Form of PURCHASE AGREEMENT AND ABSOLUTE ASSIGNMENT OF LIFE INSURANCE POLICY
EXHIBIT 10.1
Form
of
PURCHASE
AGREEMENT AND ABSOLUTE
ASSIGNMENT
OF LIFE INSURANCE POLICY
Seller:
Insured:
Insurance
Company:
Policy
#:
THIS
AGREEMENT (the
“Agreement”), is dated as
of _________, 2005, by and
between the Seller and the Purchaser. The terms, conditions and provisions set
forth on the Terms Rider and Key Terms (hereinafter, the “Terms Rider”) are
hereby incorporated by reference. All capitalized terms not defined herein are
as defined in the Terms Rider.
WHEREAS, the
Seller is the sole owner of a certain life insurance policy, more particularly
described on the Terms Rider (the “Policy”), issued by the Insurance Company,
insuring the life of the Insured, and;
WHEREAS, the
Seller desires to sell to Purchaser all of Seller's rights, title and interest
in, to and under the Policy and the proceeds and/or benefits derived and/or to
be derived therefrom, and;
WHEREAS,
Purchaser is willing to purchase all of the Seller’s right, title and interest
in, to and under the Policy and the proceeds and/or benefits derived or to be
derived therefrom, and;
WHEREAS, the
Seller has either consulted with or had an opportunity to consult with and
receive professional advice from attorneys, accountants, and/or financial
advisors of the Seller’s choosing prior to entering into this Agreement,
and;
WHEREAS, the
parties, after due consideration and deliberation, desire to enter into this
Agreement setting forth herein their respective rights and obligations with
respect to the Policy, the proceeds and/or benefits derived or to be derived
therefrom, and the subject matter hereof.
NOW,
THEREFORE, in
consideration of the payment by Purchaser to the Seller of the Purchase Price
and in further consideration of the mutual promises and covenants contained in
this Agreement and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:
1. |
Incorporation
of Recitals. The
above-stated references and recitals are hereby incorporated into this
Agreement by reference as if set out again in
full. |
2. |
Purchase
& Sale of Policy. Subject
to the terms and conditions set forth
hereinbelow: |
a. |
The
Seller hereby sells, transfers, conveys and assigns absolutely,
irrevocably and forever to Purchaser, all the Seller’s right, title,
claim, interest, options, benefits and privileges in, under and/or with
respect to the Policy and the proceeds derived and/or to be derived
therefrom which now or hereafter exist and/or arise in favor of the Seller
and/or each and every beneficiary in, under or with respect to the Policy,
including, without limitation, the following rights to:
|
i. |
change
the beneficiary on the Policy; |
ii. |
assign
or surrender the Policy; |
iii. |
borrow
on and maintain the Policy; |
iv. |
apply
for obtain a waiver of premium or conversion of the Policy;
|
v. |
be
notified about any and all matters relative to the Policy as to which
Seller may or should be notified; |
vi. |
receive
the net death benefit due under the Policy and use or disburse same as
Purchaser deems appropriate, in its sole discretion (subject to any of
Seller's rights of rescission hereunder); |
vii. |
use
and enjoy the cash value and Policy dividends as Purchaser deems
appropriate, in its sole discretion (subject to any of Seller's rights of
rescission hereunder). |
b. |
Seller,
concurrently with the Change of Ownership form (attached hereto as Exhibit
“C”) executed pursuant to this Agreement, hereby designates Purchaser as
the sole beneficiary of the Policy as indicated on the Change of
Beneficiary form (attached hereto as Exhibit
“D”). |
c. |
Purchaser
hereby purchases and accepts all of the Seller’s right, title and interest
in, to and under the Policy and the proceeds and benefits derived and/or
to be derived therefrom which now or hereafter exist and/or arise in favor
of the Seller and/or each and every beneficiary in, under and/or with
respect to the Policy, except as outlined in section 14(a) of this
Agreement. |
d. |
The
Seller acknowledges and agrees that the foregoing sale, transfer,
conveyance and assignment includes within it all of the Seller’s right,
title and interest in and to all money, funds, sums of money and/or other
proceeds now or in the future due or payable under the Policy, including
without limitation all dividends, options, benefits, and/or advantages
derived and/or to be derived from the Policy, and the right to surrender
the Policy at any time and to receive the surrender value of the Policy,
all for the sole use and benefit of
Purchaser. |
e. |
Following
the closing of the transaction contemplated herein, Seller shall have no
obligation to pay premiums on the Policy. |
3. |
Purchase
Price. The
Purchaser shall pay the Purchase Price to the Seller as follows:
|
Within
three (3) business days, upon receipt from the Seller of documents to effect the
transfer of the Policy, Purchaser will:
Place the
proceeds of the settlement with a trustee or escrow agent, to be placed into an
escrow or trust account in a financial institution that is a member of the
Federal Deposit Insurance Corporation (FDIC), where such proceeds shall remain
until:
(i) the
proceeds are disbursed to the Seller within three business days, upon the
written acknowledgment of the transfer of the Policy by the Issuer of the
Policy;
(ii) the
proceeds are transferred to purchase an instrument used to effect installment
payments in a manner permitted by Texas law; or
(iii) the
proceeds and premium paid by the Purchaser are returned to the Purchaser by the
escrow agent or trustee upon notice of the Seller's rescission, including
rescission due to the death of the Seller within the rescission
period.
4. |
Representations.
As
a material inducement to Purchaser to enter into this Agreement and
consummate the transaction contemplated thereby, the Seller hereby
represents to Purchaser, which representations shall survive the execution
and delivery of this Agreement and the Closing thereof, as
follows: |
a. |
That
the Seller has full, complete and absolute title to and ownership of and
in the Policy, free and clear of all liens, claims, loans, charges,
restrictions and encumbrances, and that after the effective date of the
transfer of ownership of the Policy to Purchaser and the designation of
Purchaser by the Insurance Company in writing as a sole beneficiary in and
under the Policy, no person or other legal entity will have any interest
in or claim to the Policy or the proceeds derived or to be derived
therefrom other than Purchaser. |
b. |
That
Seller has the full right, power and authority to enter into this
Agreement and to consummate the transaction contemplated hereby without
the consent of the Insurance Company, the beneficiaries of or under the
Policy, any other party, legal entity, or governmental
body. |
c. |
That
this Agreement and all Exhibits or other documents executed and delivered
in connection with or relating to this Agreement (the "Related Documents")
and the consummation of the transactions contemplated by this Agreement
and the Related Documents, by the Seller, have been duly executed and
delivered, and are the legal and binding obligations of the Seller, as the
case may be, enforceable against the Seller, in accordance with their
respective terms. |
d. |
The
Agreement and Related Documents (and the consummation of transactions
contemplated therein) do not, and will not, violate any agreement,
covenant, law, rule or regulation with respect to which the Seller is
bound or to which the Seller is a party, and the Seller represents that no
person, partnership, corporation or other entity has any contract or any
other rights or claims to the ownership or proceeds of the
Policy. |
e. |
(Intentionally
omitted) |
f. |
That
Seller has a full and complete understanding of this Agreement and the
benefits of the Policy. |
g. |
That
there is attached hereto as Exhibit “A” and incorporated herein by
reference a true, complete and accurate copy of the original Policy,
including all amendments, endorsements, schedules, supplements and riders
thereto. |
h. |
That
the Peachtree Life Settlements Application attached hereto was at the time
of its completion and delivery, and remains as of the date hereof, true,
correct and complete in all respects. |
i. |
That
Exhibits "C" and "D" are complete and have been fully executed by
Seller. |
j. |
That
Exhibits "E" and "F" have been fully completed and executed.
|
k. |
That
Seller has not filed, nor had filed against Seller any proceeding under
the Federal Bankruptcy statutes, or state debtor relief laws in any
jurisdiction, nor has the Seller made any assignment of any property for
the benefit of any creditors, nor has the Seller had a receiver or trustee
be appointed for Seller or Seller’s property, nor is there presently
existing or threatened any execution, levy, attachment or other legal
process of law upon the Seller’s property including, without limitation,
the Seller’s interest in the Policy, nor is there outstanding any legal
process against the Seller or his property which enjoins the Seller from
transferring ownership of the Policy to Purchaser, or to effect a change
of beneficiary naming Purchaser as sole beneficiary, nor has the Seller in
any manner encumbered or pledged the Policy so that the right of ownership
of the Policy or the right to effect a change of beneficiary naming
Purchaser as the sole beneficiary may be impaired, affected or possibly
giving another person, partnership, corporation or other entity an
interest in the Policy or the right to be named as
beneficiary. |
l. |
That
all of the information provided to Purchaser by the Seller is complete and
accurate in all respects. |
m. |
That
the Seller has consulted with and received advice from attorneys,
accountants and/or financial advisors of the Seller’s own choosing to the
extent that the Seller has deemed
such advice necessary in order to satisfy itself that entering into this
Agreement and consummating the transaction contemplated hereby is in its
best interest, and that the Seller has determined that entering into this
Agreement and consummating the transaction contemplated hereby is in its
best interest, and the Seller acknowledges that he has had this Agreement
for an amount of time sufficient for him to thoroughly analyze, discuss
and receive advice from any professionals or anyone of his own
choice. |
n. |
That
Seller has paid all premiums due until the next policy year, or is hereby
authorizing the deduction of such premium amounts from the Purchase
Price. |
o. |
That
to the best knowledge of the Seller, the Policy is not in any way
contestable by the Insurance Company or any other party.
|
p. |
That
all information provided by Seller to Purchaser is true and accurate and
that Seller hereby acknowledges that any person who knowingly presents
false information in the Agreement or any documents related thereto or any
utilized to effect the transaction between Seller and Purchaser may be
found to be guilty of a crime and may be subject to fines and confinement
in prison. |
q. |
That
the Policy is fully enforceable in all respects, including, without
limitation, the existence of a valid and legally cognizable insurable
interest at the time of its issuance and at all times thereafter and that
to the best knowledge of the Seller, there exists no defense to payment of
the death benefit due under the terms of the
Policy. |
5. |
Deliverable
Documents. Contemporaneous
with the execution and delivery of this Agreement, the Seller and the
Insured (as applicable) shall duly execute and deliver to Purchaser or
cause to be duly executed and delivered to
Purchaser: |
i. |
A
true and complete copy of the original Policy which shall be attached
hereto as Exhibit "A". |
ii. |
A
completed Peachtree Life Settlements Application, attached hereto
including executed original Medical Information Releases and Authorization
to release Policy Information. |
iii. |
Two
original Change of Ownership forms attached as Exhibit "C" or as otherwise
required by the Insurance Company in order for the Insurance Company to
recognize and effectuate the transfer of ownership of the Policy from the
Seller to Purchaser. |
iv. |
Two
original Change of Beneficiary forms attached as Exhibit "D" or as
otherwise required by the Insurance Company in order for the Insurance
Company to recognize and effectuate the change of designation of
beneficiaries of or under the Policy from all of those presently
designated by Purchaser. |
v. |
A
completed List of Notifiers who have agreed to provide to Purchaser the
notification of the death of the Insured which notification shall be in
the form annexed to the List of Notifiers attached hereto as Exhibit “F”
. |
vi. |
A
completed Contact Information form, attached hereto as Exhibit
“E”. |
vii. |
Three
fully executed copies of both Medical and Policy releases, as provided by
Purchaser. |
viii. |
A
legible form of identification (e.g. drivers license, passport,
etc.). |
ix. |
A
properly executed Escrow Agreement. |
x. |
An
executed Acknowledgment form as prescribed by the Texas Department of
Insurance. |
6. |
Further
Documents. The
Seller and the Insured hereby covenant and agree at any time and from time
to time subsequent to the execution of this Agreement, at no cost or
expense to Purchaser, as applicable to the Seller of the Insured,
respectively, to take all further actions and/or to execute and deliver
all further assurances, documents and/or instruments as may be requested
by Purchaser in order to effectuate the intent and purpose of this
Agreement, including, without limitation, to effectuate and/or confirm
Purchaser’s designation as the sole beneficiary under the Policy, and that
the Insured shall authorize
the provision and/or delivery of information and documentation to
Purchaser from any physician, hospital, medical provider, insurance
company or other person or entity with regard to the Insured, the Policy
and/or any other matter related thereto as may be reasonably requested by
Purchaser. |
7. |
Right
to Rescind Agreement. |
a. |
Notwithstanding
any other provisions of this Agreement to the contrary, the parties hereto
acknowledge and agree that the Seller shall have the right to rescind this
Agreement and all obligations contained herein by sending written notice
to Purchaser of Seller's desire to rescind at any time but not later than
the fifteenth (15th)
calendar day after the date upon which the Purchase Price is received by
the Seller. If the Seller does not exercise its right of rescission within
fifteen (15) calendar days of the date the Seller receives the Purchase
Price, then the Seller’s right of rescission as set forth herein shall
terminate. |
b. |
In
the event that Seller elects to rescind this Agreement subsequent to
receiving the Purchase Price, Seller shall have the right to rescind only
by: |
i. |
Providing
Purchaser written notice of election to rescind by Seller,
and; |
ii. |
Making
an unconditional refund to Purchaser, in immediately available funds, of
the entire amount paid to Seller pursuant to this Agreement plus any
amounts which Purchaser may have paid to the Insurance Company as premiums
or premium deposit. |
c. |
In
the event that the Insured dies during the period in which Seller has a
right to rescind this Agreement, this Agreement shall be deemed to have
been rescinded, and the Purchaser shall refund the net death benefit to
the Seller. A refund of the net death benefit to a beneficiary or
beneficiaries under this paragraph is subject to repayment to Purchaser of
the Purchase Price, and if applicable, any premiums paid by the
Purchaser. |
8. |
Conditions
Precedent. The
Purchase Price shall be delivered to Seller once the following Conditions
Precedent have been satisfied or waived in writing by Purchaser:
|
a. |
Receipt
by Purchaser of a fully executed Agreement. |
b. |
Purchaser
shall have received an original written acknowledgment from the Insurance
Company that ownership of the Policy has been transferred, and the
beneficiary designated has been changed, each as requested by
Purchaser. |
c. |
Purchaser
has verified, the followinginformation relating to the Policy:
|
i. |
the
face amount of, and net death benefit payable under, the
Policy; |
ii. |
all
encumbrances on the Policy; |
iii. |
that
nothing in the Policy prohibits or restricts Seller from executing this
Agreement, and/or from transferring the ownership of the Policy and
changing the beneficiary designation as contemplated by this Agreement;
|
iv. |
the
absence of restrictions on the transfer of the Policy;
|
v. |
the
absence of any outstanding premiums on the
Policy; |
vi. |
that
the Policy is in full force and effect and has not lapsed;
|
vii. |
that
the premiums have been paid up to and including the date of the
closing; |
d. |
The
representation of the Seller shall be true, accurate and complete as of
the date hereof and as of the Closing of the transaction contemplated
herein. |
e. |
The
Seller shall have otherwise complied with all of its covenants,
commitments, undertakings and agreements contained in this
Agreement. |
f. |
There
shall not be pending any action, proceeding or governmental action, and
there shall not have occurred any change in law or regulation or
interpretation of the same, which challenges or seeks to avoid or
otherwise places in question the validity of the transactions contemplated
by the Agreement. |
g. |
No
insolvency, reorganization or like proceedings shall have been commenced
or threatened against, by or involving the Seller, or the Insurance
Company. |
h. |
Seller
shall have completed a recorded pre-Closing interview to the satisfaction
of Purchaser. |
i. |
All
financial information, policy information premium schedules, inforce
illustrations and representations shall be true, complete and accurate in
all material respects. |
j. |
In
the event all Conditions Precedent set forth above have not been satisfied
in accordance with the terms of this Agreement or waived within sixty (60)
days of the date of this Agreement, Purchaser may terminate the Agreement
by sending written notice thereof to the Seller. Upon such termination,
any funds being held in escrow shall be released therefrom to Purchaser's
lender. |
9. |
Notices.
Any
and all notices required or permitted under this Agreement shall be in
writing, and sent by either certified mail, or registered mail, return
receipt requested, postage prepaid, or via a nationally recognized
overnight delivery service which provides proof of delivery, to the party
to whom it is directed at such party's address above, or at such other
address provided in a notice as prescribed herein, or to the last known
post office address of such party. Any such notice duly given pursuant to
this Agreement shall be deemed effective upon mailing of the notice or if
given to a nationally recognized overnight delivery service upon delivery
to said overnight delivery entity. |
10. |
Changes
of Address and Other Information. The
Seller and Insured agree to notify Purchaser in writing of any change of
(a) Seller’s and the Insured’s address and other relevant information, and
(b) any changes in information contained on or pertaining to the Current
Contact Information form as soon as possible after such change has
occurred. |
11. |
Verification
of Contact and Other Information. Seller
and Insured understand that Purchaser shall be verifying Seller’s and the
Insured’s current address, contact information, family member contact
information (as applicable), and other relevant information not more
frequently than once every three (3) months for an Insured with a life
expectancy greater than one (1) year and not more frequently than every
thirty (30) days for an Insured with a life expectancy less than one (1)
year (or such longer period if required by applicable state statute or
other law) by sending Seller or the Insured (as applicable) correspondence
with a prepaid return response. Seller and Insured hereby covenant and
agree that they shall promptly and accurately complete and manually
execute the return response and return same to Purchaser or its
assign(s). |
Insured
may designate any individual of legal age, in regular contact with the Insured,
as a contact for inquiries about the Insured's health status upon written notice
providing the name, address and telephone number of the individual designated.
Insured may change its designation at any time upon written notice to the
Purchaser.
(a) In the
event Insured makes such a designation, Purchaser, authorized Purchaser's
representatives and/or any authorized broker involved in the transaction
contemplated herein shall not contact the Insured for health status information
about the Insured, unless Purchaser or such authorized Purchaser's
representatives are unable, after diligent effort, to contact a designee for
more than 30 calendar days, subject to the restrictions set forth in subsection
(b) of this section.
(b) Following
closing of the transaction contemplated herein, Purchaser or authorized
Purchaser's representatives shall not contact the Insured or Insured's designee
to determine the Insured's health status more frequently than once every 30 days
for Insureds with a life expectancy of one year or less, and not more than once
every three (3) months for Insureds with a life expectancy of more than one
year. No person shall contact the Seller, Insured or designee for determining
the health status of an Insured, unless that person is registered as a life
settlement provider, provider representative, or broker in Texas.
(c) Purchaser
hereby advises Seller that, the person/entity that will be contacting the
Insured (or Insured's designee, as the case may be) as to the Insured's health
status will be Purchaser, Life Settlement Corporation, 0000 Xxxx xx Xxxxxxxx
Xxxx., Xxxxx 000X, Xxxx Xxxxx, XX 00000, telephone no. (000) 000-0000 and/or3720
XxXxxxx Xxxxx Xxxxx 000-X Xxxxxxxx, XX 00000; telephone no. (000) 000-0000. If
someone other than Purchaser will undertake such contacts in the future,
Purchaser shall notify the Insured, in writing, of the name, address and
telephone number of any individual or entity that shall undertake such contact
activities. If the name, address or telephone number of Purchaser changes,
Purchaser shall notify Seller of any such change.
12. |
Entire
Agreement and Modifications. This
Agreement, including the Application, the Terms Rider and the Related
Documents, contains and constitutes the entire agreement between the
parties hereto with respect to the subject matter hereof, and there are no
representations, understandings, covenants or obligations between the
parties hereto other than as expressly set forth in this Agreement, the
Terms Rider and the Related Documents. No part of this Agreement may be
modified, amended or waived except by an agreement in writing signed by
the party or parties against whom enforcement of any such modification,
amendment or waiver is sought. No change to this Agreement shall be valid
until (a) approved by the Chief Executive Officer, President, Chief
Operating Officer or a Senior Vice President of Purchaser, any of whom are
hereby designated as having authority to bind the Purchaser and (b) such
approval is endorsed thereon or attached to this Agreement. No person,
other than the Chief Executive Officer, President, Chief Operating Officer
or a Senior Vice President of Purchaser has the authority to change this
Agreement or to waive any of its provisions, and, in the absence of fraud,
all statements made by Seller shall be deemed representations and not
warranties. |
13. |
Jurisdiction. This
Agreement was entered into in the State of Texas, and its validity,
construction, interpretation and legal effect shall be governed by the
laws and judicial decisions of the State of Texas and the United States of
America applicable to contracts entered into and performed entirely within
the State of Texas. Any action at law or in equity arising under this
Agreement shall be filed only in an appropriate State or Federal Court in
Texas. The Parties hereto hereby consent and submit to the exclusive
personal jurisdiction of such Courts for the purposes of litigating any
such action. |
14. |
Miscellaneous. |
a. |
In
the event that the Policy contains a provision of double or additional
indemnity for accidental death, entitlement to any such additional
benefits or amounts shall be as follows: The additional death benefit for
accidental death shall remain payable to the beneficiary last named by the
Seller, not including the Purchaser or in the absence of a beneficiary, to
the estate of the Seller; |
b. |
Should
the Seller have a disability waiver of premium for current and future
premium obligations, and said waiver of premium continues to remain in
effect after the Policy is sold to Purchaser, the Seller agrees to
continue to cooperate with Purchaser to ensure that the disability waiver
of premium continues to remain in place, to the extent that it is
permitted by the terms of the Policy. |
c. |
The
Policy is incorporated into and made a part of this
Agreement. |
d. |
In
the event that any provision of this Agreement is found invalid or
unenforceable pursuant to judicial decree or decision, the remainder of
this Agreement shall remain valid and enforceable according to its
terms. |
e. |
Seller
shall not have any right to assign or transfer this Agreement, or any
rights, duties or obligations of Seller under this Agreement, without the
prior written consent of Purchaser, which consent may be granted or
withheld by Purchaser in its sole discretion. Any attempted assignment
without such consent shall be null and void. Purchaser shall have the
right to assign this Agreement, including all rights, benefits and
obligations, in its sole and absolute discretion, without the Insured’s or
Seller’s consent. |
f. |
It
is not the intention of this Agreement or of the parties hereto to confer
upon any third party or entity any third party beneficiary rights or
rights of action whatsoever, and nothing set forth in this Agreement shall
be construed so as to confer upon any third party or entity, other than
the parties hereto, any third party beneficiary rights or a right of
action under this Agreement or in any manner
whatsoever. |
g. |
Where
the context or construction requires, all words applied in the plural
shall be deemed to have been used in the singular, and vice versa; the
masculine shall include the feminine and neuter, and vice versa; and the
present tense shall include the past and future tense, and vice
versa. |
h. |
This
Agreement may be executed in one or more counterparts, all of which taken
together shall constitute a single Agreement.
|
i. |
If
the Policy has been issued as a joint policy or contains riders or other
provisions insuring the lives of a spouse, dependents, or anyone else
other than the Insured, there may be a possible loss of coverage, and
Seller should consult with his or her Insurance Company or agent to
determine if the coverage may be converted in order to avoid losing the
coverage. |
j. |
Purchaser
has the right to assign, sell, or otherwise transfer ownership of the
Policy to a person or entity unknown to the Seller or Insured without the
Insured’s or Seller’s consent. |
k. |
Any
notices required under this Agreement shall be given and delivered to
either Purchaser or Seller via Certified Mail, Return Receipt Requested at
the address set forth herein or subsequently designated in a written
notice setting forth an updated address and delivered in accordance with
this paragraph. |
15. |
Other
Rights of Seller. |
As
the Seller is not a corporation incorporated under the laws of the State of
Florida, this Agreement is being entered into in Texas, and this Agreement shall
be regulated by the statutes and regulations of the State of
Texas.
16. |
Consent
of Insured. |
____________,
is aware
that Seller is selling the Policy to Purchaser and has no objection to such
sale. Insured wishes to aid Seller in the sale of the Policy and facilitate its
sale to Purchaser. To that end Insured agrees and represents as
follows:
a. |
That
Insured has no claims, interest or liens in, to or under the Policy or any
of its proceeds in any manner whatsover. |
b. |
The
Agreement and Related Documents (and the consummation of transactions
contemplated herein) do not, and will not, violate any agreement,
covenant, law, rule or regulation with respect to which the Insured is
bound or the Insured is a party. |
c. |
That
Insured is not now, nor has he ever been the subject of any mental health
or mental competency proceedings or any other proceedings or hearings with
respect to which the competency or capacity to contract of the Insured is
or was an issue, and that no committee, conservator or guardian has ever
been or is now appointed or serving with respect to the Insured or his
property, nor is any such proceeding, hearing, appointment or service
pending, threatened or contemplated. |
d. |
That
Insured is of sound mind and not subject to any constraint or undue
influence, and has a full and complete understanding of this Agreement and
the Related Documents. |
e. |
That
there is attached to the Agreement as Exhibit “A” and incorporated herein
by reference a true, complete and accurate copy of the Policy, including
all amendments, endorsements, schedules, supplements and riders
thereto. |
f. |
That
the Peachtree Life Settlements Application was at the time of its
completion and delivery, and remains as of the date hereof, true, correct
and complete in all respects as it relates to the
Insured. |
g. |
That
Exhibits "F", "G" and "H" have been fully completed and executed by the
Insured and all actions contemplated thereby have been or will be taken.
|
h. |
All
of the information provided to Purchaser by the Seller regarding the
Insured is complete and accurate in all
respects. |
i. |
That
the medical information releases were signed by the Insured, are in full
force and effect and that the Insured has consented to the release of all
medical information that has been provided to Purchaser prior to the date
of this Agreement, and that such consent is in effect and shall remain in
effect as stated therein. |
j. |
Third
Party Designee. As
provided above, Insured has the right to designate a third party designee
(hereinafter “Designee”) to act as a contact person for verifying
Insured’s current address, contact information, family member contact
information, and other relevant information not more frequently than once
every three (3) months for Insureds with a life expectancy greater than
one (1) year and not more frequently than every thirty (30) days for
Insureds with a life expectancy less than one (1) year, by sending
Designee correspondence with a prepaid return response. If Insured elects
to designate a Designee, Insured must provide the information requested
below: |
Designee
Name:
Address:
Phone
Number: |
m. | Failure of Designee. Insured hereby covenants and agrees that, should Designee fail to respond to Purchaser’s request for information about Insured, Purchaser shall have the right to contact Insured directly to verify Insured’s current address, contact information, family member contact information, and other relevant information not more frequently than once every three (3) months for Insureds with a life expectancy greater than one (1) year and not more frequently than every thirty (30) days for Insureds with a life expectancy less than one (1) year, by sending Insured correspondence with a prepaid return response. Insured hereby covenants and agrees that he shall accurately complete and manually execute the return response and return same to Purchaser. |
IN
WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals as
of the day and year first above written.
SELLER: PURCHASER:
Life
Settlement Corporation
By:
_________________________ By:
_________________________ Its:
_________________________