Fill and Sign the Decedent Form

Agreement By Heirs to Substitute New Note for Note of Decedent Agreement made on the ____ day of ____________________________, 20____, between ______________________________________________ (Name of Creditor) of _____________________________________________________________________ ________________________________________________________________________ ___________________________________ (street address, city, county, state, zip code) , referred to herein as Creditor), ______________________________________________ (Name of First Heir) of ____________________________________________________ ________________________________________________________________________ _________________________________ (street address, city, county, state, zip code) , referred to herein as First Heir, and __________________________________________ (Name of Second Heir) of __________________________________________________ ________________________________________________________________________ __________________________________ (street address, city, county, state, zip code) , referred to herein as Second Heir. Whereas, _________________________________________________ ( Name of Decedent) , formerly of _____________________________________________________ ________________________________________________________________________ _______________________ (street address, city, county, state, zip code) , died intestate on _____________________________________ (date of death) , leaving First Heir and Second Heir as his sole and only heirs at law; and Whereas, Creditor now holds a note of the Decedent in the amount of $___________________ with accrued interest of $____________________; and Whereas, adjustments are being made with respect to all of the outstanding indebtedness of the Decedent without administration of the estate of the Decedent; and Whereas, there are no funds in the estate of the Decedent available for the payment of the described note; and Whereas, the parties to this Agreement desire to make an adjustment with a minimum of expense so as to preserve as much property as possible for the surviving heirs of the Decedent; Now, therefore, for and in consideration of the matters described above, and of the mutual benefits and obligations set forth in this Agreement, the parties agree as follows: 1. Surrender of Note The described note, with accrued interest, totaling $___________________, will be surrendered to the estate of the Decedent, and First Heir and Second Heir will give a new note for the same amount, payable to the holder, due in _________ (number) years, subject to the conditions set forth below, with interest at _______% per annum. 2. Security of Note A. The homestead of the Decedent located at _________________________ ________________________________________________________________________ ___________________________________ (street address, city, county, state, zip code) , hereinafter called Homestead, will be security for the payment of the said new note, but the principal amount of such note will not be payable until the Homestead is sold. Until the Homestead is sold, the new note will be extended from year to year, but accrued interest will be paid annually, on (date) of each year. B. The legal description of the Homestead is as follows: (Insert Legal Description) _______________________________________________________________________ _______________________________________________________________________ _______________________________________________________________________ ___ C. A Deed of Trust (or Mortgage) covering the Homestead will be executed by the appropriate parties in the form attached hereto as Exhibit A. D. When the Homestead is sold, the proceeds from such sale will first be used to pay the full amount of the new note to Creditor, together with any unpaid interest on such note. 3. Governing Law This Agreement will be governed by, construed, and enforced in accordance with the laws of _______________________________________________ (name of state) . 4. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 5. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 6. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 7. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 8. Counterparts This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. WITNESS our signatures as of the day and date first above stated. ____________________________________ Signature of First Heir ____________________________________ Signature of Second Heir ____________________________________ Signature of Creditor STATE OF ___________________________________________ 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 ______________________________________ (Name of First Heir), who acknowledged that he executed the above and foregoing instrument. _____________________ NOTARY PUBLIC My Commission Expires: ______________________ STATE OF ___________________________________________ 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 ______________________________________ (Name of Second Heir), who acknowledged that he executed the above and foregoing instrument. ______________________________ NOTARY PUBLIC My Commission Expires: ______________________ STATE OF _____________________________________ 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 ______________________________________ (Name of Creditor ), who acknowledged that she executed the above and foregoing instrument. ______________________________ NOTARY PUBLIC My Commission Expires: ___________________