|
200412315
<br />to prohibit any future transfers of the Property or any interest therein, or of the right of the
<br />Lender to deny consent to any such transaction in the future in accordance with the provisions of
<br />the Mortgage. From and after the Effective Date, references in the Loan Documents to "Maker,"
<br />"Mortgagor," "Debtor," "Borrower," or other similar references that prior to the Effective Date
<br />referred to Prior Owner shall refer to Borrower.
<br />4. Assumption and Ratification. Borrower hereby assumes and agrees to comply
<br />with all covenants and obligations contained in the Loan Documents and henceforth shall be
<br />bound by all the terms thereof. Without limiting the foregoing, Borrower hereby assumes and
<br />Agrees to pay in full as and when due all payments, the obligations and other indebtedness
<br />evidenced by the Note. As assumed hereby, the Loan Documents shall remain in full force and
<br />effect. The Borrower hereby adopts, ratifies and confirms as of the Effective Date all of the
<br />representations, warranties and covenants of Prior Owner contained in the Loan Documents.
<br />5. _Representations and Warranties. Borrower hereby represents and warrants to
<br />Lender as follows:
<br />(a) As of the Effective Date, there is no Event of Default (as defined in the
<br />Mortgage) or event which with the passage of time or the giving of notice, or both, would
<br />constitute an Event of Default under the Loan Documents; and
<br />(b) Borrower has thoroughly read and reviewed the terms and provisions of
<br />this Agreement and the Loan Documents and is familiar with same, and Borrower has entered
<br />into this Agreement voluntarily, without duress or undue influence of any kind, and with the
<br />advice and representation of legal counsel, if any, selected by Borrower.
<br />Borrower acknowledges that Lender is relying upon the foregoing representations and warranties
<br />as a material inducement to Lender's execution of this Agreement.
<br />6. Release of Claims. Prior Owner and Borrower (collectively and individually,
<br />"Borrower Parties "), hereby jointly and severally, unconditionally and irrevocably, finally and
<br />completely RELEASE AND FOREVER DISCHARGE Former Lender and Lender, and their
<br />respective successors, assigns, affiliates, subsidiaries, parents, officers, shareholders, directors,
<br />employees, attorneys and agents, past, present and future (collectively and individually, "Lender
<br />Parties "), of and from any and all claims, controversies, disputes, liabilities, obligations,
<br />demands, damages, debts, liens, actions and causes of action of any and every nature whatsoever,
<br />known or unknown, whether at law, by statute or in equity, in contract or in tort, under state or
<br />federal jurisdiction, and whether or not the economic effects of such alleged matters arise or are
<br />discovered in the future, which Borrower Parties have as of the Effective Date or may claim to
<br />have against Lender Parties arising out of or with respect to any and all transactions relating the
<br />Loan, the Prior Owner's Loan Documents or the Loan Documents occurring on or before the
<br />Effective Date, including any loss, cost or damage of any kind or character arising out of or in
<br />any way connected with or in any way resulting from the acts, actions or omissions of Lender
<br />Parties occurring on or before the Effective Date. The foregoing release is intended to be, and is,
<br />a full, complete and general release in favor of Lender Parties with respect to all claims,
<br />demands, actions, causes of action and other matters described therein, including specifically,
<br />Sunwest N.C. Trust, GMACCM Loan 11400028174
<br />(Nebraska)
<br />AO 1243719.1
<br />
|