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1. Parties: Identifies and defines the Lender and Borrower, including full legal names and addresses
2. Background: Recitals describing the original loan agreement, outstanding balance, and parties' desire to settle the loan
3. Definitions: Defines key terms used throughout the agreement including 'Loan Agreement', 'Payoff Amount', 'Payoff Date', and 'Security Interests'
4. Payoff Amount and Terms: Specifies the agreed payoff amount, payment method, and deadline for payment
5. Release and Discharge: Details the lender's agreement to release the borrower from further obligations upon receipt of the payoff amount
6. Representations and Warranties: Statements by both parties regarding their authority to enter the agreement and the accuracy of loan information
7. General Provisions: Standard contractual provisions including governing law, entire agreement, amendments, and notices
1. Security Interest Release: Required when the original loan was secured by collateral, detailing the release of security interests
2. Payment Plan: Include when the payoff involves multiple payments rather than a single lump sum
3. Multiple Lender Provisions: Required when there are multiple lenders or loan participants to be paid off
4. Tax Implications: Include when there are significant tax consequences to the payoff that need to be addressed
5. Confidentiality: Add when parties wish to keep the payoff terms confidential
6. Survival: Include when certain representations or obligations need to survive the payoff
7. Default Provisions: Required when the payoff involves installment payments and consequences of default need to be specified
1. Schedule A - Original Loan Documentation: Copy or summary of the original loan agreement and any amendments
2. Schedule B - Payoff Calculation: Detailed breakdown of the payoff amount including principal, interest, and any fees
3. Schedule C - Security Interests: List of all security interests to be released (if applicable)
4. Schedule D - Payment Instructions: Detailed wire transfer or payment instructions for the payoff amount
5. Appendix 1 - Release Forms: Forms to be filed for releasing any registered security interests
6. Appendix 2 - Confirmation of Authority: Documentation confirming signing authority for corporate parties
Banking & Financial Services
Real Estate
Commercial Lending
Mortgage Industry
Corporate Finance
Private Lending
Construction & Development
Small Business
Agriculture
Manufacturing
Legal
Finance
Treasury
Credit & Collections
Risk Management
Compliance
Commercial Lending
Mortgage Services
Account Management
Document Management
Chief Financial Officer
Finance Manager
Loan Officer
Credit Manager
Legal Counsel
Corporate Secretary
Treasury Manager
Accounts Manager
Risk Manager
Collections Manager
Debt Recovery Specialist
Commercial Lending Officer
Mortgage Specialist
Financial Controller
Compliance Officer
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