CASH FOR KEYS Clause Samples
The "Cash for Keys" clause establishes an agreement where a property owner offers a tenant a monetary payment in exchange for the tenant vacating the premises by a specified date. Typically, this arrangement is used in situations where the landlord wishes to regain possession of the property without resorting to formal eviction proceedings, and the payment serves as an incentive for the tenant to leave voluntarily and in good condition. This clause helps both parties avoid the time, expense, and uncertainty of eviction, providing a clear and mutually agreed-upon path for ending the tenancy.
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CASH FOR KEYS. The maximum allowable payment to either an owner or tenant to vacate the property without ▇▇▇▇▇▇▇ Sachs’ prior consent should be one thousand five hundred dollars ($1,500). If the servicer intends to pay either an owner or tenant to vacate the property an amount in excess of one thousand five hundred dollars ($1,500), the servicer should make commercially reasonable efforts to obtain ▇▇▇▇▇▇▇ ▇▇▇▇▇’ prior consent. Every advance should be cost justified and that data available to ▇▇▇▇▇▇▇ Sachs upon request. The exact amount of the advance should be proportional to the benefit and made to avoid a lengthily eviction process. Payments should be made only after the property is actually vacated and inspected by designated agents of the servicer. The servicer will report each month on all cash for keys transactions. · INSURANCE CLAIMS- The servicer will report on a monthly basis all Insurance claims filed, claims denied and claims aged over ninety (90) days during the reporting period. ·
CASH FOR KEYS. The maximum allowable payment to either an owner or tenant to vacate the property without ▇▇▇▇▇▇▇ ▇▇▇▇▇’ prior consent should be one thousand five hundred dollars ($1,500). If the servicer intends to pay either an owner or tenant to vacate the property an amount in excess of one thousand five hundred dollars ($1,500), the servicer should make commercially reasonable efforts to obtain ▇▇▇▇▇▇▇ Sachs’ prior consent. Every advance should be cost justified and that data available to ▇▇▇▇▇▇▇ ▇▇▇▇▇ upon request. The exact amount of the advance should be proportional to the benefit and made to avoid a lengthily eviction process. Payments should be made only after the property is actually vacated and inspected by designated agents of the servicer. The servicer will report each month on all cash for keys transactions. · INSURANCE CLAIMS- The servicer will report on a monthly basis all Insurance claims filed, claims denied and claims aged over ninety (90) days during the reporting period. · LISTING – o All properties are expected to be listed within thirty (30) days of possession. o Properties not listed within thirty (30) days will require an exceptions report at month end. o All listings should be in the local MLS. o Listing Agreements should not be for more than six (6) months. o All listing agreements are subject to cancellation at any time without penalty of liability to ▇▇▇▇▇▇▇ Sachs · SIGNAGE - All listed properties are to have a sign that is conspicuous and readable from the street which clearly indicates the property is available for sale and contact information for prospective buyers. o From the date of acquisition through the date of listing , the broker/agent/servicer is to reasonably inspect the property until a sale sign is posted. [OWNER] [DATE] Countrywide Home Loans Servicing LP ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ SV-3A ▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ Attn: Portfolio Services Re: Flow Servicing Agreement dated May __ , 2005 (the “Servicing Agreement”), between ▇▇▇▇▇▇▇ ▇▇▇▇▇ Mortgage Company (“Owner”) and Countrywide Home Loans Servicing LP, as servicer (“Countrywide”). Gentlemen and Ladies: This letter (this "Commitment Letter") and the Term Sheet attached hereto as Exhibit A, identifies certain mortgage loans (the “Added Mortgage Loans”) which Owner proposes to add and make subject to the Servicing Agreement and the business terms under which Servicer agrees to service the Added Mortgage Loans. Upon the mutual execution of this Commitment Letter, the Added Mortg...
CASH FOR KEYS. The maximum allowable payment to either an owner or tenant to vacate the property without ▇▇▇▇▇▇▇ ▇▇▇▇▇’ prior consent should be one thousand five hundred dollars ($1,500). If the servicer intends to pay either an owner or tenant to vacate the property an amount in excess of one thousand five hundred dollars ($1,500), the servicer should make commercially reasonable efforts to obtain ▇▇▇▇▇▇▇ Sachs’ prior consent. Every advance should be cost justified and that data available to ▇▇▇▇▇▇▇ ▇▇▇▇▇ upon request. The exact amount of the advance should be proportional to the benefit and made to avoid a lengthily eviction process. Payments should be made only after the property is actually vacated and inspected by designated agents of the servicer. The servicer will report each month on all cash for keys transactions. · INSURANCE CLAIMS- The servicer will report on a monthly basis all Insurance claims filed, claims denied and claims aged over ninety (90) days during the reporting period. · LISTING – o All properties are expected to be listed within thirty (30) days of possession. o Properties not listed within thirty (30) days will require an exceptions report at month end. o All listings should be in the local MLS. o Listing Agreements should not be for more than six (6) months. o All listing agreements are subject to cancellation at any time without penalty of liability to ▇▇▇▇▇▇▇ Sachs ·