Irrevocable Assignment and Direction of Sale Proceeds

irrevocable assignment and direction of sale proceeds

TO:BridgewaterBank(“Bridgewater”)

Forvaluableconsiderationas securityfortheinterimfinanceloanof$ evidencedbyourpromissory notedated [DATE],I/Weherebyirrevocablyassignandtransferto Bridgewaterallmonies(the“Monies”) receivedorto bereceivedbyus fromthedispositionofourproperty(the “Property”)describedas:

Plan [PLAN] Block: [BLOCK] Lot: [LOT]PIN: [PIN]

Municipal Address:[ADDRESS]

I/werepresentandagreethat:

(a)I/we havefullrightto assigntheMonies;thereare no claimsofset-offagainstanyofthe Monies;noneoftheMonieshavebeenorwillbeassignedto anyoneelse;and noneofthe Moniesareorwillbesubjectto anyothersecurityororderforattachmentbylegalprocess;

(b)I/wearetheregisteredownersoftheProperty.Theonlymortgageandotherencumbrances requiredto bedischargedand paidoutfromthesaleproceedsofthePropertyarefollowing:

Lender:[LENDER]Amount: $[AMOUNT]

Lender:[LENDER]Amount: $[AMOUNT]

(c)Bridgewatermayregistera caveat,cautionorothernoticeagainstmy/ourtitleto theProperty

(d)I/we knowof no deficienciesinthePropertyorproblemsordisputesthat maydelay,hinderor preventcompletionofthe sale oftheProperty.

Weauthorizeanddirectoursolicitornamedbelowto:

(a)directorpayto BridgewaterontheclosingofsaleofthePropertysufficientnetproceedsof saleto paytheinterimfinanceloanin fullinclusiveofinterestandcosts.

(b)confirmto BridgewaterinformationontheownershipandtheencumbrancesontheProperty andprovideallotherinformationitmayrequestrelatingto the saleofthePropertyand purchaseofournewresidence

(c)notifyBridgewaterforthwithiftheagreementforthe saleofthepropertyterminatesor cannotbecompleted

I/weagreethisassignmentanddirectioncannotberevokedwithouttheexpresswrittenconsentofthe

Bridgewater.

INWITNESSWHEREOFtheundersignedhasexecutedthisAssignmentandDirectionthe[DAY]dayof[YEAR], A.D. .

Witness / Borrower
Witness / Borrower

#4549(30-APR-13)