This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.Our guide will teach you how to write a letter of explanation, plus offers a free template to help you write one of your own. A mortgage payoff letter can come in two forms. One form tells borrowers the remaining principal amount and interest they have to pay to close out the loan. Creating a payoff letter is essential to any loan or mortgage repayment process. Our free templates and this guide can help you get started. A deferred disposition is a court agreement where you complete certain requirements in exchange for having the case dismissed. (m) "Default Judgment" is a judgment awarded to a plaintiff when the defendant fails to answer and dispute the plaintiffs claims in the lawsuit. Its rights under the contract to a third party in exchange for a fee.