Collateral Substitution Agreement | USA

Replace the property which is collateral for a mortgage with a different one under this Collateral Substitution Agreement.

• This agreement would be used by a mortgage lender in circumstances where a borrower wants to sell their mortgaged property in order to buy another property of approximately equal value.
• The original real estate property is released from the mortgage.
• The borrower's new property replaces the original one as collateral for the mortgage.
• The provisions of the original promissory note and all other loan documentation remain in full force and effect against the borrower and the new property.
• This is a generic legal document for the United States which does not contain any state-specific references.
• Available in MS Word form, fully editable and reusable.