33-745

33-745. Completion of forfeiture by
notice

A. If an account servicing agent has been appointed to hold documents and collect
monies due under the contract and the agent has recorded and served the notice of
election to forfeit, as provided in section 33-743, the seller and account servicing
agent may complete the forfeiture of the interest of the purchaser and persons having an
interest in or a lien or encumbrance on the property, the priority of which is
subordinate to that of the seller, by recordation of an affidavit of completion of
forfeiture with the county recorder of the county in which the real property is
located. The county recorder shall index the affidavit of completion of forfeiture under
the classification in which conveyances of real property are indexed.

B. Recordation of an affidavit of completion of forfeiture terminates without right
of redemption all right, title and interest of the purchaser and all persons having an
interest in or a lien or encumbrance on the property, the priority of which is
subordinate to that of the seller, including the interest of any persons acquiring an
interest in or a lien or encumbrance on the property subsequent to recordation of the
notice of election to forfeit. On recordation of the affidavit, the property reverts to
the seller clear of all interests, liens and encumbrances, the priority of which was
subordinate to that the seller. The recordation of the affidavit of completion of
forfeiture also raises the presumption of compliance with all requirements of this
article and constitutes conclusive evidence of the meeting of the requirements in favor
of purchasers or encumbrancers for value and without actual notice.

C. The affidavit of completion of forfeiture shall be substantially in the
following form:

"Affidavit of Completion of Forfeiture

The undersigned, being duly sworn, deposes and says that the purchaser under that certain
contract, by and between _______________, as seller, and _______________, as purchaser,
dated _______________, 19____, and recorded (if recorded) on _______________, 19____, in
docket __________, at page __________, records of _______________ county, Arizona,
covering real property described as follows:

and including personal property described as follows:

failed to pay amounts due under the contract; that on the date the monies were due, any
provision of the contract which made time of the essence had not been waived or had been
reinstated in the manner provided for in Arizona Revised Statutes section 33-742,
subsection C; that the applicable period stated in Arizona Revised Statutes section
33-742, subsection D had expired after the date the monies were due; that a notice of
election to forfeit was recorded with the county recorder of the county in which the real
property is located; that a copy of the notice was served upon the purchaser and all
persons who, at the time of recordation of the notice of election to forfeit, appeared on
the records of the county recorder of the county in which the real property was located,
as having an interest in or a lien or encumbrance on the property, the priority of which
was subordinate to that of the seller, or who had requested a copy of the notice in the
manner provided for in Arizona Revised Statutes section 33-746; that the terms of the
notice of election to forfeit were not complied with prior to expiration of the period
provided for in the notice; and that all right, title and interest of the purchaser and
all persons having an interest in or a lien or encumbrance on the property, the priority
of which was subordinate to that of the seller, are by this affidavit declared to be
forfeited and to revert to the seller in accordance with the terms of the contract and
the laws of the state of Arizona.

______________________________________

signature of seller,

______________________________________

signature of account servicing agent

(jurats)"