Mortgage Assumption Agreement

10/20/2013

THIS MORTGAGE ASSUMPTION AGREEMENT (hereinafter referred to as
the "Agreement") made and entered into as of this _(1)_ day of
______(2)_____, 20_(3)_, by and between _______(4)___________,
of ____________(5)_______________, (hereinafter referred to as
the "Lender") and __________(6)_______________, of
__________(7)_______________ (hereinafter referred to as
"Borrower").

W I T N E S S E T H:

WHEREAS, Lender is the holder and owner of the following
documents (hereinafter sometimes collectively referred to as
the "Loan Documents"):

1. Mortgage Note dated ________(8)___________, in the original
principal face amount of _________(9)___________ DOLLARS
($_________) executed and delivered by
__________(10)__________ (hereinafter referred to as the
"Original Borrower") in favor of Lender (hereinafter referred
to as the "Note"); and,

2. Mortgage given by Original Borrower as "Mortgagor" to
Lender as "Mortgagee" dated _______(11)____________, which
Mortgage is recorded on the Public Records of ___(12)____
County, ___(13)____ at O.R.  Book _(14)_, Page _(15)_
(hereinafter referred to as the "Mortgage"), and which
Mortgage encumbers the real property as described therein;
and,

WHEREAS, the Original Borrower is desirous of conveying the
property encumbered by the Mortgage, (hereinafter referred to
as the "Property") to Borrower; and,

WHEREAS, the Borrower desires to receive said Property and
formally assume the Mortgage and perform all of the covenants
and conditions contained in the Mortgage Note, the Mortgage
and all other Loan Documents as partial consideration for its
purchase of the Property and as consideration for the Lender's
willingness to consent to the sale of the Property which is
encumbered by the Loan Documents; and,

WHEREAS, the Mortgage expressly prohibits the conveyance of
the Property without the express written consent of the
Lender; and,

WHEREAS, the Lender is unwilling to give its consent to the
transfer of the Property to the Borrower unless the Borrower
shall assume all of the obligations heretofore imposed by the
Loan Documents upon the Original Borrower;

NOW, THEREFORE, for and in consideration of the sum of TEN
DOLLARS ($10.00) and in consideration of the Premises and of
the mutual covenants contained herein, and for other good and
valuable considerations, the receipt and sufficiency of which
are hereby acknowledged by the parties, the parties hereto
agree as follows:

1. Assumption. Borrower expressly assumes the Loan Documents
and agrees to perform all covenants, conditions, duties and
obligations contained therein and agrees to pay the Note and
the obligations evidenced thereby in a prompt and timely
manner in accordance with the terms thereof.

2. Consent to Conveyance. Lender hereby consents to the
transfer of the Property to the Borrower, but the Lender
expressly reserves the right to withhold its consent to any
future sale or transfer of the Property, as provided for in
the Mortgage.

3. Warranties and Representations. Borrower affirms, warrants,
represents and covenants that Borrower has no defenses nor
rights of set-off against Lender or against the payment,
collection or enforcement of the indebtedness evidenced by the
Note and secured by the Mortgage and owed to Lender. Borrower
further warrants and represents as follows:

a.   Borrower has done no acts nor omitted to do any act which
might prevent Lender from, or limit Lender in, acting upon or
under any of the provisions herein, in the Mortgage, in the
Note or any other Loan Documents;

b.   Borrower is not prohibited under any other agreement with
any other person or any judgment or decree, from the execution
and delivery of this Agreement, the performance of each and
every covenant hereunder or under the Mortgage, Note or any
other Loan Documents;

c.   No action has been brought or threatened which would in
any way interfere with the right of Borrower to execute this
Agreement and perform all of Borrower's obligations contained
herein, in the Note, in the Mortgage, or in any other Loan
Document;

d.   All financial statements of Borrower and Guarantors, if
any, are true and correct in all respects, fairly present the
respective financial conditions of the subjects thereof, as of
the respective dates thereof and no material adverse change
has occurred that would affect Borrower's or Guarantors', if
any, ability to repay the indebtedness evidenced by the Note
and secured by the Mortgage;

e.   Borrower is duly formed, validly existing and in good
standing under the laws of the State of ______(16)______ and
has full power and authority to consummate the transactions
contemplated under this Agreement.

4.   Acknowledgements. Borrower acknowledges that:

a.   The Loan Documents are in full force and effect; and,

b.   The principal balance of the loan as represented by the
aforesaid Note as of the date of this Agreement is
_____(17)______ DOLLARS ($___________) and principal and
interest are unconditionally due and owing to the Lender as
provided in the Note.

5. Costs. Borrower shall pay all costs of the assumption made
hereby, to include without limitation, attorneys' fees and
recording costs, as well as the cost of an endorsement to
Lender's title insurance policy insuring the lien of the
Mortgage after the recording of this Agreement. Such costs
shall be due at closing hereunder and the payment thereof
shall be a condition precedent to Lender's consent to the
transfer of the Property to Borrower. In the event that it is
determined that additional costs relating to this transaction
are due, Borrower agrees to pay such costs immediately upon
demand.

6. Assumption Fee. In consideration of Lender's consenting to
the conveyance of the Property to the Borrower, Lender is
entitled to, and has earned, an assumption fee in the amount
of _(18)_ percent (___%) of the original principal face amount
of the indebtedness evidenced by the Note. Said fee shall be
due and payable upon the execution and delivery of this
Agreement. Borrower hereby agrees and acknowledges that said
fee is being charged solely for costs relating to the
assumption of the Mortgage and not as interest for the
forbearance or use of money.

7. Recordation. The recording of this Agreement on the Public
Records shall evidence the closing of the transaction
described herein.

8. Paragraph Headings. The paragraph headings used herein are
for convenience of reference only and shall not be used in the
interpretation or construction hereof.

9. Governing Law. This Agreement shall be governed,
interpreted and construed by, through and under the laws of
the State of _______(19)______.

10. Time of the Essence. Time is of the essence of this
Agreement.

11. Attorneys' Fees. All costs incurred by Lender in enforcing
this Agreement and in collection of sums due Lender from
Borrower, to include, without limitation, reasonable
attorneys' fees through all trials, appeals, and proceedings,
to include, without limitation, any proceedings pursuant to
the bankruptcy laws of the United States and any arbitration
proceedings, shall be paid by Borrower.

12. Binding Effect. This Agreement shall inure to the benefit
of and be binding upon the parties hereto as well as their
successors and assigns, heirs and personal representatives.

IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement as follows:

As to Lender this _(20)_ day of ______(21)___________,
20_(22)_.

                             "LENDER"

WITNESSES:
_________(23)____________    ____________(24)____________

_________(23)____________

As to Borrower this (20) day of ________(21)_______, 19_(22)_.

                             "BORROWER"

WITNESSES:

_________(23)____________    ___________(25)_____________

_________(23)____________

STATE OF _______(26)_________)
                              )
COUNTY OF ______(27)_________)

THE FOREGOING instrument was acknowledged before me this (28)
day of _______(29)______, 20_(30)_, by ________(31)________.

                             ___________(32)_____________
                                           Notary Public

    My Commission Expires: _________________

STATE OF ________(26)________)
                              )
COUNTY OF _______(27)________)

THE FOREGOING instrument was acknowledged before me this
_(28)_ day of ______(29)______, 20(30), by ____(33)________.

                            __________(32)_______________
                                           Notary Public

    My Commission Expires: _________

Notice

The information in this document is designed to provide an outline that you can follow when formulating business or personal plans. Due to the variances by many local, city, county and state laws, we recommend that you seek professional legal counseling before entering into any contract or agreement.

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