UNWRAP AGREEMENT

Agreement made this _____ day of _________ , 19___ by and between ____________________ and ____________________ .

WITNESSETH

Whereas, the part of the first part is the holder of the following mortgage and of the note secured thereby , which mortgage now covers the property hereinafter described, and

Whereas, the party of the first part, the holder of said note and mortgage, and the party of the second part, the owner in fee simple of the property hereinafter described, have mutually agreed to modify the terms of said mortgage and of the note secured thereby in the manner hereinafter appearing.

Now, Therefore, in pursuance of said agreement and in consideration of the sum of Ten Dollars and other valuable consideration each to the other in hand paid, receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree as follows:

That, the lien of said mortgage is reduced so that it shall hereafter constitute a lien securing the principal sum of $___________ , and interest, upon the property described as follows:

……………………

1. That the principal and interest hereby agreed to be paid shall be a lien on the mortgaged premises and be secured by said note and said mortgage, and that when the terms and provisions contained in the note and mortgage in any way conflict with the terms and provisions contained in said agreement, the terms and provisions herein contained shall prevail, and that as modified by this agreement the said note and said mortgage are hereby ratified and confirmed.

2. Said mortgage as modified shall secure payment of an indebtedness in the sum of $_________ with interest thereon . The entire outstanding balance including principal and any accrued interest shall be due and payable in full on ____________ , according to a certain note given this date to the party of the first part from the party of the second part.

3. Paragraphs _____ and _____ of the said mortgage are deleted in their entirety, it being the intention of the parties hereto that said mortgage as modified herein shall not "wrap around" the existing first mortgage dated …………………(describe first mortgage)

4. The party of the second part hereby agrees and undertakes to make any and all payments due on the first mortgage described in paragraph 3 above which accrue on and after __________ .

In Witness Whereof …..