When to use a Side Letter Agreement or an Undelivered Item

Side Letters are used to memorialize Borrower obligations that must be satisfied after closing.
Undelivered Items Letters are used to memorialize items Borrower is obligated to deliver after closing.

Side Letter Agreements: The type of improvement requests, especially those related to construction items, that are an event of default GoDocs handles through a side letter agreement. This does not get added to the loan agreement in GoDocs documents as it is not an on-going provision for the term of the loan, but rather a short-term condition.

To begin entering a Side Letter you will select "Add New"

Then to enter in any Material Convents for the Side Letter Agreement you will fill out the appropriate information in the box.

Please ensure that a Due Date option is selected when it is pertinent to the current order. Additionally, if these covenants include construction work, you would need to check the box that this involves construction work on the mortgaged property.

If the material covenant is considered a type of "construction" on the Mortgaged Property, then the user can check the box for "Involves construction work to the mortgaged property?" to have this provision included in the Side Letter Agreement.

Undelivered Items Letter: By selecting "Add New" you will be able to enter in items for the Undelivered Item.

Once, "Add New" is selected you will be able to enter any pertinent items.

Additionally, similarly to a Side Letter Agreement, it is important to select a Due Date Option and a Due Date, when pertinent.