Fill and Sign the Agreement and Release from Note Mississippi Form

Prepared by: Return to:                                     State of Mississippi County of ____________ ____________ Judicial District Name and Address of Grantor/Beneficiary: Name and Address of Trustee:                                     See Legal Description Attached as Exhibit A Indexing Instructions:       AGREEMENT AND RELEASE WHEREAS, on the ______________________________ of ________________________ , there was executed by ______________________________ , a Mississippi General Partnership, to ________________________ , a ________________________ , as beneficiary, a certain Deed of Trust which is recorded in the office of the Chancery Clerk of ____________ County at __________________ , Mississippi, in Book ____________ thereof, of the Records of Mortgages and Deeds of Trust on Land, which secured the Promissory Note described therein, and WHEREAS, Beneficiary has agreed to release ______________________________ Agreement and Release Page 1 of 6 ( A ________________________ @ ) from personal liability on the Note, the Deed of Trust and every other loan document described therein upon payment by ________________________ to ________________________ a lump sum payment in the amount of ________________________ ($ __________________ ) ; and WHEREAS, the remaining Partners in said Partnership have consented to this release and agreement as evidence by their signature hereon; NOW, THEREFORE, for and in consideration of the payment of $ __________________ to ________________________ , and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the undersigned hereby agree as follows: 1) If a default in the Note or Deed of Trust occurs, Beneficiary shall have all rights reserved in the Note, the Deed of Trust and every other loan document and shall have full recourse to the mortgaged property provided, however , that at no time shall Beneficiary seek or obtain any judgment against ______________________________ personally as ________________________ is specifically releasing him from all further personal liability, including any liability as a general partner of ______________________________ , a ______________________________ , with regard to the Note, the Deed of Trust and every other loan document referred to therein. 2) Notwithstanding the foregoing, Beneficiary shall not in any way be prohibited from naming __________________ , or any of his successors or assigns or any person holding under or through him, as a party to any action, suit or other proceeding initiated by Beneficiary to enforce its rights to foreclose its lien pursuant to said Deed of Trust to secure the payment of the indebtedness secured by said Deed of Trust, however, Beneficiary agrees that at no time shall Beneficiary name ______________________________ in any other suit on the Note or seek to collect any part of the indebtedness from ______________________________ individually and/or personally. 3) ________________________ shall apply the __________________ ($ ____________ ) payment to the indebtedness secured by said Deed of Trust as follows:  $ __________________ to Beneficiary's attorneys for services rendered and expenses incurred including, but not limited to $ __________________ for a Certificate of Title and $ __________________ for a UCC Lien Search;  $ __________________ to reimburse Beneficiary for paying the hazard insurance covering the premises;  $ __________________ for penalties incurred pursuant to said Note and Deed of Trust  $ __________________ for interest due;  $ __________________ for unpaid principal due; and Agreement and Release Page 2 of 6  $ __________________ as a prepayment of principal. 4) After application of said $ __________________ payment as aforesaid, the principal due pursuant to said Note shall be $ __________________ . 5) This Agreement is in no manner to be considered or construed as a novation of the indebtedness evidenced by said Note, and all terms and conditions of said Note and said Deed of Trust shall remain in full force and effect except as to personal liability of __________________ . ________________________ = s payment to ________________________ and ________________________ release of ________________________ shall specifically have no effect whatsoever on any other party = s obligation on the Note, the Deed of Trust, or any other loan document, nor shall it impair any security ________________________ holds for the debt. WITNESS OUR SIGNATURES as of the ______ day of __________________ , ______ ______________________________ By:       Print or Type Name ______________________________ By:       Print or Type Name ______________________________ By:       Print or Type Name ______________________________ By:       Agreement and Release Page 3 of 6 Print or Type Name STATE OF MISSISSIPPI COUNTY OF ______________ Personally appeared before me, the undersigned authority in and for the said County and State, on this ______ day of __________________ , 20 ______ , within my jurisdiction, the within-named ______________________________ , who acknowledged that he is ________________________ of ________________________ , a __________________ __________________ , and that for and on behalf of the said __________________ , and as its act and deed, he executed the above and foregoing instrument, after first having been duly authorized by said Corporation so to do. Notary Public (SEAL)       Print or Type Name My Commission expires: __________________ STATE OF MISSISSIPPI COUNTY OF       Personally appeared before me, the undersigned authority in and for the said County and State, on this ______ day of __________________ , ______ , within my jurisdiction, the within- named ________________________ , ________________________ , ________________________ , ________________________ , who acknowledged that they executed the above and foregoing instrument. Notary Public (SEAL)       Print or Type Name My Commission expires: __________________ STATE OF MISSISSIPPI COUNTY OF       Personally appeared before me, the undersigned authority at law in and for the aforesaid jurisdiction, the within-named ________________________ , ________________________ , Agreement and Release Page 4 of 6 ________________________ , ________________________ , personally known to me to be general partners of ________________________ , a ________________________ , who acknowledged to me that they signed, executed and delivered the above and foregoing instrument on the day and year therein mentioned, for and on behalf of the said Partnership, having first been duly authorized so to do. GIVEN UNDER MY HAND and official seal of office, this the ______ day of __________________ , ______ . Notary Public (SEAL)       Print or Type Name My Commission expires: __________________ Agreement and Release Page 5 of 6 EXHIBIT "A" (Insert Legal Description) Agreement and Release Page 6 of 6