Deed in Lieu of Foreclosure Agreement

Conveyance of Deed to Lender in Lieu of Foreclosure

This document prepared by and after recording return to:

Name:

Firm/Company:

Address:

City, State, Zip:

Phone:

Conveyance of Deed to Lender in Lieu of Foreclosure

KNOW ALL MEN BY THESE PRESENTS THAT:

Whereas, (Name of Grantor), Grantor, of , referred to herein as Grantor, is the owner of real property located at , which is more fully described in Exhibit A attached hereto and made a part hereof; and

Whereas, on (date), Grantor executed and delivered to , Lender and Grantee, a corporation organized and existing under the laws of the state of , with its principal office located at , referred to herein as Lender or Grantee, a promissory note for $ as security for the real estate described above. A deed of trust was executed on (date), conveying the property to , for the benefit if the Lender. The deed of trust was recorded on (date), in the Land Records of the Office of the County Recorder of , Alaska in Book , Page as Document No. ;

Whereas, Grantor defaulted on his Note payments required by the promissory note and deed of trust on (date), and Grantor desires to convey to Lender the property described above as consideration for Lender's release of Grantor from the covenants to pay principal and interest under the promissory note and deed of trust, and from all security agreements, financing statements, and claims and demands with respect to the property; and

Whereas, Lender desires to accept the conveyance of the property, and will release Grantor from the covenants for payment of principal and interest under the promissory notes, deed of trust, and from all claims and demands respecting the property.

Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1. Right of Redemption

Grantor acknowledges that he enters into this agreement of his own free will. Grantor also acknowledges that the release from his obligation under the promissory note and deed of trust constitutes valid consideration for conveyance of the deed. Grantor further acknowledges that on conveyance of the Deed to the property he will have no right of redemption of the property, and will be estopped from asserting any claim to redemption against the property.

2. Impact of Bankruptcy

A. Grantor represents that he is not subject to any bankruptcy proceeding, assignment for benefit of creditors, or similar proceedings, and has not committed any act of bankruptcy. On conveyance of the property, Grantor further represents that he will not become bankrupt or insolvent, and that conveyance of the property will not constitute a preferential transfer under bankruptcy law.

B. The parties agree that if a bankruptcy proceeding is brought by or against Grantor, or Grantor is adjudged a bankrupt within months of the date on which the Deed is delivered, Lender may at its sole option reconvey the property to Grantor or the bankruptcy trustee, and may proceed with foreclosure or any other remedy available to it under the promissory note and deed of trust. Lender shall cancel and deliver the promissory note and deed of trust only if no such bankruptcy proceedings are brought by or against Grantor, and no other proceedings affecting title are brought or threatened within the -month period.

3. Deed to Lender in Lieu of Foreclosure

Grantor, an Individual, and unmarried does hereby convey and warrant unto , Lender and Grantee, a corporation organized and existing under the laws of the state of , with its principal office located at , the lands and property, together with all improvements located thereon, lying in the County of , State of Alaska, the description of which land and property is set forth in Exhibit A attached hereto and made a part hereof. See Legal Description Attached as Exhibit A incorporated by reference as though set forth in full.

4. Agreed Property Value

The property to be conveyed to Lender by Grantor has an agreed value of $ .

5. Waiver of Statutory Rights

Grantor waives any right he may have had to lease or buy back property pursuant to the laws of the laws of the State of Alaska, or to redeem such property as homestead real estate pursuant to the laws of the State of Alaska.

6. Prior instrument reference: Book , Page , Document No. , of the Recorder of , County, Alaska.

7. LESS AND EXCEPT all oil, gas and minerals, on and under the above described property owned by Grantor, if any, which are reserved by Grantor.

8. SUBJECT to all easements, rights-of-way, protective covenants and mineral reservations of record, if any.

9. TO HAVE AND TO HOLD same unto Grantee, and unto Grantee’s assigns forever, with all appurtenances thereunto belonging.

10. GRANTOR does for Grantor and Grantor’s heirs, personal representatives, executors and assigns forever hereby covenant with GRANTEE that Grantor is lawfully seized in fee simple of said premises; that the premises are free from all encumbrances, unless otherwise noted above; that Grantor has a good right to sell and convey the same as aforesaid; and to forever warrant and defend the title to the said lands against all claims whatever.

WITNESS our signatures as of the day and date first above stated.

State of Alaska

of

The foregoing instrument was acknowledged before me this day of , by (the signing party), an unmarried person.

_________________________________________

Notary Public

Print Name

Serial Number, if any:

My commission expires:

State of Alaska

of

The foregoing instrument was acknowledged before me this day of , by (the signing party), the of , a corporation, on behalf of said corporation.

___________________________________

Notary Public

Print Name

Serial Number, if any:

My commission expires:

SEND TAX STATEMENTS TO GRANTEE

EXHIBIT A

Grantor:

Grantee:

Legal Description: