Legal Redemption and Release Form

LEGAL REDEMPTION AND RELEASE FORM

This Legal Redemption and Release Form (the "Agreement") is entered into as of by and between Redeemer Name: (Redeemer), with principal address: and Releasee Name: (Releasee), with principal address: .

RECITALS

WHEREAS, on or about there was executed in favor of Releasee a security agreement, mortgage, deed of trust or similar instrument described as: (the "Instrument");

WHEREAS, the Instrument secures obligations under account or loan number: and encumbers certain property or collateral described as: ; and

WHEREAS, the Instrument was recorded in at Instrument/Book-Page/Recorded as: on .

NOW, THEREFORE

In consideration of the mutual covenants and other good and valuable consideration set forth herein, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Agreement, capitalized terms not otherwise defined have the meanings ascribed in the Instrument. "Redemption Amount" means the total amount necessary to satisfy in full the Obligations and to effect unconditional release of the Instrument, as set forth in Section 2.

2. REDEMPTION PAYMENT

Redeemer shall pay to Releasee, in immediately available funds, the Redemption Amount of $ on or before to the account or address specified in Section 9. Payment of the Redemption Amount shall be accompanied by a written statement identifying the Instrument by reference and stating that payment is made in full satisfaction and redemption of the Obligations secured thereby.

3. RELEASE AND DISCHARGE

Upon receipt of the full Redemption Amount and any required supporting documentation, Releasee shall promptly execute, acknowledge and deliver to Redeemer a complete release, satisfaction and reconveyance, in recordable form, of the Instrument and any lien, security interest or encumbrance created thereby, and shall file or cause to be filed all documents necessary to evidence the release with the appropriate recording office within a commercially reasonable time.

4. ACKNOWLEDGEMENTS, REPRESENTATIONS AND WARRANTIES

Each party represents and warrants to the other that: (a) it has full power and authority to enter into and perform this Agreement; (b) the person signing this Agreement on its behalf is duly authorized; and (c) this Agreement constitutes a legal, valid and binding obligation enforceable in accordance with its terms.

5. COVENANT NOT TO SUE

In consideration of Releasee's performance of its obligations under this Agreement, Redeemer covenants and agrees not to institute or pursue any action, suit or claim against Releasee with respect to the Instrument or the Obligations that are satisfied by the Redemption Amount, except for claims arising from willful misconduct or gross negligence of Releasee in performing the release obligations.

6. INDEMNIFICATION

Redeemer shall indemnify, defend and hold Releasee harmless from and against any and all losses, liabilities, claims, damages, costs and expenses (including reasonable attorneys' fees) arising out of or related to any misstatement or omission by Redeemer in connection with the redemption, any failure by Redeemer to deliver the Redemption Amount as required, or any third-party claims arising from the subject collateral following redemption, except to the extent resulting from Releasee's fraud or willful misconduct.

7. FURTHER ASSURANCES

Each party shall execute and deliver such further documents and take such further actions as may be reasonably necessary to effectuate the purposes of this Agreement, including any affidavits, releases, acknowledgments or recordable instruments reasonably requested to evidence satisfaction and termination of any security interest.

8. TAXES AND RECORDING COSTS

Unless otherwise agreed in writing, Redeemer shall be solely responsible for any taxes, recording fees, documentary transfers or other governmental charges incurred in connection with the recording of the release documents and the redemption transaction. Redeemer shall reimburse Releasee for any reasonable out-of-pocket costs advanced by Releasee to effect the release upon presentation of receipts.

9. NOTICES

All notices shall be in writing and delivered by hand, nationally recognized overnight courier, or certified mail (return receipt requested) and shall be deemed given upon delivery or refusal of delivery.

10. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the state of without regard to its conflicts of law principles.

11. ENTIRE AGREEMENT; SEVERABILITY

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, negotiations and understandings, whether written or oral. If any provision of this Agreement is held invalid or unenforceable, the remaining provisions shall continue in full force and effect.

12. AMENDMENT; WAIVER; COUNTERPARTS

No amendment or waiver of any provision of this Agreement shall be effective unless in writing signed by both parties. Failure to exercise any right under this Agreement shall not operate as a waiver. This Agreement may be executed in counterparts, each of which shall be deemed an original, and facsimile or electronic signatures shall be binding for all purposes.

ADDITIONAL INFORMATION

Individual    Business Entity

Individual    Business Entity

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