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This Assignment of Mortgage is an instrument transferring the secured rights of a mortgage to another party by the original party which possessed those rights.
Docstoc Legal Agreements This is an agreement whereby the lender of a mortgage transfers all of its rights and responsibilities to a new lender. The borrower does not change and its rights and responsibilities remain the same under this agreement. The new lender assumes the role of the original lender by receiving payments and has the power to foreclose on the property, if necessary. It contains both standard clauses as well as opportunities for customization to ensure that the understandings of the parties are properly set forth. This document is ideal for lenders located in North Carolina that want to purchase or sell a mortgage on a specific piece of property. ® DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. They are for general guidance and should be modified by you o r your attorney to meet your specific needs and the laws of your state. 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All Rights Reserved ASSIGNMENT OF MORTGAGE THIS ASSIGNMENT OF MORTGAGE (hereinafter “Agreement”) is made this _____ [Month] _____ [Date], 20____ by __________________________ [Instruction: Insert name of assignor], located at __________________________ [Instruction: Insert the address of assignor] (hereinafter "Assignor") to __________________________ [Instruction: Insert name of assignee], located at __________________________ [Instruction: Insert the address of assignee] (hereinafter "Assignee"). Assignor and Assignee may individually be referred to as “Party”, or, collectively as “Parties”. WHEREAS, __________________________ [Instruction: Insert name of borrower] (hereinafter “Borrower”) executed a mortgage on _____ [Month] _____ [Date], 20____, in favor of Assignor (the “Mortgage”); WHEREAS, Assignor desires to assign, transfer, sell and convey to Assignee all of Assignor's right, title and interest in, to and under the Mortgage; WHEREAS, Assignee desires to receive all of Assignor's right, title and interest in, to and under the Mortgage; NOW THEREFORE, the Parties wish to execute this Agreement on the terms and conditions set forth below: TERMS: 1. ASSIGNMENT For and in consideration of ___________ ($____) [◊ Instruction: Insert the consideration amount, e.g., five thousand dollars ($5,000)], the receipt and sufficiency of which is hereby acknowledged, Assignor hereby grants, assigns and transfers to Assignee that certain Mortgage executed by _______________________ [Instruction: Insert name of borrower], and dated, _____ [Month] _____ [Date], 20____, and recorded in __________________________ [Instruction: Insert the name of Recording Offices], in ______________________ [Instruction: Insert the City], ________________ [Instruction: Insert the State], in _________________ [Instruction: Insert the name of Book of Records], at page _______ [Instruction: Insert the page number], together with the note described therein and the money to become due thereon with the interest provided therein. 2. APPLICABLE LAW This Agreement shall, in all respects, be governed by the laws of the State of North Carolina applicable to agreements executed and to be wholly performed within the state of North Carolina. 3. SEVERABILITY Nothing contained herein shall be construed so as to require the commission of any act contrary to law, and wherever there is any conflict between any provision contained herein and any present or future statute, law, ordinance or regulation contrary to which the Parties have no legal right to contract, the latter shall prevail but the provision of this Agreement which is affected shall be curtailed and limited only to the extent necessary to bring it within the requirements of the law. 4. ENTIRE AGREEMENT This Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof and supersedes any and all other written or oral negotiations, understandings or agreements among the Parties with respect to the rights and obligations assumed herein and contains all of the covenants and agreements among the Parties with respect to such rights and obligations. 5. HEADINGS The captions appearing at the commencement of the paragraphs hereof are descriptive only and for convenience in reference. Should there be any conflict between any such caption and the paragraph at the head of which it appears, the paragraph and not such caption shall control and govern in the construction of this Agreement. 6. COUNTERPARTS This Agreement may be executed in two (2) or more separate counterparts, each of which, when so executed, shall be deemed to be an original. Such counterparts shall together constitute and be one (1) and the same instrument. IN WITNESS WHEREOF, the Parties have executed this Agreement on the date first above written. ASSIGNOR ___________________________________ ASSIGNEE ___________________________________ [Instruction: Insert the name of Assignor and Assignee]
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