STATE OF WISCONSIN, DEPARTMENT OF VETERANS AFFAIRS 30 West Mifflin Street, P.O. Box 7843, Madison, WI 53707-7843 Wisconsin Statutes Chapter 45 (608) 266-1311 FAX (608) 267-0403 NOVATION AGREEMENT This agreement is made into by and among hereinafter called "seller", State of Wisconsin, Department of Veterans Affairs, hereinafter called "investor", and hereinafter called "purchaser". Witnesseth: Whereas, investor is the owner of a certain promissory note executed by the seller to the State of Wisconsin, Department of Veterans Affairs, dated in the amount of $ , and the mortgage securing said promissory note of even date herewith, which mortgage was filed for record in the office of the of County, State of Wisconsin, on in as Document No. : and Whereas, seller is obligated and liable for the payment to the investor of the debt evidenced by said promissory note secured by said mortgage; and Whereas, said promissory note provides that in the event title to the real estate described in said mortgage is transferred without written consent of the holder of said promissory note, the holder of said promissory note may, at its option, declare the entire principal amount thereunder immediately due and payable with accrued interest; and Whereas, seller has sold and conveyed or is about to sell and convey the real estate described in said mortgage to purchaser and both seller and purchaser have requested investor to consent to said sale and conveyance and have requested investor to release seller from further liability under or on account of said promissory note and said mortgage; Now therefore, in consideration of the mutual covenants and agreements herein, the parties hereto covenant and agree as follows: 1. Investor hereby consents to seller's sale and conveyance of the real estate described in said mortgage to purchaser. 2. Seller is hereby released from further liability under or on account of said promissory note and said mortgage. 3. Purchaser hereby covenants, promises and agrees to pay the indebtedness evidenced by said promissory note at the times, in the manner and in all respects as provided in said promissory note, and to perform all of the covenants and to be bound by all the terms of said mortgage at the times, in the manner and in all respects as provided in said mortgage, all as though said promissory note and said mortgage had originally been made, executed and delivered by the purchaser and specifically agrees the investor shall have the right to declare all sums secured by the mortgage to be immediately due and payable in the event title to the property is transferred by purchaser without written consent of investor. 4. That all terms, covenants and conditions of said promissory note and said mortgage shall remain in full force and effect. 5. That the real property described in said mortgage shall remain subject to the lien, charge or encumbrance of said mortgage and nothing contained herein or done pursuant hereto shall affect or be construed to affect the lien, charge, or encumbrance of said mortgage, or the priority thereof over the other liens, charges or encumbrances. WDVA 2323 (01/02) Page 1 of 2 You can print the most recent version of this form from X:\Templates\Fms2323 Novation Agreement.pdf the WDVA website at http://dva.state.wi.us/forms.asp. 6. That this agreement applies to and inures to the benefit of and binds all parties hereto and their respective heirs, legatees, devisees, administrators, executors, successors and assigns. Seller: Date: By: Subscribed and sworn to before me this day of Notary Public County My Commission (Expires) (Is) Investor: Date: By: , Secretary Subscribed and sworn to before me this day of Wisconsin Notary Public My Commission is Permanent Purchaser: Date: By: Subscribed and sworn to before me this day of Notary Public County My Commission (Expires) (Is) This instrument was drafted by: WDVA 2323 (01/02) Page 2 of 2 You can print the most recent version of this form from X:\Templates\Fms2323 Novation Agreement.pdf the WDVA website at http://dva.state.wi.us/forms.asp.
Pages to are hidden for
"Novation Agreement - PDF"Please download to view full document