STG Acknowledgement, Consent and Release
File No: _______________________________________
New Lender: _______________________________________
New Loan Amount: _______________________________________
Seller (if applicable): _______________________________________
Existing Lien: _______________________________________
Existing Lender: _______________________________________
To: (Name of Title Agent)
The Property is currently encumbered by the Existing Lien. New Lender has elected to directly fund the payoff amount to the Existing Lender (out of the proceeds of the New Loan) and to obtain the release of the Existing Lien.
Borrower and Seller each acknowledges and consents to the following:
a. The payoff to the Existing Lender is being funded directly by the New Lender and not by or through the Title Agent;
b. New Lender is solely responsible for the payoff being correctly and timely made to the Existing Lender and for obtaining a recordable release of the Existing Lien;
c. The Title Agent has no responsibility for the payoff of the Existing Loan nor for obtaining the release of the Existing Lien;
d. As a condition to closing this transaction and issuing title policies in connection with this transaction, Title Agent requires that evidence be furnished to it that the Existing Lender has been paid in the amount required and has released the Existing Lien and that all other requirements stated in the commitment be met.
e. Unless and until satisfactory evidence of the payoff and release of the Existing Lien has been furnished and compliance with other requirements of the commitment are met, Title Agent will not close this transaction and will not issue any title insurance policies to Borrower or New Lender
Borrower and Seller each fully releases the Title Agent from any and all liability whatsoever in connection with the payoff of the Existing Loan and obtaining the release of the Existing Lien.
Borrower: Seller (if applicable):
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