Deed In Lieu of Foreclosure

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{{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 the "Agreement") is made and entered into on this {{day}} day of {{month}}, {{year}}, by and between:

''Grantor(s):'' {{grantor_name(s)}}, residing at {{grantor_address(es)}} (hereinafter collectively referred to as "Grantor"),

AND

''Grantee(s):'' {{grantee_name(s)}}, having its principal place of business at {{grantee_address}} (hereinafter referred to as "Grantee").

RECITALS

WHEREAS, Grantor is the owner of certain real property located at {{property_address}}, more fully described in Exhibit A attached hereto and incorporated herein by reference (hereinafter referred to as the "Property");

WHEREAS, Grantor is indebted to Grantee in the original principal amount of {{currency_symbol}}{{loan_amount}} pursuant to a Promissory Note dated {{note_date}}, secured by a Mortgage/Deed of Trust recorded on {{recording_date}} in the Official Records of {{county}}, {{state}} (hereinafter referred to as the "Mortgage");

WHEREAS, Grantor is in default under the terms of the Promissory Note and Mortgage and is unable to cure such default;

WHEREAS, Grantor desires to convey all right, title, and interest in the Property to Grantee in lieu of foreclosure proceedings;

WHEREAS, Grantee is willing to accept a conveyance of the Property in lieu of foreclosure, thereby releasing Grantor from personal liability under the Promissory Note and Mortgage, subject to the terms and conditions set forth herein.

CONVEYANCE OF PROPERTY

For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Grantor does hereby remise, release, and forever quitclaim unto Grantee, all of Grantor's right, title, and interest in and to the Property, together with all improvements thereon and appurtenances thereto. This conveyance is made expressly in lieu of foreclosure of the Mortgage.

RELEASE OF LIABILITY

In consideration of the conveyance of the Property, Grantee hereby releases Grantor from all personal liability, obligations, and claims arising under the Promissory Note and Mortgage. This release shall not discharge or impair the lien of the Mortgage, which shall remain in full force and effect until the recording of this Agreement and related documents that merge the interests of the Grantor and Grantee.

REPRESENTATIONS AND WARRANTIES OF GRANTOR

Grantor hereby represents and warrants to Grantee that:

a. Grantor is the sole owner of the Property and has the full power and authority to convey the Property.

b. There are no other liens, encumbrances, or claims against the Property except for those disclosed in writing to the Grantee prior to the execution of this Agreement.

c. Grantor has not filed for bankruptcy and is not aware of any pending or threatened bankruptcy proceedings.

d. Grantor has not engaged in any acts that would hinder or impair Grantee's title to the Property.

COVENANTS OF GRANTOR

Grantor covenants and agrees to:

a. Execute and deliver any and all further documents and instruments reasonably requested by Grantee to perfect Grantee's title to the Property.

b. Vacate the Property and deliver peaceful possession to Grantee on or before {{possession_date}}.

c. Pay all real estate taxes, assessments, and other charges against the Property up to the date of this Agreement.

INDEMNIFICATION

Grantor agrees to indemnify and hold harmless Grantee from and against any and all claims, demands, liabilities, losses, damages, costs, and expenses (including reasonable attorneys' fees) arising out of or in connection with any breach of Grantor's representations, warranties, or covenants under this Agreement.

GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the {{state/country}}.

ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations, and discussions, whether oral or written, of the parties.

SIGNATURES

IN WITNESS WHEREOF, the parties have executed this Deed In Lieu of Foreclosure as of the day and year first above written.

''Grantor(s):''

_________________________

{{grantor_name}}

_________________________

{{grantor_name}}

''Grantee(s):''

_________________________

By: {{grantee_representative_name}}

Title: {{grantee_representative_title}}

''WITNESSES:''

_________________________

Name: {{witness_name}}

_________________________

Name: {{witness_name}}