Contract to escrow deed by mortgagor of mortgaged premises.
This agreement dated _________ is between _________, grantor, _________, grantee, and _________, the escrow.
The grantor is the owner of a certain tract of land situated in the county of _________, state of _________, containing _________ acres and bounded as follows: _________, the same being the land conveyed to grantor by _________ on _________[date].
The grantee is or is about to become the owner of certain mortgages aggregating the amount of $_____ which mortgages are described and designated as follows:
In order to save the grantee the cost and expense of the foreclosing of the mortgages, in the event of default, or breach of the terms, grantor has duly made, executed and delivered to the escrow certain good and sufficient fee simple deed of conveyance for the described premises to hold the deed in escrow to and for the uses and purposes set forth.
It is agreed as follows:
The grantor now delivers to the escrow the deed for the above-described premises, which the escrow promises to hold and keep and to deliver to the grantee on _________[date], unless on or before that date the grantor places on deposit with the escrow $_____ to the credit of the grantee (sum to be applied towards the payment of the mortgage debt), and upon deposit by the grantor the escrow will continue to hold and keep the deed until _________[date], and upon the last-mentioned date if the grantor has not before then paid to the grantee all sums due by reason of the mortgages, including principal and interest, according to the terms of the mortgages, and secured the proper receipts from the grantee, then the escrow shall convey the premises to grantee, who shall then be the sole and unconditional owner of the property and shall be entitled to the immediate possession of the property.
Grantee agrees that during the continuance of this agreement, until _________, that grantee shall not attempt a collection of all or any part of the sum due by reason of the mortgages nor disturb grantor in the possession of the premises, but on the last-mentioned date will accept the deed from escrow with all the rights and privileges conferred in full settlement of any and all sums due to by reason of the mortgage as principal and interest or otherwise; provided, however, that at any time prior to _________[date], grantor may pay the grantee the amount due by reason of the mortgages, in which event, and upon due proof to the escrow, the deed shall be returned and redelivered to the grantor.
Grantor agrees that upon default of the conditions of this contract, and upon presentation of the above-mentioned deed, to vacate and surrender the possession of the premises to grantee, who, then without suit or process, may enter and have exclusive possession of the premises.
Escrow accepts the deed in escrow and agrees to hold and keep the deed in accordance with the terms and conditions of this contract and for the uses and purposes set forth, and to deliver or redeliver the same upon the performance or nonperformance of the conditions set forth at length.
It is agreed between all the parties that all the terms, stipulations, and agreements contained in this contract shall be binding upon the parties and their heirs, executors, administrators, successors and assigns, as the case may be.
Browse Real Estate Forms & Mortgage Forms Alphabetically