Form Re 643m - Unconditional Release Covenant Form - California Bureau Of Real Estate
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(Reg. 2791.1(b) Release Agreement)
RE 643M (New 2/97)
This covenant, made and entered into this _________ day of _____________________, ______ , by and between ____
_______________________________________________________________________, herein “Subdivider,” and ______
_____________________________________________________________________________, herein “Lender.”
WHEREAS, certain real property in _________________________________________ County, California, more par-
ticularly described on Exhibit “A” attached hereto and made a part hereof, is encumbered by a Deed of Trust (herein “the
Deed of Trust”) held by Lender to secure a promissory note in the original principal sum of $_____________________,
recorded as Instrument No. ______________ in Book ___________________________________________________ at
page __________ of Official Records, _______________________________________________ County, California, and
WHEREAS, Subdivider desires to subdivide said real property (herein “the subdivision”) into lots and to sell or lease
various lots in the subdivision to the public in the State of California, and
WHEREAS, Lender desires to enable Subdivider to sell or lease lots in the subdivision to the public in the State of
California,
NOW THEREFORE IT IS MUTUALLY COVENANTED AND AGREED, AS FOLLOWS:
A. Notwithstanding any provisions to the contrary in the Deed of Trust, Lender agrees that Lender will:
1. Cause an Unconditional Reconveyance or Release of the Deed of Trust from the lot or lots being sold or leased to
be duly recorded promptly upon payment to Lender of: (i) the amount or amounts applicable to the lot or lots being
sold or leased stated in the Lot Release Schedule attached as Exhibit “B” hereto and made a part hereof, (ii) inter-
est, if any, on the applicable amount or amounts at the interest rate specified in the promissory note secured by the
Deed of Trust, and (iii) lot reconveyance and release fees in the amount of $_______________ per lot being sold
and leased; and
2. Perform any other act reasonably necessary to cause the lot or lots being sold or leased to be unconditionally recon-
veyed and released from the Deed of Trust as soon as the amounts stated in subparagraph A.1. are paid to Lender.
B. Specific performance of this covenant and agreement with respect to any lot or lots shall be compelled in favor of the
purchaser or lessee of such lot or lots.
NAME OF SUBDIVIDER
SIGNATURE
CAPACITY OF SIGNER
»
PRINTED NAME OF SIGNER
PHONE NUMBER
ADDRESS
NAME OF LENDER
SIGNATURE
CAPACITY OF SIGNER
»
PRINTED NAME OF SIGNER
PHONE NUMBER
ADDRESS
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