TERMS AND LIMITATIONS
The estimate of defeasance costs provided herein is subject to the following terms and limitations:
This is only an estimate of the charges that you are likely to incur at settlement. The actual charges you incur may be more or less than the estimate, based upon market conditions and other factors. The cost of the securities stated herein is based on a pricing quotation obtained from Wells Fargo Bank, N.A, but you are under no obligation to purchase securities from Wells Fargo Bank, N.A. The third party expenses represented are estimates based on our experience with third-party providers in standard defeasance transactions of similar mortgage loans. While we consider such sources to be reliable, we do not represent that the cost estimates are accurate or complete, and they should not be relied upon as such. THE ESTIMATE IS PROVIDED WITHOUT REPRESENTATION OR WARRANTY OF ANY KIND, WHETHER EXPRESSED, IMPLIED OR STATUTORY. Nothing herein shall be construed as an offer to sell, or the solicitation of any offer to buy, any security in any jurisdiction where such an offer or solicitation would be illegal.
We are providing this estimate only in anticipation of being engaged by you to serve as a consultant with respect to the defeasance of the loan. We are not providing the estimate in any capacity other than as a potential provider of defeasance consulting services. In such capacity, we are acting solely as an independent contractor of the borrower, and not as a fiduciary or partner of the borrower. You, and the servicer of your loan, must examine the applicable loan documentation to determine whether the loan is or will be eligible for defeasance, and if so, the specific conditions to closing. In providing you with this quotation, we have not reviewed the applicable loan documents, and therefore make no representation as to whether the loan is or will be eligible for defeasance. We have assumed, without independent verification, that: (a) the applicable loan documents permit you to defease the loan and contain customary provisions regarding defeasance, (b) you will defease the loan in full, and solely with eligible, direct United States Treasury obligations, (c) all amounts due under the loan prior to the date of defeasance will be paid on or before the expiration of the applicable grace period, and (d) the loan is not in default. Our estimate does not include the fees of attorneys, title companies, brokers or other third parties who may be involved in any related real estate transaction.
The estimate is delivered to you on a confidential basis. By requesting the estimate, you agree to keep it confidential, and to not disclose it to any person or entity without our written consent, except employees, agents or affiliates who have a need to know such information, and to the extent necessary in working with legal counsel, auditors, taxing authorities or other governmental agencies.