Your Business Pak/BusinessPak2.iso/Pca/_SETUP.1/DEEDINL.BLD

Text File | 1997-07-22 | 6KB | 178 lines

#100
@001 Enter the name of the BORROWER:
~Enter the name of the BORROWER or BORROWERS. Should match the
~name on loan documents.
@002 Enter the name of the LENDER:
~Enter the name of the LENDER.
|003 Enter the date for pay off:
~Enter the date as of which the pay off is correct. Usually same
~date as the date of the agreement.
@004/@004 The loan is:
~Select whether the loan in default or not in default
in default
not in default
!005 Enter the present balance of the loan.
~Enter the pay off of the loan as of the date of this agreement,
~in dollar format.
@006 Enter the legal description of the real estate.
~Enter the legal description of the real estate, this is not the
~address but instead is a metes and bounds description or a lot
~and block number.
!010 Enter the per diem interest accrual:
~Enter the amount of the interest which will accrue daily until
the loan is paid, in dollar format.
|200 Enter the date by which the closing must take place.
~Enter a date when the closing of the deed in lieu of foreclosure
~must take place.
|201 Enter the original date of the loan.
~Enter the date when the loan was first executed.
!300 Enter the original principal amount of the loan.
~Enter the original amount of the loan in dollar format.
#end control section
#100


AGREEMENT FOR ACCEPTANCE OF DEED IN LIEU OF FORECLOSURE


@001, referred to as BORROWER, and @002, referred to as LENDER,
agree:


Background


BORROWER has offered to deed to LENDER certain real property
encumbered by a mortgage in favor of the LENDER. LENDER is
desirous of accepting a deed in lieu of foreclosure. The parties
will define through this agreement the conditions precedent to
the LENDER's acceptance of a deed in lieu of foreclosure.


Recitals of fact


BORROWER is indebted to LENDER by virtue of a mortgage @004, with
a total payoff of $@005 (!005 dollars) as of |003. The per diem
is $@010 (!010 dollars). The loan is presently @004. BORROWER
does not possess any claims against LENDER whatsoever. The lien
is a valid and fully enforceable obligation of the BORROWER upon
the following real property:


@006


Conditions precedent to the acceptance of a deed in lieu of
foreclosure; all of such conditions precedent shall be determined
as of the date of tender of the deed:


1. That there are no junior liens or claims to the claim of the
LENDER. That the BORROWER has marketable title to the mortgaged
real property. LENDER may require that the BORROWER provide or
pay, in advance, the costs for a current title search.


2. That the property has not had improvements made within the
last 90 days, or if any improvements or work which might result
in the right of any party to file a lien, all such claims have
been paid.


3. That all current property taxes and assessments (to the extent
that assessments are confirmed and due and owing) have been paid.


4. If the property is improved by any buildings that the premises
are occupied by the BORROWER, or, estoppel letters are obtained
from the tenants, and that the lease terms are either acceptable
to LENDER, or that the tenants will vacate the premises before
the date of tender of the deed.


5. That the improvements, if any, remain insured for at least
their present limits continuously through the date of tender.


6. That there is no litigation pending in the nature of a
creditor's bill or other process which alleges that the BORROWER
is insolvent, has made fraudulent transfers.


7. That the LENDER shall have the right to obtain an appraisal of
the property at its expense, and that the LENDER is satisfied
that the value of the property tendered is sufficient
consideration to support the release of the liability of the
BORROWERS under the note, bond or other obligations to the
LENDER.


8. The conveyance will be absolute and without any rights of the
BORROWER to lease or purchase the property. The deed or other
documents of conveyance shall contain such clauses as LENDER may
request, including, if requested, a clause providing that the
mortgage shall not be merged into the fee and will survive the
conveyance to the LENDER.


9. That the BORROWER execute a bill of sale to any personal
property located on the premises other than personal household
possessions.


10. That the property is maintained in its present condition,
ordinary wear and tear excepted.


11. That the BORROWER's counsel shall provide an opinion, in a
form and with such assurances as the BORROWER's counsel may
require, that the transaction is an enforceable absolute
conveyance of the premises to the LENDER.


12. That BORROWER provide a sworn personal financial statement
upon request of LENDER showing no material changes in the
financial standing of the BORROWER.


13. That all conditions precedent be completed no later than
|200. Closing will take place within 2 business days of BORROWER
providing all materials required herein.


14. At closing, LENDER shall provide releases to BORROWER
releasing BORROWER from any liability under that certain note
dated |201, including the note marked "paid." However, in the
event that there are any other obligations owed by BORROWER to
LENDER, such obligations except for that note dated |201 in the
original principal amount of $@300 (!300 dollars) shall remain in
full force and effect.


15. No contract shall arise, and LENDER shall have no obligations
and shall retain all of its present rights unless the transaction
is closed. This is the entire agreement between the parties, and
this agreement may only be altered in writing executed by the
parties hereto.



Dated: ___________________________





___________________________________________

BORROWER




___________________________________________

LENDER