Additional advance. This amendment adds a second advance to your existing Bridge2Sell transaction. Your deal term and structure stay exactly as signed. Drawing an additional $50,000.00 raises your monthly payment, your prepaid rent, and your repurchase amounts, as shown inside.
This amendment adds an additional advance to your existing transaction, and updates the figures that move with the size of the advance. Here is exactly what that means.
You receive an additional $50,000.00 in cash at the closing of this advance.
Your original agreement structure, both of your exit dates, and the Subject-To terms are unchanged. What does move is the amounts: drawing more cash makes your monthly payment, your prepaid rent, and your Year-1 and Year-2 repurchase prices higher, as shown below.
Here is the additional funding request and the resulting cash to you at closing. Your legal fee is included in the estimated closing costs shown on the next page, not taken from your cash.
| Request increase | $50,000.00 |
| Legal fee | $997.00 |
| Total funds received (new cash to you at closing) | $150,000.00 |
All figures are estimates, subject to change based on final title and closing costs.
| Estimated proceeds to you | $150,000.00 |
| Estimated closing costs & prepaids paid at closing | |
| 24 pre-paid lease payments | $41,743.99 |
| Estimated title & closing costs (includes the $997 legal fee) | $3,997.00 |
| Administrative fee | $1,997.00 |
| Estimated purchase amount (Total Advance) | $197,737.99 |
| Fees | |
| New Option fee (20%) | $39,547.60 |
| New Exit fee (1%) | $1,977.38 |
| Fees subtotal | $41,524.98 |
| Total | $239,262.97 |
| Credits, if satisfied before Month 13 | |
| 12 pre-paid lease payments credited back | -$20,871.99 |
| Credits subtotal | -$20,871.99 |
| Estimated option to repurchase: Year 1 | $218,390.98 |
Term: 1 year with an automatic 12-month extension (Year 2). During Year 2, all fees and payments are prorated until the time of sale (see the schedule on the next page). Your deal term, agreement structure, and both exit dates are unchanged from your original agreement.
Payments are prepaid at closing. After 12 payments, anything unused is prorated to your sale date and credited back.
| Month 13 | $223,590.72 |
| Month 14 | $228,790.47 |
| Month 15 | $233,990.22 |
| Month 16 | $239,189.97 |
| Month 17 | $244,389.72 |
| Month 18 | $249,589.46 |
| Month 19 | $254,789.21 |
| Month 20 | $259,988.96 |
| Month 21 | $265,188.71 |
| Month 22 | $270,388.46 |
| Month 23 | $275,588.20 |
| Month 24 | $280,787.95 |
Monthly proration is the sum of your annual option fee and your monthly payment cost, estimated at $5,199.75 per month during any extension period, applied only until the time of sale.
Here is your current deal, your deal with the additional $50,000.00, and the increase, side by side. All figures are estimates, subject to change based on final title and closing costs.
| Your current deal | With the additional $50,000.00 | Increase | |
|---|---|---|---|
| Cash to you | $100,000.00 | $150,000.00 | +$50,000.00 |
| Monthly lease payment | $1,170.72 | $1,739.33 | +$568.61 |
| Prepaid rent | $28,097.20 | $41,743.99 | +$13,646.79 |
| Year-1 repurchase | $146,995.38 | $218,390.98 | +$71,395.60 |
| Year-2 repurchase | $188,993.76 | $280,787.95 | +$91,794.19 |
Taxes & insurance: Property taxes and insurance continue to ride your existing mortgage escrow and remain your responsibility. This is unchanged from your original Subject-To agreement.
This restates the figures above so they are easy to follow. Please review each line and initial to confirm your understanding.
| Definition | Amount | Initials |
|---|---|---|
| The estimated amount you will receive at closing | $150,000.00 | |
| The estimated monthly lease payment | $1,739.33 | |
| Closing costs | $3,997.00 | |
| Admin fee | $1,997.00 | |
| 24 months of lease payments included in your purchase price | $41,743.99 | |
| This brings your estimated purchase amount to (Total Advance) | $197,737.99 | |
| Your estimated annual option fee & exit fee subtotal | $41,524.98 | |
| The Option Repurchase amount in Year 1 (after credits) | $218,390.98 | |
| Monthly proration (option fee + exit fee + payment, monthly) | $5,199.75 | |
| The Option Repurchase amount in Year 2 | See Months 13-24 schedule |
I/We, the undersigned, agree to add the additional advance and the amended figures set out in this amendment to our existing Bridge2Sell agreement. All other terms of that agreement remain unchanged. I/We have the authority to sign this amendment on behalf of the related entities.
This amendment amends only the items shown above. Your monthly payment, prepaid rent, and Year-1 and Year-2 repurchase prices are increased to the amended figures shown above; your deal term, agreement structure, and both exit dates are not changed and remain in full force. On a Subject-To transaction, property taxes and insurance are carried by your existing underlying mortgage escrow and remain your responsibility.
All figures are estimates, subject to change based on final title and closing costs. THIS IS NOT A PERSONAL LOAN, MORTGAGE, LAND CONTRACT OR OTHERWISE. YOU SHOULD CONSULT WITH AN ATTORNEY TO UNDERSTAND YOUR RIGHTS AND OBLIGATIONS UNDER THE CONTEMPLATED TRANSACTION. YOU MAY ALSO WISH TO CONSULT WITH A FINANCIAL, TAX, OR REAL ESTATE PROFESSIONAL PRIOR TO SIGNING THIS AMENDMENT.