Legal Term Assumed

An acquisition agreement refers to an obligation of a debt or obligation that is primarily based on another person. This is a legal contract that creates an agreement between two parties in which one party agrees to assume the responsibilities, interests, rights and obligations of another party in relation to a separate agreement between that third party and a third party. The parties to an acquisition of control agreement are called assignees and assignors. To accept is to accept. As a general rule, assuming in legal contexts means assuming a certain duty or responsibility. For example, Alice may take Bob`s responsibility for a debt (Alice may take on Bob`s debts). To the extent that a supported contract requires payment of medical expenses to be covered under section 365 of the Bankruptcy Act, whether determined before or after closing, the medical expenses associated with that purchased contract or any part thereof must be paid by the purchaser (if medical expenses are incurred) within seven (7) days after the closing date. or another date on which the accepted contract is taken over by the seller concerned and assigned to the buyer. Any accepted contract to which such Seller is a party is a valid and binding agreement of such Seller and shall be in full force and effect, and neither such Seller or, to the knowledge of Seller, any other party shall be in default or breach in any respect under the terms of such accepted agreement. except for omissions or defaults that do not have a material adverse effect or that are corrected by the payment of medical expenses or that result solely from the insolvency event.

Upon the addition of a lease or contract by the buyer in accordance with the preceding sentence, such lease automatically becomes part of the purchased property and such contract becomes an accepted contract for all purposes of this agreement. When a buyer of real estate takes over the seller`s mortgage, he agrees to assume the mortgage debt and to be personally responsible for the full repayment in case of default. If a seizure of the mortgaged property does not satisfy the debt, the buyer remains financially responsible for the outstanding balance. In bankruptcy proceedings, “accept or refuse” means making an election under the Insolvency Code with respect to an unexpired contract or lease. For details, see Bankruptcy Code § 365 (11 U.S. Code § 365 – Binding Contracts and Unexpired Leases) and Federal Rules of Bankruptcy Procedure Rule 6006. Seller shall reasonably consult with Buyer before entering into any accepted contract with respect to the Transaction, which, if it existed at the time of such agreement, should have been set forth as a material contract in Schedule 5.11. On the other hand, the buyer who takes out the seller`s mortgage undertakes to repay the mortgage debt, but the liability of this person is limited to the only amount for which the mortgaged property is sold in the event of foreclosure. If the property is sold at a price lower than the mortgage debt, the mortgagee must demand the seller`s balance, the original mortgage.

The obligation to repay a debt or to discharge an obligation owed by another person. In more common language, accepting can also mean assuming as fact; or without taking the evidence or evidence for granted. Buyer shall use commercially reasonable efforts and cause its affiliates to use commercially reasonable efforts to provide reasonable assurance as to the future performance of each contract entered into by Buyer, as required by section 365 of the Bankruptcy Act. n. the assumption of a debt in connection with the payment of assets securing that debt. (See: Accept) If a mortgage-encumbered asset is transferred to another person, the new owner takes over the mortgage through a takeover agreement and the mortgage holder accepts the repossession.