Assignment Of Real Estate Purchase Agreement Page 5
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10VISTA TITLE COMPANY
7333 West Jefferson Avenue, Suite 180
Lakewood, Colorado 80235
“DUE-ON-SALE” ACKNOWLEDGEMENT
WHEREAS, the undersigned Buyer and Seller have entered in to a certain
purchase and sales agreement regarding the following described property:
LOT 1 BLOCK 1, VISTA ESTATES, COUNTY JEFFERSON
STATE OF COLORADO
also known as: 7333 West Jefferson Ave., Suite 180, Lakewood, CO
80235
1. The parties are fully aware that the mortgage(s)/deeds of trust securing
the property contain(s) provisions prohibiting the transfer of any interest in the
property without satisfying the principal balance remaining on the underlying
loans and/or obtaining the lender's prior written consent (i.e., a "due-on-sale"
clause), and that this transaction may violate said mortgage. Buyer and Seller
specifically understand that their agreement requires Buyer to pay the
loan(s) on a monthly basis. The loan(s) will NOT be assumed or paid off
completely at this time, and the loan(s) will remain in Seller's name and
may continue to appear on Seller's credit report. The title policy issued by
Vista Title Company will identify the outstanding deed(s) of trust as
exceptions to coverage.
2. Seller and Buyer execute this disclosure form after having had the
opportunity to seek legal counsel as to the legal and financial implications of the
due-on-sale clause. The parties agree and understand that if said due on sale
clause is enforced by the holders of said mortgages, the entire balance due
under said mortgages/deeds of trust will have to be paid off. In this event, Seller
and Buyer agree to take all reasonable steps to satisfy said lender, including both
parties taking steps to obtain financing and/or Buyer submitting an application to
formally assume liability for said obligations. Buyer understands that in the event
that the underlying debt is not paid off, the lender holding the security
instruments may foreclose the property which will extinguish Buyer's interest
under the property.
3. Seller and Buyer agree that Vista Title Company, it underwriters,
employees, and agents, have no responsibility for advising the parties as to the
effect of the due-on-sale provision as described above, and shall assumes no
responsibility for seeking waiver of such provision of the deed of trust, nor for
seeking approval of the credit of any party, and has not obtained such waiver or
approval. Seller and Buyer hereby agreed to defend, indemnify and hold Vista
Title Company, it underwriters, employees, and agents harmless from any liability
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