Letter - NOTICE OF AND TENDER BY DEBTOR
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Business letters tend to be more formal and are often sent to people we don’t know. They need to convey the right tone - whether it be authority, disagreement, satisfaction or gratitude.
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You are hereby notified that the undersigned elects to redeem the [collateral] that is currently in your possession pursuant to that certain security agreement, the date of which is, for which said collateral was pledged to secure performance. Election is hereby made in accordance with the rights afforded under ______________ State and Federal law requirements.
Therefore, the undersigned hereby tenders fulfillment of all obligations pursuant to said security agreement and secured by said collateral, in addition to the amount of ($------) for your expenses in repossessing, holding, preparing the collateral for disposition through sale, arranging for sale, solicitor fees and legal expenses.
Demand is hereby made that you make the said collateral available for retaking by the undersigned.
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