ࡱ> {yZ[0  !"#$%&'()*+,-./123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz|}~Root Entryb.@pdPerfectOffice_MAIN&_PerfectOffice_OBJECTS,0d0dSummaryInformation(| Oh+'Oh+'0L    Dale Whitman19$C:\COREL\SUITE8\PROGRAMS\PRWIN8.EXE Original Slide Show- inationWPC-XX81%_H4o%-3'XXXX,,,,51942*+13,*`-:|%2|%2WW/ YY@1 333,*`-:]%%W]WWPC-XX81%{0<Ʉ3'XXXXKKKK ? WPC_ ~ 5T@U;{XXz[[[Dx|B"XXXX'33' >-Rpu ` ] T}gI !/#&M'RW'R'(R(R+)+>/.1R1M1I4Rh4`6j8R9:<?YB.E:HnKaMj9Q^SMSQWPC "  "2  I  .3  (  (2  I  .3  DoesMEhaveadutytoprovidea payoffstatement?..2  A  .3  Restatement=yes....2  1  .3  Balanceowing....2  1  .3  Interestrate(ifadjustable)....2  1  .3  Anyadditionalfeesowed....2  1  .3  Whetherindefaultoraccelerated....2  1  .3  Amountsheldinescrowaccounts....2  1  .3  Identityofanyassigneeofthemortg.( #$(2  I  .3  Whatremediesif:..2  A  .3  MErefusestoprovidethestatement?..2  A  .3  MEgivesthestatement,butitiswrong.......2  1  .3  Incorrectlytoohigh....2  1  .3  Incorrectlytoolow( !"(2  I  .3  Whocandemandapayoffstatement?..2  A  .3  Mortgagor..2  A  .3  Anyoneobligatedonthedebt..2  A  .3  Anyonewithaninterestintherealestate..2  A  .3  Aprospectiveforeclosurebidder# #2  I  .3  PaymentinFull..2  A  .3  Byonewhois primarilyresponsibleforthedebt:....2  1  .3  (extinguishesthemortgage)..2  A  .3  Byonewhoisnot primarilyresponsibleforthedebt:....2  1  .3  (assignsthedebtandmortgagetothepayorbysubrogation)' @  '2  I  .3  Whydoesapayor(redemptionor)wantsubrogation?# #2  I  .3  WhatiftheMErefusestoacceptapayment?..2  A  .3  Ifthepayortendersand keepsgoodthetender:....2  1  .3  themortgageisdischarged(theoretically)....2  1  .3  thepayorisentitledtoadischargeorassignmentwhenpaymentismade....2  1  .3  intereststopsaccruingonthedebt#%&#2  I  .3  Statutorypenaltiesforfailuretogiveadischarge:..2  A  .3  Mo.Rev.Stat.443.130:....2  1  .3  15daysfromtenderandrequest....2  1  .3  10%ofamountofdebt....2  1  .3  plusanyotherdamagesproved..2  A  .3  Oklahoma:1%foreachdayafter10days..2  A  .3  Penn:forfeitureofuptothefulldebt72  I  .3  ..2  A  .3  Mo.Rev.Stat.Mo.443.130:1.Ifanysuchperson,thusreceivingsatisfaction,doesnot,withinfifteenbusinessdaysafterrequestandtenderofcosts,delivertothepersonmakingsatisfactionasufficientdeedofrelease,suchpersonshallforfeittothepartyaggrievedtenpercentupontheamountofthesecurityinstrument,absolutely,andanyotherdamagessuchpersonmaybeabletoprovesuchpersonhassustained...2  A  .3  82  I  .3  ..2  A  .3  2.Toqualifyunderthissection,themortgagorshallprovidetherequestintheformofademandlettertothemortgageebycertifiedmail,returnreceiptrequested.Thelettershallincludegoodandsufficientevidencethatthedebtsecuredbythedeedoftrustwassatisfiedwithgoodfunds,andtheexpenseoffilingandrecordingthereleasewasadvanced.92  I  .3  ..2  A  .3  Murrayv.FleetMortgageCorp.,936S.W.2d212(Mo.App.1996):refinancingmortgageewasnotagentfororiginalmortgagee,withauthoritytocollectrecordingfeesonoriginalmortgagee'sbehalf,nordiditactasagentforborrower...2  A  .3  ..2  A  .3  Robertsv.Rider,924S.W.2d555(Mo.App.1996):defendantwasundernoobligationtoexecutedeedofreleaseuntiltherehadbeenjudicialdeterminationofthe"reasonableattorneyfees"towhichdefendantwasentitledunderexpresstermsofdeedoftrustnote..2  A  .3  ('()(2  I  .3  Prepayment:....2  1  .3  Canbe..2  A  .3  voluntary(e.g.,refinancing)..2  A  .3  paymentofcasualtyinsuranceproceedsoreminentdomainaward..2  A  .3  aresultofaccelerationunderadue-on-saleclause..2  A  .3  aresultofaccelerationfordefault( (2  I  .3  Possiblemortgageclausesonprepaynent:..2  A  .3  Prepaymentfreelyallowed...2  A  .3  Feerequiredforprepayment...2  A  .3  Noprepaymentforaspecifiedperiod,andafeethereafter...2  A  .3  Noprepaymentforentirelifeoftheloan.(Theloanis lockedin.)( (2  I  .3  Ifafeeischarged,itmaybebasedon:..2  A  .3  Anumberofmonthsinterest(e.g.,6mo.)ontheunpaidbalance...2  A  .3  Apercentageoftheunpaidbalance...2  A  .3  Theproductofthebalancexremainingtermxaratedifferential.'   '2  I  .3  Assumeyouareaborrower,andyourmortgagesaysnothingaboutprepayment...2  A  .3  Doyouhavealegalrighttoprepay?( (2  I  .3  Ifthemortgageissilentastoprepayment.....2  A  .3  Majority:Noprepaymentispermitted.(Perfecttenderintime.)..2  A  .3  Minority:Prepaymentmaybemade.(Pa.,N.C.,Mo.,Restatemt)..2  A  .3  Statutes:inabout20states,allowingprepaymentofresidentialmortgageloans.( (2  I  .3  Whydolendersdemandprepaymentfeesorlock-ins?..2  A  .3  Tomitigatetheriskofreinvestmentinafallingmarket...2  A  .3  Toavoidthetroubleofreinvesting...2  A  .3  Tocoverlossfromdelayinreinvesting...2  A  .3  Torecovertheirinitialcosts...2  A  .3  Becausethemortgagehasbeenusedtosecuritizenon-callable(non-prepayable)securities.! 2  I  .3  "   "2  I  .3  "   "2  I  .3  " @  "2  I  .3  Iftheborrowersadvantageinrefinancingisgreaterthanthelendersdamage,thetwopartieswillprobablyfindasettlementpoint."   "2  I  .3  "   "2  I  .3  (  *(2  I  .3  ..2  A  .3  Presentvalueoflenderslossduetoprepayment:....2  1  .3  $43,260..2  A  .3  Presentvalueofborrowersgainfromrefinancing:....2  1  .3  $85,494..2  A  .3  Hence,thepartieswillprobablyreachagreementforaprepaymentwithafeebetweenthesenumbers.(  (2  I  .3  Possibleattacksonprepaymentfees:..2  A  .3  Restraintonalienation..2  A  .3  Usury(ifstatehasausurylaw)..2  A  .3  Unconscionable..2  A  .3  Improperliquidationofdamages...a penalty.....2  1  .3  0..0 ..damagesestimatedattimeofcontracting....2  1  .3  0..0 ..damagesestimatedatbreach( (2  I  .3  Whatstheeffectofa comboofthefollowing:....2  1  .3  (morelikelyfoundinaninstallmentcontract)..2  A  .3  1.Noprepaymentmaybemadewithoutlendersconsent...2  A  .3  2.Notransferoftherealestatemaybemadewithoutlendersconsent."  "2  I  .3  +  2  I  .3  (   (2  I  .3  A.J.Lanesholdings:..2  A  .3  Not reasonableinlightofactualdamages(therewerenone)...2  A  .3  Nota reasonableestimateofprospectivedamages;didnotattempttotakeaccountofchangesintheinterestmarket...2  A  .3  Remember:ThisaBankruptcyCode506(b)case...notadecisionunderstatelaw."  "2  I  .3  (   (2  I  .3  WhatswrongwithKroghBros.formula?..2  A  .3  LenderwontreallyreinvestinU.S.Treasurybonds...2  A  .3  Theresnodiscountingofthefuturepaymentstopresentvalue...2  A  .3  Itfailstotakescheduledamortizationintoaccount.#<=#2  I  .3  YieldMaintenanceClause(p.517)..2  A  .3  Presentvalueofallfuturepayments.....2  A  .3  DiscountedtoPVattheU.S.Treasuryinterestrate.....2  A  .3  Minustheprincipalbalanceatthetimeofprepayment..2  A  .3  (IneffectthisassumesthatthepayoffamountwillbereinvestedattheTreasuryrate)."  "2  I  .3  ( (2  I  .3  Issuesinenforcementofprepaymentfeesuponaccelerationbylender:..2  A  .3  Doesclausespecificallyrequirethefeeunderthesecircumstances?..2  A  .3  Istheaccelerationnecessarytoprotectthelendersnon-interest-raterights?( -.(2  I  .3  LateFeesand DefaultInterest..2  A  .3  Clearlyaformofliquidateddamagesclause..2  A  .3  Mustbeareasonableestimateoflendersactualcosts..2  A  .3  Feeismorelikelytobeenforcedifbasedonthemissedinstallment,nottheloanprincipal#+,#2  I  .3  FleetBankv.106Realty..2  A  .3  DefaultInterest:4%aboveregularrate....2  1  .3  (Heldvalid)..2  A  .3  Latefee:5%ofmissedinstallment(here,imposedonaballoonpaymentof$2.1million)....2  1  .3  (Heldunreasonable,unenforceable)..2  A  .3  Whichwouldhavecostmore?-#/01-2  I  .3  MetlifeCapitalv.WashingtonAvenueAssociates....2  1  .3  N.J.SupremeCt.,6/30/99..2  A  .3  Loan:$1.5M.48monthlypaymentsof$14,000,plusballoonpaymentof$1.39M..2  A  .3  Latefee:5%oflateinstallment..2  A  .3  Interestupondefault:jumpsfrom9.55%to15%..2  A  .3  40paymentsplustheballoonwereinfactmadelate.#32#2  I  .3  ....2  1  .3  Thelatefee:..2  A  .3  liquidateddamagesprovisionsinacommercialcontractbetweensophisticatedpartiesarepresumptivelyreasonable...2  A  .3  actualcostsaredifficulttomeasure...2  A  .3  numerousN.J.statutesauthorize5%latefees..2  A  .3  5%latefeesare standardindustrypractice..2  A  .3  Conclusion:itsreasonable(thoughits$70,000!)#45#2  I  .3  ....2  1  .3  Defaultinterest:..2  A  .3  thetrialcourtreduceditto3%increase(or12.55%)andnooneappealedthereduction...2  A  .3  itsareasonableestimateofthepotentialcostsofadministeringadefaultedloan.....2  A  .3  andthepotentialdifferencebetweenthecontractinterestrateandtheratethatMetLifemightpaytosecureacommercialloanreplacingthelostfunds...2  A  .3  Defaultinterestof15%to18%iscommon.62  I  .3  ..2  A  .3  MetLifeassertsthatintheabsenceofunconscionabilityorillegality,[alllatefeesanddefaultinterest]shouldbeenforced.Weagreeintoday'scompetitivemarketthatordinarilysuchchargesarepartofthecostofdoingbusiness.We,however,prefertoincorporatethatfactorintothe"reasonableness"test.Courtsareaccustomedtodealingwiththestandardofreasonableness.Wethinkthatstandardratherthanan"unconscionability"standardprovidesanadequatesafeguardforthelendersandbetterprotectionfortheborrowers.#+#2  I  .3  Themortgageobligation:..2  A  .3  Measurableinmoneyor..2  A  .3  Reducibletomonetaryvalueatthetimeofenforcement....2  1  .3  ......otherwise......2  A  .3  Howtodeterminedeficiencyorsurplus?..2  A  .3  Howtoredeem?#:;#2  I  .3  Devlinv.Weiner..2  A  .3  ObligationwastogiveDevlin:....2  1  .3  a3-bedroomcondoorhouse,or....2  1  .3  abuildinglotandmaterials,or....2  1  .3  hisprevioushouseplusacre...2  A  .3  Debtwasdefinedas$84,000...2  A  .3  Wasthisanenforceablemortgage?..2  A  .3  Wouldithavebeenenforceablewithoutthestipulated$84,000?( (2  I  .3  Arethesevalidmortgageobligations?..2  A  .3  Topay$100,000...2  A  .3  Toconstructahouse...2  A  .3  Toobtainrezoningofland...2  A  .3  Tosupportthemortgageeforlife...2  A  .3  Togivelove,affection,courtesy,andkindness.+  2  I  .3  "  "2  I  .3  F110&9:Rn%uw=sMBackground TitleBullet ChartTextOrg ChartData ChartComb ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9"Ƅ0<$h0<$C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +C`H H A"Arial Regular +)? 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  4 @ @ @ @ @ @ " dddddd$   Ve-z.+%3f13f3  ,O, \AZ"Arial RegularO@@@     3f   @3f  Q QO, \AZ"Arial RegularO@@@(morelikelyfoundinaninstallmentcontract)WPC XX81%XX81%3'XXXXKKKK9"] 0B 0C , \AZ"Arial Regular +C ::, \AZ"Arial Regular +3f3fC rr, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC RR, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9`8   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$    0.%133 @ Q/_O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..1.Noprepaymentmaybemadewithoutlendersconsent.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..2.Notransferoftherealestatemaybemadewithoutlendersconsent.WPCGXX81%XX81%v3'XXXX,,,,9"s v vc$:v vc$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   sv vc$' rKv #6O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularOIftheborrowersadvantageinrefinancingisgreaterthanthelendersdamage,thetwopartieswillprobablyfindasettlementpoint.WPCXX81%XX81%3'XXXXKKKK9"0h$ 0h$  0h$' ^ .#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Themortgageobligation:.+/ Z@1 _333 `00  WPCw XX81%XX81%e3'XXXXKKKK9 j"0 0  0-.)*+%'1353 @Q/S O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO    O, \AZ"Arial RegularO        @0X..MeasurableinmoneyorfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..ReducibletomonetaryvalueatthetimeofenforcementLO, \AZ"Arial RegularO     3f   @3f,..,        @3    O, \AZ"Arial RegularO     3f   @3f0........otherwise....fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Howtodeterminedeficiencyorsurplus?fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Howtoredeem?WPCXX81%XX81%3'XXXXKKKK9"20h$ 20h$  20h$' .#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Arethesevalidmortgageobligations?.+/ Z@1 _333 `3030WPC XX81%XX81%e3'XXXXKKKK9 j"M 0  0   0-.)*+%'1353 @Q/ O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO    O, \AZ"Arial RegularO        @0X..Topay$100,000.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Toconstructahouse.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Toobtainrezoningofland.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Tosupportthemortgageeforlife.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Togivelove,affection,courtesy,andkindness.WPCXX81%XX81%=3'XXXXKKKK9"8X0h$:0h$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)? 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 !@Z_33 4 @ @ @ @ @ @ " dddddd$   0k$' a .#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  FleetBankv.106Realty.+/ Z@1 _333 `00  WPCtXX81%XX81%e3'XXXXKKKK9 j"0B0C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9`8   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$   0-.)*+%'1353 @Q/ O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO    O, \AZ"Arial RegularO        @0X..DefaultInterest:4%aboveregularrateLO, \AZ"Arial RegularO     3f   @3f,..,        @3    O, \AZ"Arial RegularO     3f   @3f0..(Heldvalid)fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Latefee:5%ofmissedinstallment(here,imposedonaballoonpaymentof$2.1million)LO, \AZ"Arial RegularO     3f   @3f,..,        @3    O, \AZ"Arial RegularO     3f   @3f0..(Heldunreasonable,unenforceable)fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Whichwouldhavecostmore?WPC2XX81%XX81%/3'XXXXKKKK9"*O0h$:O0h$C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +C  , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   *O0h$' ($.#O, \AZ"Arial RegularO         @  Q QO, \AZ"Arial RegularO  LateFeesand DefaultInterest.+/ Z@1 _333 `)P0P0WPC XX81%XX81%/3'XXXXKKKK9".d0B0C , \AZ"Arial Regular +C II, \AZ"Arial Regular +3f3fC cc, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC aa, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9`8   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$   .0+133 -9X/O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..ClearlyaformofliquidateddamagesclausefO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..MustbeareasonableestimateoflendersactualcostsfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Feeismorelikelytobeenforcedifbasedonthemissedinstallment,nottheloanprincipalWPC;XX81%XX81%63'XXXXKKKK9"1;9w0b$:w0b$C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +C , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   1w0b$' /-MX/#O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO MetlifeCapitalv.WashingtonAvenueAssociates.+/ Z@1 _333 `0w00wWPCXX81%XX81%63'XXXXKKKK9"3O@0y20yC @@, \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3f)?   4 @ @ @ @ @ @ " dddddd$   30y.+%3f13f3 2@Q/O, \AZ"Arial RegularO@@@     3f   @3f  Q QO, \AZ"Arial RegularO@@@N.J.SupremeCt.,6/30/99WPC XX81%XX81%63'XXXXKKKK9"5$-B-C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC PP, \AZ"Arial Regular +3f3fC $$, \AZ"Arial Regular +3f3fC RR, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9`8   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$   5-.%133 4H"-1 O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Loan:$1.5M.48monthlypaymentsof$14,000,plusballoonpaymentof$1.39MfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Latefee:5%oflateinstallmentfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Interestupondefault:jumpsfrom9.55%to15%fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..40paymentsplustheballoonwereinfactmadelate.WPCXX81%XX81%3'XXXXKKKK9 j" 0 &B 0 &C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC PP, \AZ"Arial Regular +3f3fC $$, \AZ"Arial Regular +3f3fC RR, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9`8   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$   儃 0 &.%133 9W/%S O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..liquidateddamagesprovisionsinacommercialcontractbetweensophisticatedpartiesarepresumptivelyreasonable.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..actualcostsaredifficulttomeasure.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..numerousN.J.statutesauthorize5%latefeesfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..5%latefeesare standardindustrypracticefO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Conclusion:itsreasonable(thoughits$70,000!)WPC XX81%XX81%3'XXXXKKKK9 j"o0y2o0yC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3f)?   4 @ @ @ @ @ @ " dddddd$   ㄊo0y-.)*+%3f'13f53 @oQ/O, \AZ"Arial RegularO     3f   @3f  Q QO, \AZ"Arial RegularOThelatefee:WPCXX81%XX81%=3'XXXXKKKK9":o0y2o0yC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3fC @, \AZ"Arial Regular +3f3f)?   4 @ @ @ @ @ @ " dddddd$   :o0y%3f'13f 9@oQ/O, \AZ"Arial RegularO     3f   @3f  Q QO, \AZ"Arial RegularODefaultinterest:WPCXX81%XX81%=3'XXXXKKKK9"<{0#B0#C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC PP, \AZ"Arial Regular +3f3fC $$, \AZ"Arial Regular +3f3fC RR, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9`8   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$   <0#.%133 ;HQ/W# O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..thetrialcourtreduceditto3%increase(or12.55%)andnooneappealedthereduction.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..itsareasonableestimateofthepotentialcostsofadministeringadefaultedloan...fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..andthepotentialdifferencebetweenthecontractinterestrateandtheratethatMetLifemightpaytosecureacommercialloanreplacingthelostfunds.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..Defaultinterestof15%to18%iscommon.WPCXX81%XX81%C3'XXXX,,,,9"BC 0D%2 0D%C @@, \AZ"Arial Regular +C AA, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC HH, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f)?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   B 0D%' A9W/$O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO@@@MetLifeassertsthatintheabsenceofunconscionabilityorillegality,[alllatefeesanddefaultinterest]shouldbeenforced.Weagreeintoday'scompetitivemarketthatordinarilysuchchargesarepartofthecostofdoingbusiness.We,however,prefertoincorporatethatfactorintothe"reasonableness"test.Courtsareaccustomedtodealingwiththestandardofreasonableness.Wethinkthatstandardratherthanan"unconscionability"standardprovidesanadequatesafeguardforthelendersandbetterprotectionfortheborrowers.WPC XX81%XX81%'3'XXXX,,,,9j""U~4 0 W2~4 0 WC ll, \AZ"Arial Regular +C @@, \AZ"Arial Regular +3f3fC xx, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f)?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   "~4 0 W-*+%'153 &;~4U/VO, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularOlllMo.Rev.Stat.Mo.443.130:1.Ifanysuchperson,thusreceivingsatisfaction,doesnot,withinfifteenbusinessdaysafterrequestandtenderofcosts,delivertothepersonmakingsatisfactionasufficientdeedofrelease,suchpersonshallforfeittothepartyaggrievedtenpercentupontheamountofthesecurityinstrument,absolutely,andanyotherdamagessuchpersonmaybeabletoprovesuchpersonhassustained.  O, \AZ"Arial RegularOlllWPChXX81%XX81%'3'XXXX,,,,9 j""= 0e22 0e2C ll, \AZ"Arial Regular +C @@, \AZ"Arial Regular +3f3fC xx, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f)?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   " 0e2*+%'153 &;U/1*O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularOlll2.Toqualifyunderthissection,themortgagorshallprovidetherequestintheformofademandlettertothemortgageebycertifiedmail,returnreceiptrequested.Thelettershallincludegoodandsufficientevidencethatthedebtsecuredbythedeedoftrustwassatisfiedwithgoodfunds,andtheexpenseoffilingandrecordingthereleasewasadvanced.WPCO XX81%XX81%&3'XXXX,,,,9 j"" 0z*2 0z*C @@, \AZ"Arial Regular +C @@, \AZ"Arial Regular +3f3fC xx, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f)?   433333333 @3 @3 @3 @3 @3 @3 " dddddd$   " 0z*-.)*+%'153 %;U/*O, \AZ"Arial RegularO        @  Q QO, \AZ"Arial RegularO@@@Murrayv.FleetMortgageCorp.,936S.W.2d212(Mo.App.1996):refinancingmortgageewasnotagentfororiginalmortgagee,withauthoritytocollectrecordingfeesonoriginalmortgagee'sbehalf,nordiditactasagentforborrower.  O, \AZ"Arial RegularO@@@  O, \AZ"Arial RegularO@@@Robertsv.Rider,924S.W.2d555(Mo.App.1996):defendantwasundernoobligationtoexecutedeedofreleaseuntiltherehadbeenjudicialdeterminationofthe"reasonableattorneyfees"towhichdefendantwasentitledunderexpresstermsofdeedoftrustnote  O, \AZ"Arial RegularO@@@WPCXX81%XX81%/3'XXXXKKKK9"*0k$:0k$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   *0k$' (X .#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  Devlinv.Weiner.+/ Z@1 _333 `)00  WPCXX81%XX81%/3'XXXXKKKK9".q_d0B_d0C , \AZ"Arial Regular +C , \AZ"Arial Regular +3f3fC @@, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3f9`8   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$   ._d0+133 -dR/O, \AZ"Arial RegularO        @3a `aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0X..ObligationwastogiveDevlin:LO, \AZ"Arial RegularO     3f   @3f,..,        @3    O, \AZ"Arial RegularO     3f   @3f0..a3-bedroomcondoorhouse,orL,..,O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO     3f   @3f0..abuildinglotandmaterials,orL,..,O, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO     3f   @3f0..hisprevioushouseplusacre.fO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0X..Debtwasdefinedas$84,000.fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Wasthisanenforceablemortgage?fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0X..Wouldithavebeenenforceablewithoutthestipulated$84,000?WPC,XX81%XX81%/3'XXXXKKKK9"*      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXY]\^<0m$:<0m$C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +C ` ` , \AZ"Arial Regular +)?  !@Z_33 4 @ @ @ @ @ @ " dddddd$   *<0m$' (.#O, \AZ"Arial RegularO` ` `         @  Q QO, \AZ"Arial RegularO` ` `  YieldMaintenanceClause(p.517).+/ Z@1 _333 `)=0=0WPC$XX81%XX81%/3'XXXXKKKK9".&R 0BR 0C , \AZ"Arial Regular +C TT, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC ee, \AZ"Arial Regular +3f3fC , \AZ"Arial Regular +3f3fC **, \AZ"Arial Regular +3f3f9`8   433333333 @3 @3 @3 @3 @3 @3 fL" dddddd$   .R 0+133 -@RV/= O, \AZ"Arial RegularO***        @3a `aO, \AZ"Arial RegularO        @        @3    O, \AZ"Arial RegularO        @0..Presentvalueofallfuturepayments...fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..DiscountedtoPVattheU.S.Treasuryinterestrate...fO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..MinustheprincipalbalanceatthetimeofprepaymentfO, \AZ"Arial RegularO        @3    O, \AZ"Arial RegularO        @0..(IneffectthisassumesthatthepayoffamountwillbereinvestedattheTreasuryrate).~.%S7 &^,399M(vi ϖWPCXX81% 2)f3'XXXXKKKK942*'"e .)O, \AZ"Arial RegularO          PaymentandPrepaymentWPC#XX81%Wo/r"f3'XXXX,,,,51 ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*+' eWo/!gO,wAZ"Arial RegularO` ` `         Ifaloanis lockedinorrequiresanextremelyhighprepaymentfee,doesthatmeantheloanwontbeprepaidinfact?WPCXX81%Wzo/r"f3'XXXX,,,,51 ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9D+' eWzo/!O,wAZ"Arial RegularO` ` `         Ifaloanis lockedinorrequiresanextremelyhighprepaymentfee,doesthatmeantheloanwontbeprepaidinfact? .. No!Thepartieswillprobablynegotiateafeeacceptabletobothsides.WPCXX81%T/O$f3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9'"ec}/#GO, \AZ"Arial RegularO        Balance:t ..t Q..Q.... .. ..$1,000,000Remainingterm:......10yrsLoaninterestrate:......10%Mo.Payments: .. ....$13,215WPC5 XX81%Wc/J$f3'XXXXKK?K? ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,9'"ef|/#O, \AZ"Arial RegularO        Balance:t ..t Q..Q.... .. ..$1,000,000Remainingterm:......10yrsLoaninterestrate:......10%Mo.Payments: .. ....$13,215Lendersreinvest-..mentrate.... .. ......9%..Payments:.... .. ....$12,667Borrowersrefinance..rate..t ..t Q..Q.... .. ......8%..Payments.... .. ....$12,132WPCXX81%S0$h3'XXXXKKKK ? ///???OOO___fffooof1?O/_??ߟ߿_?_?_?ffffO3(f3 3f1I_#f3ffL3$33fffff'3#33fLff̙fZ(/!f 3(f&3.3fu3f3f3%3(K_fLff333&fJr̕uknXBf,33 f!,7ff3 3f&3?[3pT8f3'3Nf3p`ff33f3?f3f̵kfU,:!.f0(-#fW3#fW̷̙0%3f̙0 0f̙ef 0! f!"!"!effff3#&e2e2,942*'"eDw5l -!WO, \AZ"Arial RegularO        InreA.J.Lane&Co:0..Loanbalancex0..yearsremainingx1percent"fL/O, \AZ"Arial RegularO        Issue:allowableasasecuredclaimunder506(b)?+%'1"gU$ . 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