Fill and Sign the 1 Form 6 Deed in Lieu of Foreclosure Agreement This Deed

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: ___________________________ )Above This Line Reserved For Official Use Only Conveyance of Deed to Lender in Lieu of Foreclosure KNOW ALL MEN BY THESE PRESENTS THAT:Whereas, __________________ (Name of Grantor), Grantor, of __________________ ____________________________________________ (street address, city, state, zip code), referred to herein as Grantor, is the owner of real property located at _____________________ ____________________________________________ (street address, city, state, zip code), which is more fully described in Exhibit A attached hereto and made a part hereof; and Whereas, on _______________ (date), Grantor executed and delivered to _____________________ (Name of Lender), Lender and Grantee, a corporation organized and existing under the laws of the state of __________________, with its principal office located at _________________________________________________________ (street address, city, state, zip code), 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 _____________________________ ________________________________________________ (Name and address of Trustee), 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 ________________ (Name of County), Alaska in Book ______, Page _____ as Document No. ____________; andWhereas, 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; andWhereas, 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 RedemptionGrantor 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 BankruptcyA. 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 (e.g., quitclaim) ____________ 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 ______ (number) -month period.3.Deed to Lender in Lieu of Foreclosure Grantor, an Individual, and unmarried does hereby convey and warrant unto ___________________ (Name of Lender), Lender and Grantee, a corporation organized and existing under the laws of the state of ______________, with its principal office located at _________________________________________________________ (street address, city, state, zip code), the lands and property, together with all improvements located thereon, lying in the County of ___________________ (Name of County) , 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 ValueThe property to be conveyed to Lender by Grantor has an agreed value of $____________.5. Waiver of Statutory RightsGrantor 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 _______ , P age ________, D ocu m ent N o._ ______ , o f th e R eco rd er o f _ _________ _______ ( N am e o f C oun ty ), 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. _________________________ (Name of Lender) ________________________ By:________________________________ (Printed Name of Grantor) _________________________ ________________________ (Printed Name & Office in Corporation) (Signature of Grantor) _________________________ (Signature of Officer)State of Alaska_____________ Judicial District (or County/Borough) of ____________________ The foregoing instrument was acknowledged before me this _______ day of _________, 20_____ by _______________ (Name of Grantor) (the signing party), an unmarried person. _________________________________________Notary PublicPrint Name _______________________________Serial Number, if any: _______________________My commission expires:___________________State of Alaska_____________ Judicial District (or County/Borough) of ____________________The foregoing instrument was acknowledged before me this _____ day of_______, 20____, by ________________ (Name of Officer) (the signing party), the ________________ (title) of _________________ (Name of Lender) , a ______________ (state of incorporation) corporation, on behalf of said corporation. ___________________________________ Notary PublicPrint Name _________________________Serial Number, if any: ______________ My commission expires:____________________Grantor(s) Name, Address, phone: Grantee(s) Name, Address, phone: ________________________________ _____________________________________________________________________________________________________________________________________________________ SEND TAX STATEMENTS TO GRANTEE EXHIBIT AGrantor: _____________________________________________Grantee: __________________________________________________Legal Description: ______________________________________________________ _______________________________________________________ _______________________________________________________