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Insert Option Choice into the Affidavit Of Lost Promissory Note And Indemnity Agreement

Insert Option Choice into the Affidavit Of Lost Promissory Note And Indemnity Agreement

Aug 6th, 2022

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How to Insert Option Choice into the Affidavit Of Lost Promissory Note And Indemnity Agreement

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- Hey everybody. My name is Paul Vojchehoske and welcome to the Real Estate Classroom, YouTube channel. So in todays video, were gonna discuss the promissory note and the mortgage. In my next video, were gonna discuss the deed of trust, all right? It just seems like the promissory note, the mortgage and the deed of trust is very difficult for students to understand these concepts. So I wanna make sure that I do a good job on this video, but, the promissory note and the mortgage is where were gonna start, and Im gonna give you everything that you need to know, in this video. (bright upbeat music) Okay, so in this video, were gonna discuss two legal, separate distinct instruments called the promissory note and the mortgage and as I said in my opener, in the next video, Im gonna discuss the deed of trust or sometimes called the trust deed. It is a concept, all three of these instruments, people just seem, students just seem to have a hard time comprehending how it all works. But we

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What are the two types of indemnity?

An indemnity may fall into two main types. Depending on the circumstances, indemnity may either be expressed or implied.

What is meant by indemnity agreement?

An indemnity agreement is a contract that protects one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.

What are the three 3 methods of indemnity?

There are 3 levels of indemnification: broad form, intermediate form, and limited form. This requires the indemnitor to pay not only for its liabilities but also for the indemnitees liability whether the indemnitee is solely (i.e. 100%) at fault or partially at fault.

What is affidavit or indemnity?

An affidavit and indemnity agreement is a legal contract that is created when someone, such as an individual or business owner, needs to use another persons documents for their own purposes.

Should I agree to an indemnity?

You should sign an indemnity agreement when there is a high degree of likelihood that you could incur third-party risk in a transaction. For example , when you run a construction company, you likely hire contractors that represent they complete work to specific standards standards that you are happy with.

What is the indemnity of a lost loan note?

A collection of the lenders promises to the borrower, which collectively form the indemnity. The lender is here promising to release all claims that it might have against the borrower relating to the original note. This is another way of saying the original note will no longer be a valid instrument.

What happens if promissory note is lost?

Even if a promissory note is lost, the legal obliga on to repay the loan remains. The lender has a right to re-establish the note legally as long as it has not sold or transferred the note to another party.

What is an indemnity agreement and promissory note?

Adding an indemnity agreement to a promissory note requires the borrower to execute and deliver a replacement promissory note if the original note is lost, destroyed, stolen, or damaged. Such an agreement protects the noteholders ability to enforce the loan.

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