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Refinancing Agreement - 86 Madison Ave - 86 Madison Ave, Albany, NY 12202.pdf

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Description

This agreement is made and entered into on November 22nd, 2024 by and between Angela Boney, Earl Vanze Co, and the DAO Representative (collectively referred to as the "Parties"). RECITALS WHEREAS, the Parties acknowledge the existence of a loan subject to a "due on sale" clause, which may be activated under specific conditions as outlined by the lender; WHEREAS, the Parties agree to take immediate and cooperative action in the event the lender calls the loan due pursuant to the due on sale claus

Extracted Content

This agreement is made and entered into on November 22nd, 2024 by and between Angela Boney, Earl Vanze Co, and the DAO Representative (collectively referred to as the "Parties"). RECITALS WHEREAS, the Parties acknowledge the existence of a loan subject to a "due on sale" clause, which may be activated under specific conditions as outlined by the lender; WHEREAS, the Parties agree to take immediate and cooperative action in the event the lender calls the loan due pursuant to the due on sale clause; NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the Parties agree as follows: 1. Activation of Due on Sale Clause If the lender activates the due on sale clause associated with the referenced loan, the Parties shall initiate the refinancing process within seven (7) calendar days of the clause's activation. 2. Obligations of the Parties ● ● Angela Boney and Earl Vanze Co agree to work in good faith to provide all necessary documentation and information required for the refinancing process. The DAO Representative agrees to cooperate fully and provide any necessary approvals or documentation required to facilitate the refinancing. 3. Refinancing Proces