With Provision for Mortgage by One of the Parties
What is meant by agreement With Provision for Mortgage by One of the Parties
When there is a agreement between two parties the first party through the warranty deed will provide the real estate to the second party provided there are mortgages. The first mortgage can be for a specified sum and the second mortgage for the second sum. In this the party will not only pay the tax as well as the interest but also have the premises leased to him or her with all the rights of the owner in the lease.
In this the parties will deposit the deed and the mortgages to a firm which is mutually agreeable by both. This is to be done within a stipulated number of days of them signing the agreement. Once it is done, the firm will hold the papers till the date which is mutually agreed by both parties and then they will be granted back to the parties as per the contract.
Both the parties therefore will have possession of the premises from the date which is mentioned and each will have the lease which is given for a year. The first party can inspect the property when giving notice to the second party. When notice is not given the agreement is not to be in effect or to be considered as null and void.
This agreement not only is in effect for the parties but for their heirs as well as representatives and their administrators as well and they need to adhere to the terms and conditions stated in it.
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