Voluntary Mortgage Foreclosure Agreement {60.7.1}

(Top 3 inches reserved for recording data) VOLUNTARY MORTGAGE FORECLOSURE AGREEMENT Minn. Stat 582.32 This Voluntary Mortgage Foreclosure Agreement is made on Minnesota Uniform Conveyancing Blanks Form 60.7.1 (2014) , by and between , ("Mortgagee"), , (month/day/year) (insert name of Mortgagee) a and a under the laws of ("Mortgagor"). (insert name of Mortgagor) RECITALS A. Mortgagor executed and delivered in favor of Mortgagee that certain Mortgage and Security Agreement dated , and filed of record , as Document No. (month/day/year) , in the Office of the County Recorder Registrar of Titles of (check the applicable box(es)) (month/day/year) County, Minnesota, (the "Mortgage"). B. The real property described in the Mortgage (the "Property") is legally described as follows: Check here if all or part of the described real property is Registered (Torrens) C. A default exists under the Mortgage and on the date of this Agreement at least one of the items constituting such default has been in existence for at least one month before the date of this Agreement. D. Mortgagor and Mortgagee have agreed that the Mortgage shall be voluntarily foreclosed pursuant to Minn. Stat. 582.32. Page 1 of 4 American LegalNet, Inc. www.FormsWorkFlow.com Page 2 of 4 Minnesota Uniform Conveyancing Blanks Form 60.7.1 AGREEMENT THEREFORE, in and for valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, Mortgagor and Mortgagee hereby agree as follows: 1. Incorporation of Recitals. The Recitals are hereby adopted and incorporated into this Agreement. 2. Reduction of Redemption Period. The Mortgage shall be voluntarily foreclosed with Mortgagor's redemption period reduced to two months as provided in Minn. Stat. 582.32 ("Redemption Period"). 3. Waiver of Deficiency and Liability. Mortgagee waives any right to a deficiency or other claim for personal liability against Mortgagor arising from the Mortgage or the debt secured by the Mortgage. This does not preclude an agreement between Mortgagor and Mortgagee to a payment to Mortgagee as part of the voluntary foreclosure, or collection from a guarantor. 4. Additional Waivers. Mortgagor waives its right to surplus sale proceeds, to contest foreclosure, and to rents and occupancy during the period from the date of this Agreement through the Redemption Period. 5. Appointment of a Receiver. Mortgagor consents to the appointment of a receiver for, or grants Mortgagee possession of, the Property and all rights of possession of the Property, including, but not limited to operating, maintaining, and protecting the Property, and the making of any additions or betterments to the Property. 6. No Agricultural Use / No Homestead. Mortgagor warrants and represents to Mortgagee that as of the date of this Agreement, the Property was not in agricultural use as defined in Minn. Stat. 40A.02, subd. 3, and was not a homestead for property tax purposes under Minn. Stat. 273.124. 7. No Right of Reinstatement. After the date of this Agreement, the Mortgagor has no right to reinstate the Mortgage pursuant to Minn. Stat. 580.30. 8. Mailing Addresses. Mortgagee's mailing address is as follows: Mortgagor's mailing address is as follows: Attn: ___________________________ With a copy to: Attn: ___________________________ With a copy to: Attn: ________________________ Attn: ________________________ American LegalNet, Inc. www.FormsWorkFlow.com Page 3 of 4 Minnesota Uniform Conveyancing Blanks Form 60.7.1 9. Optional Additional Provisions. The following provisions may be incorporated into this Agreement by checking the applicable boxes: Mortgagee shall be entitled to retain the balance of the real estate taxes and insurance escrow ("Escrow Account") that Mortgagee holds. Mortgagor shall continue to maintain the existing casualty insurance policy on the Property, premiums for which shall be paid from rents received for the Property and/or from the Escrow Account until the Redemption Period expires. Until the earliest occurrence of: (i) Mortgagee taking possession of the Property; (ii) a receiver being appointed for the Property; or (iii) the expiration of the Redemption Period, Mortgagor shall be entitled to collect and retain the rent proceeds , derived from the Property pursuant to that certain lease agreement dated between Mortgagor, as landlord, and , as tenant; provided that all such proceeds shall first be used to keep and maintain the Property, pay operating expenses for the Property, pay for utilities and services consumed at the Property, and pay real estate taxes, special assessments and insurance premiums in connection with the Property. Thereafter, any excess rent proceeds may be retained by Mortgagor. (month/day/year) IN WITNESS WHEREOF, the parties hereto have executed this Voluntary Mortgage Foreclosure Agreement as of the above-referenced date. Mortgagee (name of Mortgagee) Mortgagor (name of Mortgagor) By: (signature) By: (signature) Its: By: (type of authority) Its: By: (type of authority) (signature) (signature) Its: (type of authority) Its: (type of authority) State of Minnesota, County of This instrument was acknowledged before me on , by as (month/day/year) (name of authorized signer) (type of authority) and by as (type of authority) of (name of authorized signer) (name of Mortgagee) . (Stamp) (signature of notarial officer) Title (and Rank): My commission expires: (month/day/year) American LegalNet, Inc. www.FormsWorkFlow.com Page 4 of 4 Minnesota Uniform Conveyancing Blanks Form 60.7.1 State of Minnesota, County of This instrument was acknowledged before me on , by as (month/day/year) (name of authorized signer) (type of authority) and by as (type of authority) of (name of authorized signer) (name of Mortgagor) . (Stamp) (signature of notarial officer) Title (and Rank): My commission expires: (month/day/year) THIS INSTRUMENT WAS DRAFTED BY: (insert name and address) American LegalNet, Inc. www.FormsWorkFlow.com