Foreclosure Approval Form

FORECLOSURE APPROVAL FORM

This Foreclosure Approval Form is executed on by and between Lender Name: with principal address: ("Lender") and Approving Authority Name and Title: with office address: ("Approving Authority").

RECITALS

WHEREAS, Lender is the holder or servicer of a promissory note and mortgage or deed of trust bearing Loan Number: made by Borrower Name: encumbering the real property commonly known as Property Address: .

WHEREAS, the Borrower is alleged to be in default as of Date of Default: with an outstanding principal balance of Outstanding Principal: and accrued fees and costs estimated at Estimated Fees and Costs: .

WHEREAS, Lender requests authorization from the Approving Authority to commence foreclosure proceedings and to take related actions as set forth below.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:

1. APPROVAL

The Approving Authority hereby authorizes and approves Lender to commence and prosecute foreclosure proceedings against the Property and Borrower in accordance with the terms and conditions of this Foreclosure Approval Form. This approval includes authority to direct counsel, to engage vendors, to incur and advance reasonable costs and expenses, and to take any actions necessary to preserve, market and sell the Property, subject to the conditions set forth in Section 3.

2. SCOPE OF AUTHORIZATION

The authorization granted herein expressly includes, without limitation: (a) authority to file a notice of default and notice of sale or to initiate judicial foreclosure actions; (b) authority to enter into settlement, deed in lieu of foreclosure, short sale, or other resolution subject to any monetary thresholds specified by the Approving Authority; (c) authority to execute and record any documents required to effectuate foreclosure sale or conveyance; and (d) authority to enter into management, listing, and sale agreements for the Property.

3. CONDITIONS PRECEDENT

The authorization in Section 1 is conditioned upon satisfaction of all of the following prior to initiating the foreclosure process:

a) Verification of loan documents and recorded lien status, including confirmation that the lien is properly perfected and that no superior liens exist other than those disclosed in the loan file; and

b) Delivery to Approving Authority of a current title report or title commitment reflecting matters affecting marketability; and

c) Confirmation that all required pre-foreclosure notices and acceleration requirements under applicable contract and law have been provided and that there are no regulatory or bankruptcy impediments; and

d) Receipt of an appraisal or broker price opinion establishing Fair Market Value: and a recommended reserve or listing price: .

4. AUTHORIZED METHODS

Select the authorized method(s) of disposition (check all that apply):

Judicial foreclosure    Non-judicial trustee sale

Deed in lieu of foreclosure    Short sale

Other:

5. COSTS, ADVANCES AND REIMBURSEMENT

Lender is authorized to advance and incur reasonable costs, expenses, attorneys' fees, taxes, insurance, property preservation and maintenance costs, listing and brokerage fees, and other charges in connection with the foreclosure and disposition of the Property. Such advances shall be secured by the loan and may be recovered from sale proceeds, applied to outstanding borrower obligations, or otherwise recovered to the fullest extent permitted by law.

6. TITLE CURATIVE ACTIONS

Lender is authorized to take reasonable title curative actions, including paying off subordinate liens, obtaining releases, entering into subordinations, or taking such other actions as counsel deems necessary to clear title for sale or conveyance, provided that any curative payment that exceeds Curative Payment Threshold: shall require additional written approval from the Approving Authority prior to disbursement.

7. NOTICES

All formal notices, demands and communications required or permitted under this Foreclosure Approval Form shall be sent to the following addresses by certified mail, overnight courier, or electronic transmission to the attention of the persons indicated below:

8. REPRESENTATIONS AND WARRANTIES

Lender represents and warrants to the Approving Authority that: (a) it has full authority to request the approvals set forth herein and to bind the loan account; (b) the information provided to the Approving Authority in connection with this request is true, complete and accurate in all material respects; and (c) there are no undisclosed bankruptcy filings, litigation holds, or legal impediments known to Lender that would reasonably preclude foreclosure or sale of the Property.

9. INDEMNITY

Lender agrees to indemnify, defend and hold harmless the Approving Authority and its officers, directors and agents from and against any losses, claims, liabilities or expenses (including reasonable attorneys' fees) arising out of or in connection with actions taken in reliance upon this approval, except to the extent such losses arise from the gross negligence or willful misconduct of the Approving Authority.

10. GOVERNING LAW

This Foreclosure Approval Form shall be governed by and construed in accordance with the laws of the State of without regard to its conflict of laws principles.

11. ENTIRE AGREEMENT

This Foreclosure Approval Form, together with any documents expressly incorporated herein, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations, understandings, and agreements, whether written or oral, relating to such subject matter.

12. SEVERABILITY

If any provision of this Foreclosure Approval Form is held to be invalid or unenforceable in whole or in part, such provision shall be modified to the extent necessary to make it enforceable or, if modification is not possible, severed, and the remaining provisions shall remain in full force and effect.

13. AMENDMENT; WAIVER; COUNTERPARTS

No amendment, modification, or waiver of any provision of this Foreclosure Approval Form shall be valid unless in writing and signed by both parties. No failure or delay by either party in exercising any right shall operate as a waiver of that right. This Foreclosure Approval Form may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

14. ADDITIONAL INSTRUCTIONS

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