# Nonjudicial Foreclosure Agreement
**This Nonjudicial Foreclosure Agreement ("Agreement")** is made and entered into as of the ____ day of __________, 20__, by and between:
**1. Creditor:**
Name: ___________________________________
Address: _________________________________
City, State, Zip: ___________________________
**2. Debtor:**
Name: ___________________________________
Address: _________________________________
City, State, Zip: ___________________________
## Recitals
WHEREAS, the Debtor has executed a promissory note ("Note") with respect to the mortgage, deed of trust, or security agreement (collectively, "Mortgage") securing repayment of the Note;
WHEREAS, the Debtor has defaulted under the terms of the Mortgage;
WHEREAS, the Creditor intends to exercise its rights to initiate a nonjudicial foreclosure pursuant to the applicable laws of the state of __________;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
## 1. Default
Debtor acknowledges that due to the following defaults under the Mortgage, the Creditor is entitled to commence a nonjudicial foreclosure:
- [Specify the nature of the default, e.g., failure to make payments, failure to pay taxes, etc.]
## 2. Notification of Default
The Creditor shall provide the Debtor with a written Notice of Default as required by the applicable statutes in the state of __________. The Notification will include:
- A description of the default;
- The amount due;
- The action required to cure the default;
- The timeframe in which the Debtor may cure the default.
## 3. Foreclosure Process
If the Debtor fails to cure the default within the specified time frame, the Creditor may proceed with the nonjudicial foreclosure process, which shall include:
- Issuance of a Notice of Sale in accordance with state law;
- Conducting a foreclosure sale in a public venue;
- Delivering full compliance with all applicable legal requirements.
## 4. Sale Proceeds
The proceeds obtained from the nonjudicial foreclosure sale shall be applied as follows:
1. Payment of the costs and expenses incurred by the Creditor in connection with the foreclosure process;
2. Payment of any liens or secondary mortgages on the property;
3. Payment to the Creditor for the outstanding amount owed on the Note;
4. Any remaining balance shall be paid to the Debtor or to whomever may be entitled under applicable law.
## 5. Waiver of Rights
By signing this Agreement, the Debtor waives any rights to contest the foreclosure process or to seek any remedies available under the law related to the default.
## 6. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of __________.
## 7. Severability
If any provision of this Agreement is found to be unenforceable or invalid by a court of law, the remaining provisions shall continue in full force and effect.
## 8. Entire Agreement
This Agreement constitutes the entire understanding between the parties and supersedes any prior agreements, negotiations, or discussions.
IN WITNESS WHEREOF, the parties have caused this Nonjudicial Foreclosure Agreement to be executed as of the day and year first written above.
**Creditor Signature:**
________________________________________
Name: __________________________________
Title: ___________________________________
Date: ___________________________________
**Debtor Signature:**
________________________________________
Name: __________________________________
Date: ___________________________________
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**Notary Public:**
State of __________
County of __________
Subscribed and sworn to before me on this ____ day of __________, 20__.
________________________________________
Notary Signature
My Commission Expires: ___________________