Deed In Lieu of Foreclosure

{{company_name}}

{{company_address}}

Phone: {{phone}} | Email: {{email}} | Web: {{website}}

Deed In Lieu of Foreclosure

Deed In Lieu of Foreclosure

{{company_name}} {{company_address}} Phone: {{phone}} Email: {{email}} Website: {{website}}

DEED IN LIEU OF FORECLOSURE

This DEED IN LIEU OF FORECLOSURE (hereinafter referred to as 'Deed'), made and entered into this {{day}} day of {{month}}, {{year}}, by and between:

{{grantor_name}}, an adult individual/duly incorporated company with registration number {{grantor_registration_number}} (hereinafter referred to as 'Grantor'), residing at/with its registered office at {{grantor_address}};

AND

{{grantee_name}}, an adult individual/duly incorporated company with registration number {{grantee_registration_number}} (hereinafter referred to as 'Grantee'), residing at/with its registered office at {{grantee_address}}.

RECITALS

WHEREAS, the Grantor is the lawful owner of the immovable property described below (hereinafter referred to as 'Property');

WHEREAS, the Property is subject to a mortgage bond registered on {{bond_registration_date}} under number {{bond_number}} in favour of the Grantee, securing a debt in the original amount of {{original_debt_amount}} (hereinafter referred to as 'Mortgage Bond');

WHEREAS, the Grantor is currently in default of the terms and conditions of the Mortgage Bond, and the outstanding balance due to the Grantee is approximately {{outstanding_debt_amount}};

WHEREAS, the Grantor desires to convey the Property to the Grantee in full satisfaction of the indebtedness secured by the Mortgage Bond, and the Grantee agrees to accept such conveyance in lieu of instituting foreclosure proceedings.

CONVEYANCE OF PROPERTY

NOW, THEREFORE, the Grantor, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, does hereby REMISE, RELEASE, AND FOREVER QUITCLAIM unto the Grantee, its successors and assigns, all right, title, and interest in and to the following described Property:

{{property_description}}

Together with all improvements thereon and appurtenances thereto.

COVENANTS AND WARRANTIES

The Grantor hereby covenants and warrants to the Grantee that:

a. The Grantor is the lawful owner of the Property and has the full right and authority to convey the same;

b. The Property is free and clear of all encumbrances, except for the Mortgage Bond and any other encumbrances specifically disclosed herein or of record;

c. The Grantor will warrant and defend the title to the Property against all lawful claims whatsoever.

d. The Grantor confirms that this transfer is made voluntarily and with full knowledge of its rights and the consequences thereof, including the surrender of any equity in the Property.

RELEASE OF INDEBTEDNESS

In consideration of the conveyance of the Property, the Grantee hereby releases the Grantor from any and all personal liability for the indebtedness secured by the Mortgage Bond, including any deficiency that may arise from the sale or disposition of the Property. This release shall be full and final, extinguishing all claims the Grantee may have against the Grantor arising from the Mortgage Bond.

POSSESSION

The Grantor hereby agrees to deliver vacant and peaceful possession of the Property to the Grantee on or before {{possession_date}}.

INDEMNIFICATION

The Grantor agrees to indemnify and hold harmless the Grantee from and against any and all claims, demands, liabilities, costs, and expenses (including reasonable attorney's fees) arising from any undisclosed encumbrances, defects in title, or environmental contamination relating to the Property existing prior to the date of this Deed.

GOVERNING LAW

This Deed shall be governed by and construed in accordance with the laws of {{country_name}}.

ENTIRE AGREEMENT

This Deed constitutes the entire agreement between the parties and supersedes all prior discussions, negotiations, and agreements, whether oral or written.

SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Deed on the date first above written.

_____________________________

Grantor: {{grantor_name}}

Identity Number: {{grantor_id_number}}

_____________________________

Grantee: {{grantee_name}}

Represented by: {{grantee_representative_name}}

Designation: {{grantee_representative_designation}}

WITNESSES:

1. _____________________________

Name: {{witness_1_name}}

Address: {{witness_1_address}}

2. _____________________________

Name: {{witness_2_name}}

Address: {{witness_2_address}}