FSA-2253 Date of Modification 12-31-2007
SHARED APPRECIATION AGREEMENT FOR GUARANTEED LOANS |
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INSTRUCTIONS FOR PREPARATION |
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Purpose: Lenders execute this form when a guaranteed loan, secured by real estate, is written down and a write-down loss claim is paid by FSA. |
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Handbook Reference: 2-FLP |
Number of Copies: Original and two copies |
Signatures Required: Borrower, Co-Borrower and Lender |
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Distribution of Copies: Original to FSA servicing office. Lender retains a copy and borrower provided a copy. |
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Automation-Related Transactions: N/A |
Items 1 - 12
Fld Name /
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Instruction |
1(a) Lender Name |
Enter the name of the Lender that is carrying out the write-down. |
1(b) Borrower Name(s) |
Enter the name of the borrower(s) liable for the debt. |
1(c) Effective Date |
Enter the date that the written down notes are executed as the effective date of the balances being written down. |
1(d) Effective Date Plus 5 Years |
Enter the date exactly 5 years from the date this form is signed. |
2A Date |
Enter the effective date of the balances that exist on the loan prior to the write-down. |
2B Principal Amount |
Enter the principal amount of the loan as of the date of this agreement, for each note owed by the borrower, before the loan is written down. |
Fld Name /
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Instruction |
2C Interest Rate |
Enter the interest rate that is being charged on the subject loan at the time of the write-down. |
2D Due Date |
Enter the date that the existing promissory note indicates that installments are due on the loan. |
2E Lender’s Loan Number |
Enter the loan number that the lender has assigned to the loan. |
3(a) Unpaid Principal |
Enter the total from the principal amounts listed in Item 2B. |
3(b) Unpaid Interest |
Enter the total amount of interest owed by the borrower on the loan(s) as of the date of this agreement, before write-down. |
3(c) Write-down Amount |
Enter the total amount of write-down calculated on the Form FSA-2252 that was completed, as required to complete this transaction. It should be the same as the total of the amounts entered in Item 5D. |
4 Security Value |
Enter the appraised dollar value of the real estate that is covered by this agreement. |
5A Date |
Enter the date of the write-down for each note written down. This should be the same date for each row as entered in Item 2A. |
5B Principal Amount |
Enter the principal dollar amount of the debt that remains on each loan after the new written down loan documents are executed. |
5C Interest Rate |
Enter the rate of interest to be charged on each loan after the write-down. |
5D Write-down Amount |
Enter the total amount of interest and principal that is being written down on each loan. |
5E Due Date |
Enter the date that the restructured promissory note indicates that installments are due on the loan. |
5F Lender’s Loan Number |
Enter the lender’s loan number for each loan being written down. |
6A Date of Security Instrument |
Enter the date of the mortgage or deed of trust securing the loan or loans being written down. |
Fld Name /
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Instruction |
6B Records of County and or State |
Enter the local or state government entity where the instrument securing the write-down and remaining guaranteed debts are filed. |
6C Reel |
Enter the location identification information for the security instrument securing the write-down and remaining guaranteed debts. |
6D Book or Page |
Enter the detailed filing or recording location identification information for the security instrument securing the write-down and remaining guaranteed debts. |
6E Grantor |
Enter the grantor's name from the subject security instruments. |
Items 7 - 11 Lenders and Borrowers should read the Conditions of Agreement.
Item 12 for Lender's use as needed. |
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12 Remarks or Additions |
Enter in appropriate remarks or additions. |
Items 13 - 14 are completed by the Guaranteed Borrower and Co-borrower (if any). |
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13A & B Borrower’s Signature and Date |
Enter the signature and date of the borrower who is receiving the write-down. |
14A & B Co-Borrower’s Signature and Date |
Enter the signature and date of co-borrower, if applicable. |
Item 15 and 16 are completed by the Lender and Lender's Authorized Representative. |
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15 Lender’s Name |
Enter the name and title of the Lender's representative. |
16A & B Lender’s Authorized Representa-tive's Signature and Date |
Enter the signature and date of the authorized representative of the Lender. |
Page
File Type | application/msword |
File Title | Used by |
Author | USDA-MDIOL00000DG8C |
Last Modified By | Ball, MaryAnn - FSA, Washington, DC |
File Modified | 2017-03-30 |
File Created | 2017-03-30 |