Reinstatement Agreement
Date:
Deed of Trust
Date:
Grantor:
Mortgagee:
Recording information:
Property:
Note
Date:
Principal amount:
Mortgagee:
Borrower:
[Include if the owner is different from the borrower: Owner of Property:]
[Guarantor:]
Borrower has defaulted in payment of the Note, and Mortgagee has accelerated the maturity of the Note. At Borrower’s request and for valuable consideration, Mortgagee rescinds the acceleration, and Mortgagee and Borrower reinstate the payment terms of the Note.
Borrower agrees to pay the Note according to its terms and to comply with all provisions of the Deed of Trust. This agreement does not replace the Note or the Deed of Trust. It only reinstates those documents as written.
Borrower and Mortgagee agree that the unpaid principal balance of the Note is $[amount] and the interest is paid through [date].
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Include the following if applicable. |
Guarantor consents to the reinstatement of the Note under the terms of this agreement.
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And/Or |
Owner of Property consents to the reinstatement of the Note under the terms of this agreement.
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Continue with the following. |
Mortgagee’s acceptance of this agreement and rescission of the acceleration will not prejudice Mortgagee’s rights regarding future defaults under the Note or the Deed of Trust.
As a material inducement to Mortgagee to execute this agreement, Borrower [include either or both if applicable: and Guarantor/and Owner of Property] acknowledge[s] that:
1.The current principal balance of the Note is $[amount], and the interest is paid through [date].
2.The liens and security interests of the Deed of Trust are valid and subsisting liens against the Property and are renewed to secure the payment of the Note and the obligations of the Deed of Trust.
3.There are no claims or offsets against or defenses or counterclaims to the Note and the obligations secured by the Deed of Trust.
[Name of borrower]
[Name of mortgagee]
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Include signature lines for the guarantor and the owner if applicable. Include acknowledgments. |