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Attachment 8Standard Agreement Example SCO ID: 3360STATE OF CALIFORNIA DEPARTMENT OF GENERAL SERVICES STANDARD AGREEMENTAGREEMENT NUMBERPURCHASING AUTHORITY NUMBER (If Applicable)STD 213 (Rev. 04/2020)1.
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Start by filling out the header section, including the name of the agreement, date, and parties' names.
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Clearly state the purpose and objectives of the agreement in the introduction section.
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Enumerate the rights and responsibilities of each party in a separate section.
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Specify any limitations or restrictions involved in the agreement.
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A standard agreement - LOS (Letter of Subordination) is a formal document that outlines the terms under which one lender agrees to subordinate their lien position to another lender.
Typically, the borrower or the parties involved in refinancing or securing a new loan are required to file a standard agreement - LOS.
To fill out a standard agreement - LOS, the borrower must provide specific details about the loans involved, such as the loan amounts, lenders' information, and terms agreed upon, ensuring all parties sign the document.
The purpose of a standard agreement - LOS is to clarify the priority of claims against a property and to protect the lender's interests by formalizing the subordination of liens.
Information that must be reported includes the parties involved, property details, loan amounts, and the date of the agreement, along with signatures of involved parties.
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