We have issued an update to the system that modified the following:
TIC Agreement: A new permission has been added to enable a Tenant in Common Agreement Subordination. Enabling this permission will allow users to select, on a loan by loan basis, whether all of the owners of the properties are Co-Tenants subject to a written Tenant in Common Agreement. If the user wishes for this Agreement to be subordinated to Lender’s rights and for the Co-Tenants to make additional promises for the benefit of Lender.
Update to Insurance and Tax Reserve Feature: New language has been added to the Insurance Reserve and Tax Reserve paragraphs. The word “Holdback” has been changed to “Reserve” throughout.
New language in Lockbox Provision: New language has been added to this provision to bring clarity to future cash-sweeps.
Update to Margin for Missouri Security Instrument: We have expanded the top margin of the Missouri Security Instrument to 3 inches to conform to recording requirements
Sealed Instrument for the state of Main: A new paragraph has been added to the Note which states the following: “IN WITNESS WHEREOF, Borrower has executed this Note as an instrument under seal as of the date first written above by and through their duly authorized representatives.”
Maryland Commercial Loan Reference in Note: When choosing Maryland as the Governing Law state, new state specific language will be added to the note.