- COMMITMENT LETTER FOR SELLER  

This commitment is made online and subject to and contingent upon the designated investor's inspection and approval of the property and all documents including, but not limited to, credit, appraisal and title work.

“ Seller “ agrees to sell and convey to Purchaser, and Purchaser agrees to buy, upon the terms and conditions set herein, that the certain instrument wherein the Payor owes a current principal balance, carrying interest on the principal balance at a rate of interest per annum, and requiring a monthly principal and interest payments.

An agreed purchase price- a full purchase or partial, provided there are no underlying problems. If the contract has to be renegotiated a verbal commitment from the seller will be binding and is legally described as follows;

ADDITIONAL LEGAL DESCRIPTION TO BE PROVIDED AND VERIFIED BEFORE CLOSING

“ Seller “ warrants that:

1. There are no prior liens or encumbrances on the property subject to the Instrument except as stated below:

SUBJECT TO: NO OTHER LIENS OR ENCUMBRANCES

2. It has full power, authority and legal right to execute, deliver, and perform, its obligation under this letter;

3. This Letter and the Instrument are legally valid and binding, and enforceable in accordance with their terms, and there are no claims or defenses, personal or otherwise, or offsets whatsoever to the enforceability or validity of the Instrument;

4. There are no lawsuits or legal proceedings pending, or to the best of “ Seller's “ knowledge, threaten regarding encumbrances on, or the ownership, use or possession of, the property or the Instrument;

5. “ No brokerage or other commission is due and unpaid in connection with the Instrument “; and,

6. “ Seller “ has, as of the date of this Letter, and will have as of the date of the closing, good, marketable title to the Instrument.

During our processing period any additional payments made to “ Seller “ on the Instrument which cause a reduction in the principal balance below $100 will also cause a minor adjustment in the purchase price at closing. “ Seller “ agrees to return any payments received after the closing of this Instrument.

“ Seller “ understands that your name, is not acting as an advisor for the “ Seller “ in connection with this transaction, nor as “ Seller's “ agent, but rather is dealing with “ Seller “ at arms length, at all times. “ Seller “ acknowledges that it has sought and received whatever independent legal, tax, accounting or other advice it desires concerning this transaction. Further,  “ Seller “ is not relying on your name, in entering into this transaction, but is acting on its own best judgment.

“ Seller “ agrees to execute all necessary documents to effect the assignment and conveyance to Purchaser of its interest in the Instrument. “ Seller “ agrees to furnish any and all documents in its possession necessary to consummate this transaction. If, after closing, it is discovered that errors, omissions, or loss of documents has occurred, “ Seller “ agrees to cooperate with the Purchaser to correct any and all errors, omissions, or losses with in ten (10) days of receipt of notice from Purchaser.

Upon our receipt of all the necessary closing documents related to this transaction, we should be able to close within 10-30 business days.

All normal closing cost will be accommodated by Benson J. Pai Arca after closing of the escrow, except any additional, or unexpected, necessary expenses i.e. title work, recent appraisal, etc, and reimbursement of any title work and/or appraisal cost will be refunded to the “ seller “. 

Should the Seller fail to close, after signing this agreement, Seller shall be obligated to reimburse Benson j. Pai Arca for all out-of-pocket or timely expenses incurred related to this transaction, up to the time of cancellation.

Benson J. Pai Arca hereby gives Seller a specific period of five (5) business days to complete, and return, this Commitment Letter. If Seller is unable to complete, and return this agreement within the allotted time, this agreement shall be canceled. Purchaser may extend the time period, upon conditions if deemed acceptable.

By Benson J. Pai Arca