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Personal Property Loan Agreement
Identification of Parties. THIS AGREEMENT is made [date] by and between [name] of [address] hereinafter referred to as Borrower, and [name] of [address] hereinafter referred to as Mortgagee.
[subject of loan commitment]
[description of personal property].
This is to be secured by [Mortgage, lien, other property, stock, shares] on your fee interest in the property. This Loan will be evidenced by your note. The terms and conditions of the Loan are as follows:
1. Amount. ---------- dollars ($----------) for (------------) purchase ---------- dollars ($----------) for (---------------).
2. Description of Personal Property. [Description].
3. Improvements. [Number] units and [other improvements, etc].
4. Mortgage. [Name of creditor] holds first lien upon the property.
5. Note. You must repay the Loan in [number] months at ---------- percent (----------%) interest.
6. Commitment Fee. This shall be ---------- dollars ($----------). ---------- dollars ($----------) shall be payable upon acceptance of this commitment; ---------- dollars ($----------) shall be payable at closing.
7. Expiration Date. [Date].
8. Closing Date. [Date].
9. Conditions to Closing. Furnish to us [number] days prior to closing date:
a. Title insurance binder;
b. Real Estate [Survey showing easements, rights-of-way, and other land rights];
c. Verification from utilities stating that water and electricity to the property will be available;
d. Governmental approval, including zoning and other permits;
e. Insurance policies re: workers' compensation, casualty, and other insurance;
f. Proof of corporate existence;
g. Governmental approval of this offering as a condominium;
h. Purchase contract for the property; and
i. Certified financial statements.
10. Costs. All costs, including attorney fees and/or search fees, are to be paid by Borrower.
11. Closing. The closing shall take place at [day, time, and location].
12. Acceptance. Payment (cashiers check) for the commitment fee on or before the expiration date.
13. Enforceability. If any part of this Agreement is held to be unenforceable or void, that shall not affect the enforceability or validity of the remaining parts of the Agreement.
14. Joint and Several Liability. Although reference to Borrower is in the singular throughout, if there are two or more persons, corporations, or other entities as borrowers, their obligations shall be joint and several, and a breach or violation by any one of them shall constitute a breach or violation by all of such borrowers.
IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above written.
The undersigned hereby accepts the foregoing commitment, subject to the attached letter marked exhibit "A".
[name of borrower]
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [County]
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____