May '24 • Offers and Negotiations
Sample Vendor Take Back Clause
Per today's call - here's a template for a VTB Clause we put into agreements:
"The Seller agrees to provide a Vendor Take Back (VTB) mortgage to the Buyer in the principal amount of [Principal Amount] at an annual interest rate of [Interest Rate] percent, with interest-only payments of [$XXXX] due on the [Day] of each month, commencing on [Start Date] and maturing on [Maturity Date]. The full principal amount shall be payable on the Maturity Date. The Buyer may prepay the principal without penalty. In the event of default, the full principal and accrued interest shall become immediately due and payable. This mortgage will be secured by the property located at [Property Address], and the Buyer shall maintain insurance on the property and pay all property taxes. This agreement is governed by the laws of [Jurisdiction], and all notices shall be in writing and deemed given when delivered personally or sent by registered or certified mail."
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Sample Vendor Take Back Clause
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