Power of Attorney - Company

The Power of Attorney - Company document is a legal document that grants the attorney the authority to act on behalf of the mortgagor. It is made between Party 1 and Party 2, and it is important because it establishes the legal relationship between the parties and outlines the powers and responsibilities of the attorney.

 

The document begins with a brief introduction, stating that it is a power of attorney made on the current date by Party 1. It then provides background information on the loan agreement, guarantee, and equitable mortgage that are related to the document. The document also includes provisions for the appointment of the attorney, the transfer of security shares, the sale or disposition of shares, and the receipt of consideration for such transactions.

 

The document further specifies the rights, powers, and authorities of the attorney, including the ability to appoint substitutes and delegate to agents. It also includes provisions for indemnification of the attorney, validation of acts and documents executed by the attorney, and the continuation of clauses regarding obligations and discharge of liabilities.

 

The document concludes by stating that it is supplemental to the mortgage and does not derogate from the powers, rights, or privileges of the lender. It is governed by the laws of the jurisdiction state.

 

Overall, the Power of Attorney - Company document is a comprehensive legal instrument that grants the attorney the authority to act on behalf of the mortgagor in various matters related to the loan agreement and security shares.

How to use this document?

1. Review the document: Familiarize yourself with the content and purpose of the Power of Attorney - Company document.

2. Identify the parties: Determine the names and addresses of Party 1 and Party 2 mentioned in the document.

3. Understand the background: Read the sections related to the loan agreement, guarantee, and equitable mortgage to understand the context of the document.

4. Appoint the attorney: Note the appointment of Party 2 as the attorney and understand their powers and responsibilities.

5. Transfer of security shares: Review the provisions regarding the transfer of security shares and the actions the attorney can take in relation to them.

6. Sale or disposition of shares: Understand the attorney's authority to sell, transfer, exchange, or dispose of the security shares.

7. Receipt of consideration: Note the provisions regarding the receipt and application of consideration for the sale or disposition of shares.

8. Appointment of substitutes and delegation: Understand the attorney's ability to appoint substitutes and delegate to agents.

9. Indemnification and validation: Review the clauses related to indemnification of the attorney and the validation of acts and documents executed by the attorney.

10. Obligations and discharge: Note the provisions regarding the continuation of obligations and discharge of liabilities.

11. Supplementary nature: Understand that the power of attorney is supplemental to the mortgage and does not affect the powers, rights, or privileges of the lender.

12. Legal jurisdiction: Take note of the governing laws of the jurisdiction state.

Please note that this guidance provides a brief overview of the document and its key points. It is important to consult with legal professionals for specific advice and to ensure compliance with applicable laws and regulations.