Docstoc Legal Agreements
This is an agreement whereby the lender of a mortgage transfers all of its rights and
responsibilities to a new lender. The borrower does not change and its rights and
responsibilities remain the same under this agreement. The new lender assumes the role
of the original lender by receiving payments and has the power to foreclose on the property,
if necessary. It contains both standard clauses as well as opportunities for customization to
ensure that the understandings of the parties are properly set forth. This document is ideal
for lenders located in Rhode Island that want to purchase or sell a mortgage on a specific
piece of property.
®
DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR
OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. They are for general guidance and should be modified by you o r your
attorney to meet your specific needs and the laws of your state. Use at your own risk. Docstoc, its employees or contractors who wrote or modified any
form, are NOT providing legal or any other kind of advice and are not creating or entering into an Attorney -Client relationship. The information and forms
are not a substitute for the advice of your own attorney. Use of this document and our service are deemed to be your acknowledgement and agreement to
the following: The disclaimers and links on this page and the back page(s); our Terms of Service (http://www.docstoc.com/popterm.aspx?page_id=15), and
read more here (http://www.docstoc.com/popterm.aspx?page_id=114) for additional disclaimers and more. You also agree that if you are not the person
using the document and services that you will provide such person(s) who will be with these front and back disclaimer pages. This document is not
approved, endorsed by, or affiliated with any State, or governmental or licensing entity.
Entire document copyright © Docstoc®, Inc., 2010 - 2013. All Rights Reserved
ASSIGNMENT OF MORTGAGE
THIS ASSIGNMENT OF MORTGAGE (hereinafter “Agreement”) is made this _____ [Month]
_____ [Date], 20____ by __________________________ [Instruction: Insert name of
assignor], located at __________________________ [Instruction: Insert the address of
assignor] (hereinafter "Assignor") to __________________________ [Instruction: Insert
name of assignee], located at __________________________ [Instruction: Insert the address
of assignee] (hereinafter "Assignee"). Assignor and Assignee may individually be referred to as
“Party”, or, collectively as “Parties”.
WHEREAS, __________________________ [Instruction: Insert name of borrower]
(hereinafter “Borrower”) executed a mortgage on _____ [Month] _____ [Date], 20____, in
favor of Assignor (the “Mortgage”);
WHEREAS, Assignor desires to assign, transfer, sell and convey to Assignee all of
Assignor's right, title and interest in, to and under the Mortgage;
WHEREAS, Assignee desires to receive all of Assignor's right, title and interest in, to
and under the Mortgage;
NOW THEREFORE, the Parties wish to execute this Agreement on the terms and
conditions set forth below:
TERMS:
1. ASSIGNMENT
For and in consideration of ___________ ($____) [◊ Instruction: Insert the consideration
amount, e.g., five thousand dollars ($5,000)], the receipt and sufficiency of which is hereby
acknowledged, Assignor hereby grants, assigns and transfers to Assignee that certain
Mortgage executed by _______________________ [Instruction: Insert name of
borrower], and dated, _____ [Month] _____ [Date], 20____, and recorded in
__________________________ [Instruction: Insert the name of Recording Offices], in
______________________ [Instruction: Insert the City], ________________ [Instruction:
Insert the State], in _________________ [Instruction: Insert the name of Book of
Records], at page _______ [Instruction: Insert the page number], together with the note
described therein and the money to become due thereon with the interest provided therein.
2. APPLICABLE LAW
This Agreement shall, in all respects, be governed by the laws of the State of Rhode Island
applicable to agreements executed and to be wholly performed within the state of Rhode
Island.
3. SEVERABILITY
Nothing contained herein shall be construed so as to require the commission of any act
contrary to law, and wherever there is any conflict between any provision contained herein
and any present or future statute, law, ordinance or regulation contrary to which the Parties
have no legal right to contract, the latter shall prevail but the provision of this Agreement
which is affected shall be curtailed and limited only to the extent necessary to bring it within
the requirements of the law.
4. ENTIRE