Otherwise continue to risk your business and personal finances on top of a potential prison sentence...Kudos,Mary

Most states have prescribed fines that are not minor, and the possibility of a prison sentence is not out of the question.

Minh I answered your question in the last few sentences of my previous post.

@Michael Gee I understand a 16 page document is quite lengthy and you may not be able to omit every paragraph that doesn't apply(2 out of 5 sentences may apply) but if you can make it a 12 page doc by excluding those paragraphs that are absolutely inapplicable that may help.

The bold sentence implies that foreclosing from a 2nd position somehow makes the 1st lender irrelevant or gives the 2nd some hidden advantage.

<----Saying the same thing twice, I would go with the first sentence because the second sentence lacks confidence in your offering.

I don't recall ever seening a legal document that has "TIME BEING OF THE ESSENCE" and "...be extended as necessary..." in the same thought/sentence.

A conviction for federal mortgage fraud charges can result in a federal prison sentence of 30 years, while state convictions can last a few years or more.

Not sure what you hope to achieve with your last sentence, either. 

Mine is one page and 8 sentences long, but typically it's just a verbal offer.