIFICATION FROM SUCH LENDER OF SUCH
DEFICIENCY.
PURCHASER ALSO SHALL PROVIDE SELLERS' REPRESENTATIVE WITH A COPY OF
ANY CORRESPONDENCE FROM A LENDER WITH RESPECT TO A LOAN ASSUMPTION APPLICATION
NO LATER THAN 3 BUSINESS DAYS AFTER RECEIPT OF SUCH CORRESPONDENCE FROM SUCH
LENDER.
PURCHASER ACKNOWLEDGES THAT A LENDER'S ASSUMPTION GUIDELINES MAY NOT BE
CONSISTENT WITH THE PROVISIONS OF THE APPLICABLE ASSUMED LOAN DOCUMENTS.
PURCHASER SHALL COORDINATE WITH EACH LENDER TO COMPLY WITH THE APPROPRIATE
PROVISIONS OF BOTH THE APPLICABLE ASSUMED LOAN DOCUMENTS AND EACH LENDER'S
ASSUMPTION GUIDELINES IN ORDER TO ALLOW FOR THE LOAN ASSUMPTION AND RELEASE.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS SECTION 4.5, IF, AS A
CONDITION TO CONSENTING TO THE LOAN ASSUMPTION AND RELEASE, A LENDER REQUIRES A
MATERIAL LOAN MODIFICATION, THEN PURCHASER SHALL HAVE THE RIGHT TO TERMINATE
THIS CONTRACT BY WRITTEN NOTICE DELIVERED TO SELLERS' REPRESENTATIVE AND ESCROW
AGENT ON OR BEFORE THE EXPIRATION OF THE LOAN ASSUMPTION APPROVAL PERIOD (AS THE
SAME MAY BE EXTENDED PURSUANT TO PURCHASER'S LOAN ASSUMPTION EXTENSION RIGHT).
IF PURCHASER EXERCISES SUCH RIGHT, THEN THIS CONTRACT SHALL BE OF NO FURTHER
FORCE AND EFFECT, SUBJECT TO AND EXCEPT FOR THE SURVIVAL PROVISIONS, AND ESCROW
AGENT SHALL FORTHWITH RETURN THE DEPOSIT TO PURCHASER.
THE TERM "MATERIAL LOAN
MODIFICATION" SHALL MEAN A MATERIAL ADVERSE CHANGE TO THE TERMS OF THE ASSUMED
LOAN DOCUMENTS.
THE TERM MATERIAL LOAN MODIFICATION SHALL NOT INCLUDE ANY OF
THE FOLLOWING: (I) THE REMOVAL OF, OR MODIFICATION TO, ANY OR ALL OF THE
SPECIFIC AIMCO PROVISIONS, (II) THE IMPOSITION OF NEW OR ADDITIONAL BORROWER
RESERVE ACCOUNTS IN CONNECTION WITH A LOAN THAT ARE IN AMOUNTS CUSTOMARY AND
REASONABLE FOR LOANS ON MULTI-FAMILY PROPERTY IN PITT COUNTY, NORTH CAROLINA
WHICH ARE SIMILAR IN TYPE, AGE AND CONDITION AS THE PROPERTIES AND (III) ANY
REQUIREMENT OF A LENDER THAT PURCHASER SHALL USE COMMERCIALLY REASONABLE EFFORTS
TO CAUSE A PERSON OR ENTITY TO EXECUTE AND DELIVER A "NON-RECOURSE CARVE-OUT"
GUARANTY AND/OR AN ENVIRONMENTAL INDEMNITY IN FAVOR OF LENDER.
4.5.5
PURCHASER SHALL PAY ALL FEES AND EXPENSES (INCLUDING, WITHOUT
LIMITATION, ALL SERVICING FEES AND CHARGES, TRANSFER FEES, ASSUMPTION FEES,
PREPAYMENT PENALTIES AND PREMIUMS, TITLE FEES, AND