Acceptance of Payment in Full for Construction Service

ACCEPTANCE OF PAYMENT IN FULL FOR CONSTRUCTION WORK (UCA § 38-1a-503(b))

Property Owner's Name: ______Property Location: ______Tax I.D. #:______Claimant: ______Preliminary Notice SCR Entry #:______Payment Amount: ______

Claimant hereby declares and affirms that they have accepted payment in full as shown in the Payment Amount above, which payment pertains to the Claimant's construction work as defined by UCA § 38-1a-102, for all work, labor, materials and supplies provided by Claimant as of ______, which date is the intended recording date of the construction deed of trust which has been or will be recorded against the property identified herein. Claimant hereby unconditionally agrees to provide in writing Title One, Inc., a Utah Corporation any amounts owing for additional construction work that may be provided after the date herein but occurring before the actual recording of the construction deed of trust. Claimant waives any and all claims for acceptance for payment in full for construction work for its failure to provide Title One, Inc., a Utah Corporation written notification of amounts owing for construction work that may have been provided after the date hereof that occur prior to the actual recording of the construction deed of trust.

Claimant further declares and affirms that a withdrawal of the Preliminary Notice identified above has been filed in the State Construction Registry or that prior to recording the construction deed of trust, a withdrawal of the Preliminary Notice must be filed. Claimant agrees that it will not file a preliminary notice prior to the recording of the construction deed of trust and that Title One, Inc., a Utah Corporation is under no duty or obligation to inform or otherwise notify Claimant of when the construction deed of trust is recorded.

Claimant acknowledges that this Acceptance of Payment in Full for Construction Work is being provided pursuant to and to comply with the requirements of UCA § 38-1a-503 for the purpose of construction lender establishing priority over construction liens that may be filed under UCA § 38-1a-502 and that the construction deed of trust may not be recorded without Claimant making the statements and agreements herein. This Acceptance of Payment in Full for Construction Work acts as a waiver and release for purposes of construction lien having or otherwise claiming priority over the recorded construction deed of trust.

The undersigned Claimant warrants that the undersigned either has already paid or will use the money the undersigned receives from this Acceptance of Payment in Full for Construction Work to pay in full all the undersigned's laborers, subcontractors, materialmen, and suppliers for all work, materials, equipment, or combination of work, materials, and equipment that are the subject of this Acceptance of Payment in Full for Construction Work.

Dated:______

[Company Name] Lien Claimant

______By:______Its:______