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Assignment of Mortgage

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Assignment of Mortgage Powered By Docstoc
					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 that want to purchase or sell a mortgage on a specific
piece of property.
                                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"). The Assignor and the 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 ($5000)], 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




© Copyright 2012 Docstoc Inc.                                                       2
    Mortgage], 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. APPLCABLE LAW
    This Agreement shall, in all respects, be governed by the laws of the State of
    ________________ applicable to agreements executed and to be wholly performed within
    the state of ________________.

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.




© Copyright 2012 Docstoc Inc.                                                           3
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]




© Copyright 2012 Docstoc Inc.                                              4
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Description: 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 that want to purchase or sell a mortgage on a specific piece of property.