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assumption of mortgage

   Also found in: Financial, Wikipedia 0.03 sec.
assumption of mortgage
The purchaser of property may promise the vendor that he will assume the obligation to keep up the mortgage payments. In such event, the mortgagee may generally enforce this promise against the purchaser, and in addition to his right to foreclose in the event of nonpayment the mortgagee may also recover from the purchaser (or from the vendor) any deficiency between the proceeds of the foreclosure sale and the amount still owing on the mortgage. Also see subject to mortgage.
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While the acquisition is expected to be funded with borrowings under Mack-Cali's existing facility as well as the assumption of mortgage debt, Fitch notes that the company's leverage is expected to remain at a level that is appropriate under the existing ratings.
Fitch: Mack-Cali's Outlook Remains Positive After Gale Acquisition ... by Business Wire
6 million in cash and the assumption of mortgage debt of approximately $22.
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Interest expense increased by $451,000, or 22%, and $1,532,000, or 26%, quarter over quarter and nine months versus nine months, respectively, as a result of an increase in interest on mortgages payable resulting from mortgages placed on ten properties between September 2004 and June 2005, the assumption of mortgages in connection with the purchase of two properties and an increase in interest on the line of credit in connection with borrowings made to facilitate property purchases.
One Liberty Properties, Inc. Announces Results of Operations for the ... by Business Wire
 
 
 
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