SPECIAL WARRANTY DEED
(Deed in Lieu of Foreclosure)
THIS SPECIAL WARRANTY DEED, is made as of and effective the ___ day of ______________, 2011__, by and between [enter name of mortgagor], a __________________________________ (“Grantor"), whose mailing address is ______________________________________________, and [Enter the name of Mortgagee’s nominee], a _____________________________________ (“Grantee"), whose address for purposes of notice hereunder is ___________________________________________.
W I T N E S S E T H:
THAT THE GRANTOR, for and in consideration of the sum of Ten and No/100 Dollars ($10.00), in hand paid by Grantee, the receipt of which is hereby acknowledged, has granted, bargained and sold to Grantee, and does hereby grant, bargain and sell to Grantee, its successors and assigns forever, the following described lands, situate, lying and being in the County of Nassau, State of Florida (the “Property"), to-wit:
See Exhibit “A" attached hereto and by reference made a part hereof.
TOGETHER WITH all of the improvements now or hereafter erected on the Property, and all easements, appurtenances, and fixtures now or hereafter a part of the Property.
THIS SPECIAL WARRANTY DEED is being executed and delivered by Grantor to Grantee, as the nominee of First Coast Community Bank, a Florida banking corporation (“Mortgagee"), as a deed in lieu of foreclosure and is an absolute conveyance in partial payment of the indebtedness secured by those mortgages described in Exhibit “B" attached hereto (collectively, the “Mortgages") securing certain promissory notes more particularly described therein (collectively, the “Notes") with a collective outstanding balance of principal and accrued interest as of the date hereof in the amount of $ (the “Total Indebtedness"). The credit given to the Grantor by the Mortgagee and Grantee against the collective outstanding indebtedness evidenced by the Notes is $ (the “Credit Amount").
GRANTOR, MORTGAGEE AND GRANTEE agree that the Credit Amount which is given by Mortgagee and Grantee in exchange for the delivery of this Special Warranty Deed is equivalent to or greater than the appraised value of the Property. The parties further agree that by accepting this deed in lieu of foreclosure and forgiving a portion of the indebtedness evidenced by the Notes as set forth above: (a) Grantor acknowledges that it has received reasonably equivalent value as that term is used in Section 548 of the United States Bankruptcy Code 11 U.S.C. §548, and Chapter 726 of the Florida Statues, as consideration for the execution of this instrument, and the transfers and payments contemplated by this instrument; (b) Mortgagee and Grantee have not received more than such parties would otherwise receive if (i) Grantor filed a case under Chapter 7 of the Bankruptcy Code, (ii) the transfer had not been made, and (iii) Mortgagee or Grantee received payment of such indebtedness to the extent provided by the Federal Bankruptcy Code.
GRANTEE, AS NOMINEE FOR MORTGAGEE, ACCEPTS this conveyance, together with certain other consideration in hand paid this date, in partial payment of the indebtedness secured by the Mortgages and evidenced by the Notes, but declares that by such acceptance, Grantee and Mortgagee do not intend to merge the fee simple title hereby acquired with any right, title or interest created in favor of Grantee by reason of the Mortgages as to any person other than Grantor, and neither Grantee nor Mortgagee, by acceptance of this Special Warranty Deed, waive, relinquish or discharge the lien or priority of said Mortgages against the holders of any claim or intervening interest in said Property. Grantor, Grantee and Mortgagee acknowledge and agree that the conveyance of the Property evidenced hereby is only a portion of the consideration to Grantee and Mortgagee, the remaining consideration being the execution and delivery by Grantor to Mortgagee on the date hereof of an unsecured promissory note in the principal amount of __________________________________, said unsecured promissory note evidencing the remaining indebtedness of the Grantor to the Mortgagee under the Notes, calculated by subtracting the Credit Amount from the Total Indebtedness.
AND GRANTOR does hereby fully warrant the title to said lands and will defend the same against the lawful claims of all persons claiming by, through or under Grantor, and against no others. This conveyance is subject only to:
a. Ad valorem real estate taxes for the year 2007 and all subsequent years;
b. Easements, covenants, conditions, restrictions and reservations of record, reference to which shall not operate to reimpose same;
c. Laws, codes, rules and regulations of any governmental authority having jurisdiction over the Property; and
d. The Mortgages held by Mortgagee described herein.
Mortgagee reserves the right to maintain a foreclosure action against all lienors, claimants or holders of any interest or encumbrance inferior and subject to the respective Mortgages.
GRANTOR DECLARES that this conveyance is the free and voluntary act of Grantor, without duress or undue influence, and that this Special Warranty Deed represents an absolute conveyance and is not intended by either party as additional security for payment of the indebtedness secured by the aforesaid Mortgages, and that there are no other agreements or understandings between the parties to the contrary.
IN WITNESS WHERE.OF, Grantor has hereunto set its hand and seal the day and year first above written.
Signed, sealed and delivered in the presence of: Name: Name:
“GRANTOR" _____________________________, a __________________________________
By: Name: Title: Address:
STATE OF COUNTY OF
The foregoing instrument was acknowledged before me this ____ day of _______________, 200___, by ________________________, the _______________________ of ____________________________________, a _____________________________________________, on behalf of the company. S/he (check one) ¨ is personally known to me, or ¨ has produced a valid driver’s license as identification.
Notary Public, State and County Aforesaid
My Commission Expires
My Commission Number is:
My Commission Number is: