Lender: ____________________ Loan No.:__________________
Borrower: ________________________ Property Address:_______________
________________________ ________________________________
Agreement to correct misstated or provide additional
documentation or fees:
In consideration of Lender disbursing funds for the closing
of the Loan secured by the property being encumbered, and
regardless of the reason for any loss, misplacement, or
inaccuracy in any Loan documentation, Borrower(s) agree as
follows: If any document is lost, misplaced, misstated, or
inaccurately reflects the true or correct terms and conditions
of the Loan, upon request of Lender, Borrower(s) will comply
with Lender's request to execute, acknowledge, initial, and
deliver to Lender any documentation Lender deems necessary
to replace or correct the lost, misplaced, misstated, or
inaccurate document(s). If the original promissory note is
replaced, the Lender hereby indemnifies the Borrower(s)
against any loss associated with a demand on the original
note. All documents Lender requests of Borrower(s) shall be
referred to as "Replacement Documents". Borrower(s) agrees
to deliver the Replacement Documents within thirty (30) days
after receipt by Borrower(s) of a written request for such
replacement. Borrower(s) also agrees that, upon request,
Borrower(s) will supply additional amounts and/or pay to
Lender any additional sum previously and properly disclosed
to Borrower(s) as a cost or fee associated with the Loan
which for whatever reason was not collected at closing.
This agreement is not intended to address errors or inaccuracies in any consumer disclosures given to Borrower(s) in connection with Borrower(s) Loan. Such errors or inaccuracies will be addressed by Lender in accordance with the applicable consumer law or regulation.
Request by Lender:
Any request under this Agreement may be
made by the Lender (including assignees and person acting on
behalf of the Lender) or Settlement Agent and shall be prima
facie evidence of the necessity for same. A written statement
addressed to Borrower(s) at the address indicated in the
Loan documentation shall be considered conclusive evidence
of the necessity for Replacement Documents.
Borrower(s) Liability:
If Borrower(s) fails or refuses to
execute, acknowledge, initial, and deliver the Replacement
Documents or provide the additional documents or fees to
Lender more than thirty (30) days after being requested to
do so by Lender, and understanding that Lender is relying
on these representations, Borrower(s) agrees to be liable
for any and all loss or damage which Lender reasonably
sustains thereby, including but not limited to all
reasonable attorney's fees and costs incurred by Lender.
This Agreement shall survive the closing of the Loan and inure to the benefit of the Lender, its successors and assigns, and be binding upon the heirs, devisees, personal representatives, successors, and assigns of Borrower(s).
________________________ _________________________ Borrower Borrower ________________________ _________________________ Borrower Borrower