Land developers, get an extension of time to repay a mortgage loan on your development properties by inducing the lender to sign this Standstill Agreement for outstanding loan obligations.
- The lender agrees to stand still on recovering repayment of the borrower's mortgage for the time being, in return for which the borrower agrees to provide the lender further security for its indebtedness, including a foreclosure order on development properties on which the lender holds the mortgage.
- The borrower agrees to assign to the lender the proceeds from the sale of lots in the development.
- Each payment made by the borrower will entitle the borrower to an extension of thirty days to repay the indebtedness (to a maximum of 2 extensions).
- The status of the financing and the borrower's financial situation will be reviewed monthly by the lender.
- This is a generic legal document which is not specific to any country or region.
The Standstill Agreement for Developer Loan Obligations
is provided in MS Word format and is fully editable to fit your circumstances.
Last Updated: 14-April-2016