This form is used by Agency borrowers to obtain the consent of the Government to perform certain functions, to permit Junior liens or to request partial release from the terms of real estate security instruments.
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Fld Name / |
Instruction |
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Item 1.
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Insert the name(s) and address(es) of the borrower(s) as shown on the security instrument(s). |
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Item 2.
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State the purpose for which the release, subordination, or consent is needed, such as a change to the Borrower’s organizational structure or controlling interest; conveyance or right of way; to obtain financial resources for repairs or improvements for the property. (Attach a copy of the land survey, proposed organization changes, etc., as appropriate.) |
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Item 3.
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If applicable, prioritize lien holders by lien position; include name, address including the zip code, and dollar amount owed to each. (Attach a copy of the proposed security instrument, as it will read, if transaction is approved.) |
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Item 4.
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If applicable, complete the section by inserting the name and address including the zip code of the proposed lessee or purchaser. (Attach a copy of the proposed lease or conveyance.) |
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Item 5.
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If applicable, insert the legal description of the land to be used in the transaction, include rider, if necessary. (Attach a copy of the proposed deed, easement, or other form of title conveyance.) |
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Item 6.
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Insert a statement showing what use is to be made of the property covered by this application. |
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Item 7.
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List the anticipated uses of the proceeds from this transaction to include such items as closing costs, debts owed to prior lien holders, extra payments on the loan, appraisal fees, costs of repairs or improvements, etc. |
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Item 8.
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Borrower(s) will sign the application as their name(s) appear on the security instrument(s). If the borrower is an organization, its authorized representative will sign and the representative’s titles will be shown. |
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Part II – Items 9-11 |
Completed by the Agency.
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