SELLER'S REPRESENTATIONS AND WARRANTIES
I/we, __________________________________________, hereinafter
referred to as Seller, make the following representations and
warranties to the best of my/our knowledge: 1. That Seller is the legal
owner (or current assignee) of the following described note and
(mortgage) (deed of trust) (contract for deed) ( ), hereinafter
referred to as Note and Security Instrument: Executed by
_____________________________, hereinafter referred to as Payor, in
favor of ________________________, original Principal Balance
$_________ (____________________) bearing interest at the rate of _____
percent and being amortized over ______ (interest-only) (equal monthly
principal and interest payments) of $_________
(_________________________), dated ___________, ____, with a final
payment in the amount of $_________ (____________________) due and
payable ____________, ____ and recorded in Deed Book _____, Page _____,
_______________ County records, State of ______________. 2. The Note
and Security Instrument is a result of a bonafide sale of the property
therein described and was executed by the person or persons whose
signature or signatures appear thereon. 3. The Payor who executed the
Note and Security Instrument was of legal age and competent to execute
the same at the time thereof. 4. The property which is the subject of
the Note and Security Instrument is truly and accurately described
therein. 5. The property is in the possession of the Payor of the Note
and Security Instrument and/or his successors and assigns. 6. The
amount due the undersigned on the Note and Security Instrument is not
disputed or subject to any offset, deduction, credit or counterclaim.
7. The Payor has not indicated by act or statement an intent to stop
paying on the Note and Security Instrument. 8. The Payor has been late
____ times and the payments are now ______________________. 9. There
have been no defaults by the Payor under the Note. 10. There is no
undisclosed delinquency or default existing on the Note and Security
Instrument. 11. The undersigned received cash or its proper equivalent
for the down payment. 12. There are no undisclosed agreements,
modifications, concessions or litigation of any nature affecting the
Note and Security Instrument. 13. The undersigned has full and perfect
title and right to convey the Note and Security Instrument free of any
encumbrance, lien or interest of any third party of any nature
whatsoever. 14. Seller is named as additional insured and loss payee on
a title insurance policy and a hazard insurance policy on the real
property securing the above styled Note and Security Instrument in an
amount sufficient to cover the combined outstanding principal balance
of the first and, if applicable, second mortgages (or applicable
security instrument). 15. Seller warrants that the Note and Security
Agreement has not been obtained or created in any fashion which
violates any state, federal or local laws, or administrative
regulations and specifically not in violation of any usury laws. 16.
Seller is not a creditor under the Truth in Lending Act and is not
subject to the Truth in Lending Act. 17. Seller is not aware of any
legal or equitable defenses to the payment of the said obligation or
basis for offset, and in the event that there are any defenses to
payment of the Note, Seller shall be solely liable for any defenses and
shall be liable for all attorney's fees incurred in defending such
action. 18. To Seller's knowledge there is no litigation threatened or
pending regarding the instruments. 19. Seller has made no prior
transfer, assignment or conveyance of Note and Security Agreement or
any portion thereof. 20. This agreement and all transactions
contemplated herewith have been duly authorized by all necessary
corporate action should the undersigned by a corporation. 21. The real
property described in the Note and Security Instrument has not been
used in the past and is not presently used for hazardous and/or toxic
waste storage and that all such real property complies with all
federal, state and local environmental laws. 22. The real property
described in the Note and Security Instrument has no asbestos used as a
building material and the real property has not been used in the past
and is not presently used for asbestos storage and all such real
property complies with all federal, state and local laws and
regulations regarding the use and storage of asbestos. The
representations and warranties and undertaking set forth herein shall
be continuing and any waiver of such shall not constitute a waiver of
any subsequent breach. No waiver thereof shall be implied from any
forbearances, failure or delay and enforcement thereof. The liability
of the undersigned in respect to any waiver or breach herein shall not
be affected by the granting of extensions, adjustments or compromises
of claims by ________________________________. The undersigned hereby
consents to and waives notice of any and all such extensions,
adjustments, compromises or settlements in respect to the Note and
Security Agreement. The undersigned shall indemnify and hold harmless
__________________________________ from any and all liability, loss or
damage s/he/it or assigns may suffer as a result of any claims,
demands, costs or judgments which may result from the representations
and warranties herein made being untrue. DATED this ______ day of
________________________, 19__. _________________________________
_________________________________
State of ________________ ) ) ss County of ______________ ) I, the
undersigned, a Notary Public in and for the County and State aforesaid,
do hereby certify that
____________________________________________________ whose name is
signed to the foregoing as Seller, appeared before me this ________ day
of _____________, ____, and acknowledged that the foregoing is their
true act and deed.
________________________ Notary Public
My Commission Expires: (Seal)
State of ________________ ) ) ss County of ______________ ) I, the
undersigned, a Notary Public in and for the County and State aforesaid,
do hereby certify that
____________________________________________________ whose name is
signed to the foregoing as Seller, appeared before me this ________ day
of _____________, ____, and acknowledged that the foregoing is their
true act and deed.
________________________ Notary Public
My Commission Expires: (Seal) SUBSCRIBED AND SWORN to before me ______
day of _______________, 19 ___. __________________________________
Notary Public in and for the State of __________________, residing at
___________________________ hereby assigns his interest in and to this
agreement to _________________________________.
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Print and Fill, Mail to: MPNNOTES P.O. Box 561, Gary, Indiana 46402 Fax
219-886-2237 USA.
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