(iv) Privilege is reserved and Borrower may, at any time, substitute for the collateral that is security for this NOTE secured by a Deed of Trust.

(iv) Privilege is reserved and Borrower may, at any time, substitute for the collateral that is security for this NOTE secured by a Deed of Trust.

They typically do not allow "assignment of contract" and thus, to cirumvent that, one must incorporate a double close.The other options are to use a trust, newly formed entity, or substitution of buyer.

There is also something called "substitution of collateral", this is used to swap one property out and another property in.BTW - for both of the subordination agreements I attached in an earlier post, the new first lender foreclosed, and the old first ended up with ________Yup - empty hands!

(iv) Privilege is reserved and Borrower may, at any time, substitute for the collateral that is security for this NOTE secured by a Deed of Trust.

Nevertheless, this:48÷2(9+3)can be turned into this:48 / 2 * (9 + 3)By substituting / for the ÷ and by inserting the implicit multiplication.However, 48÷2(9+3)Could, I suppose, be turned into:48------------2*(9+3)That contains an implicit grouping of 2*(9+3) into the denominator.

If you want the most current and accurate information there is no substitute for pulling the data yourself from the CAD.

Originally posted by Michael Quarles:...1) Does the note have a Due of Sale clause....In Seller Financing (where you are the buyer), you don't really want a "Due on sale" clause, but you might want to have a "substitution of collateral" clause in case you sell but really like those loan terms ...

Then, after WWII with the GI Bill, a more formal educational training was substituted.

It is not a substitute for experience, but it is a credential that shows you have the ability to complete things.