Mortgage Agreement
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Your Mortgage Agreement
Mortgage Agreement
THIS MORTGAGE AGREEMENT (the "Mortgage") dated this , ________________
BETWEEN:
_________________________ of
_________________________
(collectively the "Mortgagor")
OF THE FIRST PART
- AND -
_________________________ of
_________________________
(collectively the "Mortgagee")
OF THE SECOND PART
- AND -
_________________________ of
_________________________
(collectively the "Guarantor")
OF THE THIRD PART
Background
- The Mortgagor is registered as owner of the estate in the following described property (the "Property") located at _________________________ in __________ , with the following legal description: ______________________________________________________________________________________
- Any buildings or
structures on the Property and anything now or later
attached or affixed to the buildings or the Property
including additions, alterations and improvements
located
on, above or below the surface of the Property are
covered
by this Mortgage. However, no additions, alterations or
improvements will be made by the Mortgagor without the
Mortgagee's prior written consent. Any addition,
alteration
or improvement will be subject to all recorded
easements,
rights of way, conditions, encumbrances and limitations,
and
to all applicable building and use restrictions, zoning
laws
and ordinances, if any, affecting the Property.
IN CONSIDERATION OF the sum lent to the Mortgagor by the Mortgagee, in the amount of $ __________ U.S. DOLLARS (the "Principal Amount") the receipt of which the Mortgagor hereby acknowledges itself indebted, the parties to this Mortgage agree as follows:
-
U.C.C.
Security Agreement
- It is agreed
that if
any of the Property herein mortgaged is of a nature so
that
a security interest in the Property can be perfected
under
the Uniform Commercial Code, this instrument will
constitute
a Security Agreement and the Mortgagor agrees to join
with
the Mortgagee in the execution of any financing
statements
and to execute any and all other instruments that will
be
required for the perfection or renewal of such security
interest under the Uniform Commercial Code.
-
Governing
Law
- This Mortgage
will
be governed by both the law of Tennessee and any
applicable
federal law (the "Applicable Law"). All rights and
obligations contained in this Mortgage are subject to
any
requirements and limitations of the Applicable Law.
-
MATTERS RELATING TO PAYMENT
-
Promise
to Pay
- The Mortgagor,
for
value received, promises to pay to the Mortgagee, on
demand,
the Principal Amount, interest and all fees and costs on
the
terms set out in this Mortgage or in any amendment,
extension or renewal of the Mortgage and any additional
amounts secured by this Mortgage on the terms elsewhere
provided for such debts and liabilities.
-
Interest
-
The Mortgagor agrees to pay the Principal Amount with
interest before and after maturity and before and after
default at the rate of
__________
percent calculated per annum and compounding
annually (the "Interest Rate"). The Interest Rate will
be
calculated from the date this Mortgage begins (the
"Interest
Adjustment Date") and accrues until the whole of the
Principal Amount is paid. The Loan will be repaid on the
following terms:
- The
Principal Amount and interest will be repaid in
consecutive
___________________ installments of $
__________
each on the
__________
of each month.
- The
Interest
Adjustment Date for this Mortgage is
__________
.
- The
balance
of the Principal Amount, if any, and any
interest
thereon and any other moneys owing under this
Mortgage will be due and payable on the
__________
(the "Maturity Date").
- The
Principal Amount and interest will be repaid in
consecutive
___________________ installments of $
__________
each on the
__________
of each month.
-
Place
of Payment
- The Mortgagor
will
make monthly payments at mortgagee's address or at a
location as later specified by the Mortgagee.
-
Funds
of Escrow Items
- The Mortgagor
will
pay to the Mortgagee, on the day periodic payments are
due
under this Mortgage, a sum (the "Funds") to provide for
payment of (a) all taxes, assessments and other charges
against the Property; (b) ground rents or other lease
payments on the Property; and (c) premiums for any and
all
insurance required by the Mortgagee (the "Escrow
Items").
- The Mortgagor
will
notify the Mortgagee of all of amounts to be paid under
this
Section. At the Mortgagee's discretion, the Mortgagor
will
provide receipts of such payments to the Mortgagee. If
the
Mortgagor fails to make timely payments, the Mortgagee
can,
at its discretion, make any payments for overdue Escrow
Items on behalf of the Mortgagor and the Mortgagor will
be
obligated to repay the Mortgagee for any such amount.
The
Mortgagee may waive the Mortgagor's obligation to pay
for
any or all Escrow Items to the Mortgagee through written
notice. If such waiver occurs, the Mortgagor is
responsible
to pay the amounts due for any Escrow Items. The
Mortgagee
can at any time revoke the waiver of any or all Escrow
Item
payments by written notice to the Mortgagor and, upon
such
revocation, the Mortgagor will pay to the Mortgagee all
Funds, and in such amounts, that are then required under
this Section.
- The Mortgagee
will
collect and hold the Funds in accordance with the Real
Estate Settlement Procedures Act (the "RESPA"). The
Mortgagee will reasonably estimate the amount of Funds
due
in accordance with the Applicable Law.
- If there is a
surplus of Funds held in escrow, the Mortgagee will
provide
the Mortgagor with the excess funds in accordance with
the
RESPA. If there is a shortage of Funds held in escrow,
the
Mortgagee will notify the Mortgagor as required by the
RESPA, and the Mortgagor will pay to Mortgagee the
amount
necessary to make up the shortage in accordance with the
RESPA.
-
Obligation
to Pay without Set-off or Delay
- The Mortgagor
agrees to pay all amounts payable pursuant to this
Mortgage
and all additional amounts secured by this Mortgage
without
abatement, set-off or counterclaim. Should the Mortgagor
make any claim against the Mortgagee either initially or
by
way of abatement, set-off or counterclaim, the Mortgagor
agrees that any such claim will not diminish or delay
the
Mortgagor's obligations to make the payments as provided
in
this Mortgage.
-
Application
of Payments and Interest after Default
- All monthly
payments received by the Mortgagee will first be applied
in
payment of the interest calculated at the Interest Rate,
and
second in payment of the Principal Amount. However, if
the
Mortgagor is in default, then the Mortgagee will apply
any
payments received during this period as the Mortgagee
chooses. If the Mortgagor is in default in payment of
any
amount including interest, interest will be payable on
the
interest and other arrears at the Interest Rate
compounded
monthly.
-
Annual
Prepayment Privileges
- When not in
default, the Mortgagor may prepay an amount not greater
than
20.00% of the original Principal Amount of the Mortgage
anytime during the year, up to and including the
anniversary
date of the Interest Adjustment Date (the "Annual
Prepayment"). The Mortgagor may prepay any unpaid Annual
Prepayment from previous years in addition to the Annual
Prepayment from the current year.
-
Full
Prepayment Privileges
- The Mortgagor
may
prepay the full outstanding balance (including the
principal
and any accrued interest) at any time upon payment of
three
months' interest at the existing interest rate as set
out in
the Mortgage or, if renewed, in the agreement for the
last
renewal of the Mortgage calculated on the full principal
amount being repaid.
-
Discharge
- When the
Mortgagor
pays the Principal Amount, interest and all the other
amounts secured by this Mortgage in full and notifies
the
Mortgagee in writing and requests a discharge of this
Mortgage, the Mortgagee will discharge this Mortgage.
The
Mortgagor will give the Mortgagee a reasonable time
after
payment in which to prepare and issue the
discharge.
-
Covenants
and Warranties
-
The Mortgagor warrants and agrees that:
- the
Mortgagor has good title to the Property;
- the
Mortgagor will preserve the Mortgagor's title to
the
Property and the validity and priority of this
Mortgage and will forever warrant and defend the
same for the Mortgagee against the claims of all
persons;
- the
Mortgagor has the authority to mortgage the
Property;
- on
default,
the Mortgagee will have quiet possession of the
Property;
- the
Property
is free from all encumbrances;
- the
Mortgagor will execute further assurance of the
Property as will be requisite;
- the
Mortgagor
has not done any act to encumber the
Property.
- the
Mortgagor has good title to the Property;
-
Additional
Covenants of Leasehold Property
- If the
Mortgagor
has a leasehold interest in the Property, the Mortgage
will
not apply to the last day of the term of the Lease or
the
term of any renewal or replacement of the Lease. The
Mortgagor will hold the last day of each term in trust
for
the Mortgagee and transfer it on the Mortgagee's
direction
to any person acquiring such term.
-
If the Mortgagor has a leasehold interest in the
Property,
the Mortgagor warrants and agrees that:
- the
Mortgagor has good and marketable leasehold
title to
the Property;
- the
Mortgagor has a good, valid and subsisting lease
of
the Property (the "Lease") and has given to the
Mortgagee a full and complete copy of that
Lease;
- all
rents
and other monies payable under the Lease have
been
paid and the Mortgagor is not otherwise in
default
under any obligation set out in the Lease;
- the
Mortgagor does not require the consent of the
landlord to mortgage the leasehold interest in
the
Property, or if required, the Mortgagor has
obtained
the consent of the landlord to this
Mortgage;
- the
Mortgagor will pay rent and perform and observe
all
other obligations under the Lease;
- the
Mortgagor will not encumber or surrender the
lease
or cause or allow it to be terminated or
forfeited;
- the
Mortgagor will not agree to any amendment of the
Lease without first obtaining the Mortgagee''s
written consent; and
- the
Mortgagor
will renew the Lease as necessary to protect the
Mortgagee's interest and the Mortgage will
extend to
any such renewal.
- the
Mortgagor has good and marketable leasehold
title to
the Property;
-
Fixtures
and Additions
- The Mortgagor
agrees that the Property includes all property of any
kind
that is now or at any time in the future attached or
affixed
to the land or buildings or placed on and used in
connection
with them, as well as all alterations, additions and
improvements to the buildings.
-
Payment
of Taxes and Other Encumbrances
- The Mortgagor
will
pay all taxes and other fees levied on the Property and
all
accounts for utilities supplied to the Property and all
charges, mortgages, liens and other encumbrances on the
Property when they are due and comply with all other
obligations under them. Upon the Mortgagee's request,
the
Mortgagor will promptly provide receipts showing that
the
taxes and other accounts have been paid.
-
No
Sale Without Consent
- The Mortgagor
will
not sell, transfer, lease or otherwise dispose of all or
any
part of the Property or any interest in the Property or
if a
corporation, permit a change in control, without the
Mortgagee's prior written approval. Any transfer
approved by
the Mortgagee must involve the purchaser, transferee or
lessee entering into an assumption agreement in a form
satisfactory to the Mortgagee. Acceptance of any
payments
from any purchaser, transferee or lessee or after a
change
in control not approved in writing, will not constitute
an
approval or waiver by the Mortgagee.
-
Property
Insurance
- The Mortgagor
will
insure, in the Mortgagee's favor, all buildings on the
Property that are the subject of the Mortgage. The
insurance
will include protection against damage by fire and other
perils including “extended peril coverage” and any other
perils that the Mortgagee requests. The insurance must
cover
replacement costs of any buildings on the Property in US
dollars. The Mortgagor will choose the insurance company
but
the final selection is subject to the Mortgagee's
approval.
The insurance policies will include a standard mortgage
clause stating that any loss is payable to the
Mortgagee.
This Mortgage will be sufficient proof for any insurance
company to pay any claims to the Mortgagee and to accept
instructions from the Mortgagee regarding any insurance
claims relating to the Property.
-
The Mortgagor will provide the following at the request
of
the Mortgagee:
- a copy
of
the insurance policy;
- receipts
of
all paid insurance premiums; and
- renewal
notices and evidence of renewal completion.
- a copy
of
the insurance policy;
- In the event of
loss, the Mortgagor will provide prompt notice to the
Mortgagee and the insurance carrier. The Mortgagor will
provide the Mortgagee proof of all claims at the
Mortgagor's
own expense and will perform all necessary acts to
enable
the Mortgagor to obtain all insurance proceeds from the
claim. The insurance proceeds, in whole or in part, will
be
applied to the restoration and repair of the Property,
if
the restoration and repair is economically feasible. If
the
restoration and repair is not economically feasible,
then
the insurance proceeds will be applied to the remainder
of
the Mortgage, whether or not the balance of the Mortgage
is
then due. Any remaining funds from the insurance claim
will
be paid to the Mortgagor.
-
Repair,
Vacancy and Maintenance of the Property
- The Mortgagor
will
maintain the Property in good order and condition and
will
promptly make all necessary repairs, replacements, and
improvements. The Mortgagor will not allow any part of
the
Property to become or remain vacant without the written
consent of the Mortgagee. The Mortgagor will not commit
waste and will not remove, demolish or materially alter
the
Property or any part of it without prior written consent
from the Mortgagee. The Mortgagee may, whenever
necessary,
enter upon and inspect the Property. If the Mortgagor,
or
anyone claiming under the Mortgagor, neglects to keep
the
Property in good condition and repair, or commit any act
of
waste on the Property, or do anything by which the value
of
the Property is thereby diminished, all of which the
Mortgagee will be the sole judge, the Mortgagee may (but
is
not obliged to) enter the Property and effect such
repairs
or work as it considers necessary.
-
Environmental
Hazards
- The Mortgagor
will
not use, store, release, deposit, recycle, or permit the
presence of hazardous substances on the Property,
generally
accepted items for residential use excepted, which
includes
but not limited to asbestos, PCBs, radioactive
materials,
gasoline, kerosene, or other flammable petroleum
products
(the "Hazardous Substances"). The Mortgagor is also
prohibited from performing any acts on the Property
involving any Hazardous Substances that would materially
affect the value of the Property or would require
clean-up
or remedial action under federal, state, or local laws
and
codes.
-
Guarantee
-
Each person signing or joining in the Mortgage as a
Covenanter or Guarantor agrees as follows:
- the
Guarantor, with the Mortgagor, as principal
debtor
and not as surety will duly pay or cause to be
paid
all amounts payable under this Mortgage on the
days
and times and in the manner provided for payment
of
the same;
- the
Guarantor unconditionally guarantees full
performance and discharge of all the Mortgagor's
obligations under the provisions of this
Mortgage at
the times and in the manner provided in this
Mortgage;
- the
Guarantor will indemnify and save the Mortgagee
harmless from and against all losses, damages,
costs
and expenses which the Mortgagee may sustain,
incur
or become liable for reason of the Mortgagor's
failure to pay the amounts payable, or any other
failures whatsoever, under this Mortgage;
- the
Mortgagee will not be obliged to proceed against
the
Mortgagor or any other person liable under this
Mortgage or to enforce or exhaust any security
before proceeding to enforce the obligations of
the
Guarantor provided in this section and that
enforcement of such obligations may take place
before, after or contemporaneously with
enforcement
of any of the Mortgagor's debts or obligations
under
this Mortgage or the enforcement of any security
for
any such debt or obligation;
-
Mortgagee
may, without notice to and the consent or
approval
of the Guarantor, grant extensions of time for
payment, make renewals, increase, vary and amend
the
Interest Rate, the Principal Amount and other
terms
of the Mortgage and the indebtedness secured by
the
Mortgage, release the whole or any part of the
Property or other security from this Mortgage,
or
otherwise deal with the Mortgagor, or any of the
indebtedness secured by this Mortgage or the
Property or other security as the Mortgagee sees
fit
without releasing or lessening the liability of
the
Guarantor;
- the
Guarantor will be bound by each such renewal,
variation and amendment of any terms of the
Mortgage
that the Mortgagee makes with the Mortgagor, and
each reference to the Mortgage in this Guarantee
section will mean the Mortgage as so renewed and
amended from time to time, regardless of whether
such changes were made with or without the
knowledge, consent or approval of the
Guarantor;
- the
Guarantor has read this Mortgage and is fully
aware
of and agrees with its terms and in particular,
the
terms of this Guarantee section;
- where
there
is more than one Guarantor, each Guarantor is
jointly and severally responsible under this
guarantee with the other Guarantor(s) and the
Mortgagor; and
- the
Mortgagee
will serve notice on the Guarantor and any
notice to
the Guarantor will be deemed received in the
same
manner as provided for notice to the Mortgagor
in
this Mortgage.
- the
Guarantor, with the Mortgagor, as principal
debtor
and not as surety will duly pay or cause to be
paid
all amounts payable under this Mortgage on the
days
and times and in the manner provided for payment
of
the same;
-
DEFAULT AND REMEDIES
-
Mortgagor's
Right to Quiet Possession
- Until default
by
the Mortgagor under this Mortgage, the Mortgagor will
have
quiet possession and receive the rents and profits from
the
Property.
-
Events
of Default
-
The Mortgagor will be in default under this Mortgage
upon
the happening of any of the following events:
- the
Mortgagor defaults in the payment of the
Principal
Amount, interest or any other amount secured by
this
Mortgage, when payment of such amount becomes
due
under the terms of this Mortgage or as elsewhere
provided for any other amount secured by this
Mortgage;
- the
Mortgagor fails to observe or to perform any
term or
covenant which the Mortgagor has agreed to
observe
or perform under this Mortgage or elsewhere
where an
amount is secured by this Mortgage;
- any
information or statement the Mortgagor has given
or
made before, at or after signing the Mortgage,
in
respect of the Property or the Mortgagor’s
affairs
is incorrect or untrue at the time it was given
or
made;
- the
Mortgagor ceases or threatens to cease to carry
on
in a sound businesslike manner, the business in
which the Mortgagor ordinarily conducts on, or
with
respect to all or any part of, the
Property;
- the
Property
is a condominium unit or units and a vote
authorizes
the termination of the condominium or the sale
of
all or substantially all of the condominium
corporation's assets or its common elements or
the
condominium corporation fails to insure the unit
and
common elements;
- a
petition
in bankruptcy is filed against the Mortgagor,
the
Mortgagor makes a general assignment for the
benefit
of the creditors, a receiver, interim receiver,
monitor or similar person is placed or is
threatened
to be placed in control of or for the overview
of
Mortgagor’s affairs or Property, or in the
opinion
of the Mortgagee, the Mortgagor becomes
insolvent;
- a
construction or similar type lien is registered
against the Property or if default occurs under
any
other lien, mortgage or encumbrance existing
against
the Property;
- the
Mortgagor abandons or does not visibly and
consistently occupy the Property; or
- the
Property
or a material part of the Property is
expropriated.
- the
Mortgagor defaults in the payment of the
Principal
Amount, interest or any other amount secured by
this
Mortgage, when payment of such amount becomes
due
under the terms of this Mortgage or as elsewhere
provided for any other amount secured by this
Mortgage;
-
Acceleration
on Default
- If at any time
the
Mortgagor should be in default under this Mortgage, the
Principal Amount and interest and all amounts secured by
this Mortgage will, at the option of the Mortgagee,
become
due and payable immediately.
- If at any time
the
Mortgagor is in default and the Mortgagee does not
require
the Mortgagor to pay immediately in full as described
above,
the Mortgagee will retain the right to seek full
immediate
payment if the Mortgagor is in default at a later time.
Any
forbearance on the part of the Mortgagee upon default,
which
includes but not limited to acceptance of late payment,
acceptance of payment from third parties, or acceptance
of
payments less than the amount then due, will not
constitute
as waiver to enforce acceleration on default.
- In the event
that
the Mortgagee elects to accelerate the Mortgage, the
Mortgagee will provide notice to the Mortgagor in
accordance
with the Applicable Law.
-
Additional
Charges
- The Mortgagor
may
be charged with fees in association with the default of
this
Mortgage or for the protection of the Mortgagee's
interest
for this Mortgage, which may include, but is not limited
to,
attorneys' fees and property inspections (the
"Additional
Fees"). The absence of specific charges which may be
levied
against the Mortgagor in this Mortgage does not preclude
the
Mortgagee from charging such costs as Additional Fees.
However, the Mortgagee will not charge any fees which
are
prohibited by Applicable Law and the Mortgagee will not
charge any fees above and beyond the amount or
percentage
allowed under the Applicable Law. The Additional
Fees
will carry the rate of __________ percent and calculated
annually. The Additional Fees' total including interest
will
become due upon written request by the Mortgagee.
-
Protection
of Mortgagee's Security
-
If at any time the Mortgagor should fail to uphold the
covenants in this Mortgage, or if a legal proceeding
commences which materially affects the Mortgagee's
interest
in the Property, the Mortgagee may pay or perform any
reasonable action as necessary to protect the
Mortgagee's
interest, which includes, but is not limited to:
- payment
of
any insurance premiums, taxes, or levies which
are
accruing against the Property;
- payment
of
sums due secured by a prior lien which has
priority
over this Mortgage;
- payment
of
legal fees in relations to any legal proceedings
or
legal costs arising from the Property; and
- payment
of
reasonable costs in repairing and maintaining
the
Property.
- payment
of
any insurance premiums, taxes, or levies which
are
accruing against the Property;
- Any action
referred
to in this section is optional for the Mortgagee and the
Mortgagee has no duty or obligation to carry out any of
the
remedies listed in this section and will not incur any
liability in the failure to perform such tasks.
- Any amount
disbursed by the Mortgagee in relation to the protection
of
the Mortgagee's security will become Additional Fees
payable
by the Mortgagor.
-
Power
of Sale
- If at any time
the
Mortgagor should be in default under this Mortgage, the
Mortgagee will have the right to foreclose and force the
sale of the Property without any judicial proceeding.
Any
delay in the exercising of this right will not
constitute as
waiver on the part of the Mortgagee to exercise this
option
at a subsequent time should the Mortgagor remains in
default
or if the Mortgagor becomes default again in the
future.
-
Remedies
on Default
- The Mortgagee
will
have the right to pursue all remedies for the collection
of
the amounts owing on this Mortgage that are provided for
by
the Applicable Law, whether or not such remedies are
expressly granted in this Mortgage, including but not
limited to foreclosure proceedings.
- If the
Mortgagee
invokes the power of sale, the Mortgagee or its agent
will
execute a written notice of the event of default and the
Mortgagee's election to sell the Property. The Mortgagee
or
its agent will mail copies of the notice as prescribed
by
Applicable Law to the Mortgagor and other persons
required
by Applicable Law. The Mortgagee or its agent will give
public notice of sale to the Mortgagor in the manner
provided for by Applicable Law. After the time required
by
Applicable Law, the Mortgagee or its agent, without
demand
on the Mortgagor, will sell the Property at public
auction
to the highest bidder, at the time and place and subject
to
the terms indicated in the notice of sale. The Mortgagee
or
its agent may postpone sale of the Property by public
announcement at the time and place of any scheduled
sale.
-
MISCELLANEOUS MATTERS
-
Interpretation
and Headings
- Headings are
inserted for the convenience of the parties to the
Mortgage
only and are not to be considered when interpreting this
Agreement. Words in the singular mean and include the
plural
and vice versa. Words in the masculine gender mean and
include the feminine gender and vice versa. Words
importing
persons include firms and corporations and vice
versa.
-
Severability
- If any
provision of
this Mortgage will be held invalid or be prohibited by
the
Applicable Law, such provision will not invalidate the
remaining provisions of this Mortgage and such
provisions of
the Mortgage will be amended or deleted as necessary to
comply with the Applicable Law.
- Nothing
contained
in this Mortgage will require the Mortgagor to pay, or
for
the Mortgagee to accept, interest in an amount greater
than
that allowed by the Applicable Law. If the payment of
interest or other amounts under this Mortgage would
otherwise exceed the maximum amount allowed under the
Applicable Law or violate any law as to disclosure or
calculation of interest charges, then the Mortgagor's
obligations to pay interest or other charges will be
reduced
or amended to the maximum rate or amount permitted under
the
Applicable Law.
-
Joint
Signatures
- If the
Mortgagor is
more than one person or legal entity, each person or
legal
entity who signs it will be jointly and severally bound
to
comply with all covenants and obligations of the
Mortgagor
and the said covenants and obligations will bind all of
the
Mortgagor's successors and permitted assigns. The
Mortgage
will enure to the benefit of the Mortgagee and the
Mortgagee’s successors and assigns.
-
Statutory
Covenants
- The covenants
contained in this Mortgage are additional and
supplemental,
to the extent permitted by law, to the covenants set out
in
the Applicable Law regarding Mortgages.
-
Demands
and Notices
-
Any notice given by either party in this Mortgage must
be in
writing. Unless otherwise provided in this Mortgage or
prohibited by law, where this Mortgage allows or
requires
the Mortgagee to make a demand on or give a notice to
any
person, the Mortgagee will make the demand or give the
notice by:
-
delivering
it to the party at the Property or the party's
last
known address;
- by
mailing
it by prepaid registered mail addressed to the
party
at the Property or the party's last known
address;
- by
sending
it by telefacsimile to the party's last known
number; or
- where the
party is a corporation, by so delivering or
sending
it to the last known address or number of a
director, officer, employee or attorney of the
corporation.
-
delivering
it to the party at the Property or the party's
last
known address;
- Any notice or
demand delivered as described will constitute as
sufficient
delivery. Any notice, demand mail and facsimile (the
"Notice") made will constitute as being effective on the
same day that it was sent, unless the day in which the
Notice was sent falls on a national holiday, Saturday or
Sunday, in which case, the next business day would be
considered as the day of receipt.
- Any party in
this
instrument whose address has changed is responsible for
notifying the other respective parties of the change in
address.
IN
WITNESS
WHEREOF the Mortgagor, Mortgagee, and
Guarantor
have duly affixed their signatures under hand and seal
on
, ________________
.
SIGNED,
SEALED, AND DELIVERED , _________________________ in the presence of: ______________________________ A NOTARY PUBLIC IN AND FOR THE STATE OF ____________ |
|
SIGNED,
SEALED, AND DELIVERED , _________________________ in the presence of: ______________________________ A NOTARY PUBLIC IN AND FOR THE STATE OF ____________ |
|
SIGNED,
SEALED, AND DELIVERED , _________________________ in the presence of: ______________________________ A NOTARY PUBLIC IN AND FOR THE STATE OF ____________ |
|
Mortgagor Acknowledgement
STATE OF ____________
COUNTY OF ____________________
On , _________________________, before me personally appeared _________________________ , to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed.
___________________________________
Notary Public
___________________________________
(print name)
My commission expires: _________________
Mortgagee Acknowledgement
STATE OF ____________
COUNTY OF ____________________
On , _________________________, before me personally appeared _________________________ , to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed.
___________________________________
Notary Public
___________________________________
(print name)
My commission expires: _________________
Guarantor Acknowledgement
STATE OF ____________
COUNTY OF ____________________
On , _________________________, before me personally appeared _________________________ , to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed.
___________________________________
Notary Public
___________________________________
(print name)
My commission expires: _________________
Guarantor Details
Is a Covenanter or Guarantor required?
Guarantor
e.g. Street, City, State ZIP CodeAdd another Guarantor
Property Details
e.g. Street, City, State ZIP Code
Legal Description:
e.g. Lot Number, Block Number, Additions, City, County, StateThe property is a condominium?
Principal and Interest Details
What is the Interest Rate?
What is the Interest Adjustment Date?
Date:
Payment Details
How often will Principal and Interest payments be made?
What day of the week are installment payments due?
e.g. Monday, FridayHow much is each Principal and Interest payment?
Maturity Date:
Annual Prepayment
Allow annual prepayment of Principal without penalty?
What percent of the Principal can the Mortgagor prepay each year?
Percent of Principal:
Can the Mortgagor prepay any amount not prepaid in a previous year?
Entire Prepayment
Allow prepayment of entire balance owing?
Will there be a penalty for paying off the entire balancing owing?
Power of Sale
Do you wish to include a power of sale clause?
Do you want to include any additional terms or information?
Additional Clause
Add another Clause
Date the Mortgage to be signed:
In which jurisdiction will this deed be notarized for the Mortgagor?
State
In which jurisdiction will this deed be notarized for the Mortgagee?
State
In which jurisdiction will this deed be notarized for the Guarantor?
State
Your Mortgage Agreement
Your Mortgage Agreement
Mortgage Agreement
THIS MORTGAGE AGREEMENT (the "Mortgage") dated this , ________________
BETWEEN:
_________________________ of
_________________________
(collectively the "Mortgagor")
OF THE FIRST PART
- AND -
_________________________ of
_________________________
(collectively the "Mortgagee")
OF THE SECOND PART
- AND -
_________________________ of
_________________________
(collectively the "Guarantor")
OF THE THIRD PART
Background
- The Mortgagor is registered as owner of the estate in the following described property (the "Property") located at _________________________ in __________ , with the following legal description: ______________________________________________________________________________________
- Any buildings or
structures on the Property and anything now or later
attached or affixed to the buildings or the Property
including additions, alterations and improvements located
on, above or below the surface of the Property are covered
by this Mortgage. However, no additions, alterations or
improvements will be made by the Mortgagor without the
Mortgagee's prior written consent. Any addition, alteration
or improvement will be subject to all recorded easements,
rights of way, conditions, encumbrances and limitations, and
to all applicable building and use restrictions, zoning laws
and ordinances, if any, affecting the Property.
IN CONSIDERATION OF the sum lent to the Mortgagor by the Mortgagee, in the amount of $ __________ U.S. DOLLARS (the "Principal Amount") the receipt of which the Mortgagor hereby acknowledges itself indebted, the parties to this Mortgage agree as follows:
- U.C.C.
Security Agreement
- It is agreed that if
any of the Property herein mortgaged is of a nature so that
a security interest in the Property can be perfected under
the Uniform Commercial Code, this instrument will constitute
a Security Agreement and the Mortgagor agrees to join with
the Mortgagee in the execution of any financing statements
and to execute any and all other instruments that will be
required for the perfection or renewal of such security
interest under the Uniform Commercial Code.
- Governing
Law
- This Mortgage will
be governed by both the law of Tennessee and any applicable
federal law (the "Applicable Law"). All rights and
obligations contained in this Mortgage are subject to any
requirements and limitations of the Applicable Law.
-
MATTERS RELATING TO PAYMENT
- Promise
to Pay
- The Mortgagor, for
value received, promises to pay to the Mortgagee, on demand,
the Principal Amount, interest and all fees and costs on the
terms set out in this Mortgage or in any amendment,
extension or renewal of the Mortgage and any additional
amounts secured by this Mortgage on the terms elsewhere
provided for such debts and liabilities.
- Interest
-
The Mortgagor agrees to pay the Principal Amount with
interest before and after maturity and before and after
default at the rate of
__________
percent calculated per annum and compounding
annually (the "Interest Rate"). The Interest Rate will be
calculated from the date this Mortgage begins (the "Interest
Adjustment Date") and accrues until the whole of the
Principal Amount is paid. The Loan will be repaid on the
following terms:
- The
Principal Amount and interest will be repaid in
consecutive
___________________ installments of $
__________
each on the
__________
of each month.
- The Interest
Adjustment Date for this Mortgage is
__________
.
- The balance
of the Principal Amount, if any, and any interest
thereon and any other moneys owing under this
Mortgage will be due and payable on the
__________
(the "Maturity Date").
- The
Principal Amount and interest will be repaid in
consecutive
___________________ installments of $
__________
each on the
__________
of each month.
- Place
of Payment
- The Mortgagor will
make monthly payments at mortgagee's address or at a
location as later specified by the Mortgagee.
- Funds
of Escrow Items
- The Mortgagor will
pay to the Mortgagee, on the day periodic payments are due
under this Mortgage, a sum (the "Funds") to provide for
payment of (a) all taxes, assessments and other charges
against the Property; (b) ground rents or other lease
payments on the Property; and (c) premiums for any and all
insurance required by the Mortgagee (the "Escrow
Items").
- The Mortgagor will
notify the Mortgagee of all of amounts to be paid under this
Section. At the Mortgagee's discretion, the Mortgagor will
provide receipts of such payments to the Mortgagee. If the
Mortgagor fails to make timely payments, the Mortgagee can,
at its discretion, make any payments for overdue Escrow
Items on behalf of the Mortgagor and the Mortgagor will be
obligated to repay the Mortgagee for any such amount. The
Mortgagee may waive the Mortgagor's obligation to pay for
any or all Escrow Items to the Mortgagee through written
notice. If such waiver occurs, the Mortgagor is responsible
to pay the amounts due for any Escrow Items. The Mortgagee
can at any time revoke the waiver of any or all Escrow Item
payments by written notice to the Mortgagor and, upon such
revocation, the Mortgagor will pay to the Mortgagee all
Funds, and in such amounts, that are then required under
this Section.
- The Mortgagee will
collect and hold the Funds in accordance with the Real
Estate Settlement Procedures Act (the "RESPA"). The
Mortgagee will reasonably estimate the amount of Funds due
in accordance with the Applicable Law.
- If there is a
surplus of Funds held in escrow, the Mortgagee will provide
the Mortgagor with the excess funds in accordance with the
RESPA. If there is a shortage of Funds held in escrow, the
Mortgagee will notify the Mortgagor as required by the
RESPA, and the Mortgagor will pay to Mortgagee the amount
necessary to make up the shortage in accordance with the
RESPA.
- Obligation
to Pay without Set-off or Delay
- The Mortgagor
agrees to pay all amounts payable pursuant to this Mortgage
and all additional amounts secured by this Mortgage without
abatement, set-off or counterclaim. Should the Mortgagor
make any claim against the Mortgagee either initially or by
way of abatement, set-off or counterclaim, the
Mortgagor agrees that any such claim will not diminish or delay the Mortgagor's obligations to make the payments as provided in this Mortgage.
- Application
of Payments and Interest after Default
- All monthly
payments received by the Mortgagee will first be applied in
payment of the interest calculated at the Interest Rate, and
second in payment of the Principal Amount. However, if the
Mortgagor is in default, then the Mortgagee will apply any
payments received during this period as the Mortgagee
chooses. If the Mortgagor is in default in payment of any
amount including interest, interest will be payable on the
interest and other arrears at the Interest Rate compounded
monthly.
- Annual
Prepayment Privileges
- When not in
default, the Mortgagor may prepay an amount not greater than
20.00% of the original Principal Amount of the Mortgage
anytime during the year, up to and including the anniversary
date of the Interest Adjustment Date (the "Annual
Prepayment"). The Mortgagor may prepay any unpaid Annual
Prepayment from previous years in addition to the Annual
Prepayment from the current year.
- Full
Prepayment Privileges
- The Mortgagor may
prepay the full outstanding balance (including the principal
and any accrued interest) at any time upon payment of three
months' interest at the existing interest rate as set out in
the Mortgage or, if renewed, in the agreement for the last
renewal of the Mortgage calculated on the full principal
amount being repaid.
- Discharge
- When the Mortgagor
pays the Principal Amount, interest and all the other
amounts secured by this Mortgage in full and notifies the
Mortgagee in writing and requests a discharge of this
Mortgage, the Mortgagee will discharge this Mortgage. The
Mortgagor will give the Mortgagee a reasonable time after
payment in which to prepare and issue the discharge.
- Covenants
and Warranties
-
The Mortgagor warrants and agrees that:
- the
Mortgagor has good title to the Property;
- the
Mortgagor will preserve the Mortgagor's title to the
Property and the validity and priority of this
Mortgage and will forever warrant and defend the
same for the Mortgagee against the claims of all
persons;
- the
Mortgagor has the authority to mortgage the
Property;
- on default,
the Mortgagee will have quiet possession of the
Property;
- the Property
is free from all encumbrances;
- the
Mortgagor will execute further assurance of the
Property as will be requisite;
- the Mortgagor
has not done any act to encumber the Property.
- the
Mortgagor has good title to the Property;
- Additional
Covenants of Leasehold Property
- If the Mortgagor
has a leasehold interest in the Property, the Mortgage will
not apply to the last day of the term of the Lease or the
term of any renewal or replacement of the Lease. The
Mortgagor will hold the last day of each term in trust for
the Mortgagee and transfer it on the Mortgagee's direction
to any person acquiring such term.
-
If the Mortgagor has a leasehold interest in the Property,
the Mortgagor warrants and agrees that:
- the
Mortgagor has good and marketable leasehold title to
the Property;
- the
Mortgagor has a good, valid and subsisting lease of
the Property (the "Lease") and has given to the
Mortgagee a full and complete copy of that
Lease;
- all rents
and other monies payable under the Lease have been
paid and the Mortgagor is not otherwise in default
under any obligation set out in the Lease;
- the
Mortgagor does not require the consent of the
landlord to mortgage the leasehold interest in the
Property, or if required, the Mortgagor has obtained
the consent of the landlord to this Mortgage;
- the
Mortgagor will pay rent and perform and observe all
other obligations under the Lease;
- the
Mortgagor will not encumber or surrender the lease
or cause or allow it to be terminated or
forfeited;
- the
Mortgagor will not agree to any amendment of the
Lease without first obtaining the Mortgagee''s
written consent; and
- the Mortgagor
will renew the Lease as necessary to protect the
Mortgagee's interest and the Mortgage will extend to
any such renewal.
- the
Mortgagor has good and marketable leasehold title to
the Property;
- Fixtures
and Additions
- The Mortgagor
agrees that the Property includes all property of any kind
that is now or at any time in the future attached or affixed
to the land or buildings or placed on and used in connection
with them, as well as all alterations, additions and
improvements to the buildings.
- Payment
of Taxes and Other Encumbrances
- The Mortgagor will
pay all taxes and other fees levied on the Property and all
accounts for utilities supplied to the Property and all
charges, mortgages, liens and other encumbrances on the
Property when they are due and comply with all other
obligations under them. Upon the Mortgagee's request, the
Mortgagor will promptly provide receipts showing that the
taxes and other accounts have been paid.
- No
Sale Without Consent
- The Mortgagor will
not sell, transfer, lease or otherwise dispose of all or any
part of the Property or any interest in the Property or if a
corporation, permit a change in control, without the
Mortgagee's prior written approval. Any transfer approved by
the Mortgagee must involve the purchaser, transferee or
lessee entering into an assumption agreement in a form
satisfactory to the Mortgagee. Acceptance of any payments
from any purchaser, transferee or lessee or after a change
in control not approved in writing, will not constitute an
approval or waiver by the Mortgagee.
- Property
Insurance
- The Mortgagor will
insure, in the Mortgagee's favor, all buildings on the
Property that are the subject of the Mortgage. The insurance
will include protection against damage by fire and other
perils including “extended peril coverage” and any other
perils that the Mortgagee requests. The insurance must cover
replacement costs of any buildings on the Property in US
dollars. The Mortgagor will choose the insurance company but
the final selection is subject to the Mortgagee's approval.
The insurance policies will include a standard mortgage
clause stating that any loss is payable to the Mortgagee.
This Mortgage will be
sufficient proof for any insurance company to pay any claims to the Mortgagee and to accept instructions from the Mortgagee regarding any insurance claims relating to the Property.
-
The Mortgagor will provide the following at the request of
the Mortgagee:
- a copy of
the insurance policy;
- receipts of
all paid insurance premiums; and
- renewal
notices and evidence of renewal completion.
- a copy of
the insurance policy;
- In the event of
loss, the Mortgagor will provide prompt notice to the
Mortgagee and the insurance carrier. The Mortgagor will
provide the Mortgagee proof of all claims at the Mortgagor's
own expense and will perform all necessary acts to enable
the Mortgagor to obtain all insurance proceeds from the
claim. The insurance proceeds, in whole or in part, will be
applied to the restoration and repair of the Property, if
the restoration and repair is economically feasible. If the
restoration and repair is not economically feasible, then
the insurance proceeds will be applied to the remainder of
the Mortgage, whether or not the balance of the Mortgage is
then due. Any remaining funds from the insurance claim will
be paid to the Mortgagor.
- Repair,
Vacancy and Maintenance of the Property
- The Mortgagor will
maintain the Property in good order and condition and will
promptly make all necessary repairs, replacements, and
improvements. The Mortgagor will not allow any part of the
Property to become or remain vacant without the written
consent of the Mortgagee. The Mortgagor will not commit
waste and will not remove, demolish or materially alter the
Property or any part of it without prior written consent
from the Mortgagee. The Mortgagee may, whenever necessary,
enter upon and inspect the Property. If the Mortgagor, or
anyone claiming under the Mortgagor, neglects to keep the
Property in good condition and repair, or commit any act of
waste on the Property, or do anything by which the value of
the Property is thereby diminished, all of which the
Mortgagee will be the sole judge, the Mortgagee may (but is
not obliged to) enter the Property and effect such repairs
or work as it considers necessary.
- Environmental
Hazards
- The Mortgagor will
not use, store, release, deposit, recycle, or permit the
presence of hazardous substances on the Property, generally
accepted items for residential use excepted, which includes
but not limited to asbestos, PCBs, radioactive materials,
gasoline, kerosene, or other flammable petroleum
products (the "Hazardous Substances"). The Mortgagor is also prohibited from performing any acts on the Property involving any Hazardous Substances that would materially affect the value of the Property or would require clean-up or remedial action under federal, state, or local laws and codes.
- Guarantee
-
Each person signing or joining in the Mortgage as a
Covenanter or Guarantor agrees as follows:
- the
Guarantor, with the Mortgagor, as principal debtor
and not as surety will duly pay or cause to be paid
all amounts payable under this Mortgage on the days
and times and in the manner provided for payment of
the same;
- the
Guarantor unconditionally guarantees full
performance and discharge of all the Mortgagor's
obligations under the provisions of this Mortgage at
the times and in the manner provided in this
Mortgage;
- the
Guarantor will indemnify and save the Mortgagee
harmless from and against all losses, damages, costs
and expenses which the Mortgagee may sustain, incur
or become liable for reason of the Mortgagor's
failure to pay the amounts payable, or any other
failures whatsoever, under this Mortgage;
- the
Mortgagee will not be obliged to proceed against the
Mortgagor or any other person liable under this
Mortgage or to enforce or exhaust any security
before proceeding to enforce the obligations of the
Guarantor provided in this section and that
enforcement of such obligations may take place
before, after or contemporaneously with enforcement
of any of the Mortgagor's debts or obligations under
this Mortgage or the enforcement of any security for
any such debt or obligation;
- Mortgagee
may, without notice to and the consent or approval
of the Guarantor, grant extensions of time for
payment, make renewals, increase, vary and amend the
Interest Rate, the Principal Amount and other terms
of the Mortgage and the indebtedness secured by the
Mortgage, release the whole or any part of the
Property or other security from this Mortgage, or
otherwise deal with the Mortgagor, or any of the
indebtedness secured by this Mortgage or the
Property or other security as the Mortgagee sees fit
without releasing or lessening the liability of the Guarantor;
- the
Guarantor will be bound by each such renewal,
variation and amendment of any terms of the Mortgage
that the Mortgagee makes with the Mortgagor, and
each reference to the Mortgage in this Guarantee
section will mean the Mortgage as so renewed and
amended from time to time, regardless of whether
such changes were made with or without the
knowledge, consent or approval of the
Guarantor;
- the
Guarantor has read this Mortgage and is fully aware
of and agrees with its terms and in particular, the
terms of this Guarantee section;
- where there
is more than one Guarantor, each Guarantor is
jointly and severally responsible under this
guarantee with the other Guarantor(s) and the
Mortgagor; and
- the Mortgagee
will serve notice on the Guarantor and any notice to
the Guarantor will be deemed received in the same
manner as provided for notice to the Mortgagor in
this Mortgage.
- the
Guarantor, with the Mortgagor, as principal debtor
and not as surety will duly pay or cause to be paid
all amounts payable under this Mortgage on the days
and times and in the manner provided for payment of
the same;
-
DEFAULT AND REMEDIES
- Mortgagor's
Right to Quiet Possession
- Until default by
the Mortgagor under this Mortgage, the Mortgagor will have
quiet possession and receive the rents and profits from the
Property.
- Events
of Default
-
The Mortgagor will be in default under this Mortgage upon
the happening of any of the following events:
- the
Mortgagor defaults in the payment of the Principal
Amount, interest or any other amount secured by this
Mortgage, when payment of such amount becomes due
under the terms of this Mortgage or as elsewhere
provided for any other amount secured by this
Mortgage;
- the
Mortgagor fails to observe or to perform any term or
covenant which the Mortgagor has agreed to observe
or perform under this Mortgage or elsewhere where an
amount is secured by this Mortgage;
- any
information or statement the Mortgagor has given or
made before, at
or after signing the Mortgage, in respect of the Property or the Mortgagor’s affairs is incorrect or untrue at the time it was given or made;
- the
Mortgagor ceases or threatens to cease to carry on
in a sound businesslike manner, the business in
which the Mortgagor ordinarily conducts on, or with
respect to all or any part of, the Property;
- the Property
is a condominium unit or units and a vote authorizes
the termination of the condominium or the sale of
all or substantially all of the condominium
corporation's assets or its common elements or the
condominium corporation fails to insure the unit and
common elements;
- a petition
in bankruptcy is filed against the Mortgagor, the
Mortgagor makes a general assignment for the benefit
of the creditors, a receiver, interim receiver,
monitor or similar person is placed or is threatened
to be placed in control of or for the overview of
Mortgagor’s affairs or Property, or in the opinion
of the Mortgagee, the Mortgagor becomes
insolvent;
- a
construction or similar type lien is registered
against the Property or if default occurs under any
other lien, mortgage or encumbrance existing against
the Property;
- the
Mortgagor abandons or does not visibly and
consistently occupy the Property; or
- the Property
or a material part of the Property is
expropriated.
- the
Mortgagor defaults in the payment of the Principal
Amount, interest or any other amount secured by this
Mortgage, when payment of such amount becomes due
under the terms of this Mortgage or as elsewhere
provided for any other amount secured by this
Mortgage;
- Acceleration
on Default
- If at any time the
Mortgagor should be in default under this Mortgage, the
Principal Amount and interest and all amounts secured by
this Mortgage will, at the option of the Mortgagee, become
due and payable immediately.
- If at any time the
Mortgagor is in default and the Mortgagee does not require
the Mortgagor to pay immediately in full as described above,
the Mortgagee will retain the right to seek full immediate
payment if the Mortgagor is in default at a later time. Any
forbearance on the part of the Mortgagee upon default, which
includes but not limited to acceptance of late payment,
acceptance of payment from third parties, or acceptance of
payments less than the amount then due, will not constitute
as waiver to enforce acceleration on default.
- In the event that
the Mortgagee elects to accelerate the Mortgage, the
Mortgagee will provide notice to the Mortgagor in accordance
with the Applicable Law.
- Additional
Charges
- The Mortgagor may
be charged with fees in association with the default of this
Mortgage or for the protection of the Mortgagee's interest
for this Mortgage, which may include, but is not limited to,
attorneys' fees and property inspections (the "Additional
Fees"). The absence of specific charges which may be levied
against the Mortgagor in this Mortgage does not preclude the
Mortgagee from charging such costs as Additional Fees.
However, the Mortgagee will not charge any fees which are
prohibited by Applicable Law and the Mortgagee will not
charge any fees above and beyond the amount or percentage
allowed under the Applicable Law. The Additional Fees
will carry the rate of __________ percent and calculated
annually. The Additional Fees' total including interest will
become due upon written request by the Mortgagee.
- Protection
of Mortgagee's Security
-
If at any time the Mortgagor should fail to uphold the
covenants in this Mortgage, or if a legal proceeding
commences which materially affects the Mortgagee's interest
in the Property, the Mortgagee may pay or perform any
reasonable action as necessary to protect the Mortgagee's
interest, which includes, but is not limited to:
- payment of
any insurance premiums, taxes, or levies which are
accruing against the Property;
- payment of
sums due secured by a prior lien which has priority
over this Mortgage;
- payment of
legal fees in relations to any legal proceedings or
legal costs arising from the Property; and
- payment of
reasonable costs in repairing and maintaining the
Property.
- payment of
any insurance premiums, taxes, or levies which are
accruing against the Property;
- Any action referred
to in this section is optional for the Mortgagee and the
Mortgagee has no duty or obligation to carry out any of the
remedies listed in this section and will not incur any
liability in the failure to perform such tasks.
- Any amount
disbursed by the Mortgagee in relation to the protection of
the Mortgagee's security will become Additional Fees payable
by the Mortgagor.
- Power
of Sale
- If at any time the
Mortgagor should be in default under this Mortgage, the
Mortgagee will have the right to foreclose and force the
sale of the Property without any judicial proceeding. Any
delay in the exercising of this right will not constitute as
waiver on the part of the Mortgagee to exercise this option
at a subsequent time should the Mortgagor remains in default
or if the Mortgagor becomes default again in the
future.
- Remedies
on Default
- The Mortgagee will
have the right to pursue all remedies for the collection of
the amounts owing on this Mortgage that are provided for by
the Applicable Law, whether or not such remedies are
expressly granted in this Mortgage, including but not
limited to foreclosure proceedings.
- If the Mortgagee
invokes the power of sale, the Mortgagee or its agent will
execute a written notice of the event of default and the
Mortgagee's election to sell the Property. The Mortgagee or
its agent will mail copies of the notice as prescribed by
Applicable Law to the Mortgagor and other persons required
by Applicable Law. The Mortgagee or its agent will give
public notice of sale to the Mortgagor in the manner
provided for by Applicable Law. After the time required by
Applicable Law, the Mortgagee or its agent, without demand
on the Mortgagor, will sell the Property at public auction
to the highest bidder, at the time and place and subject to
the terms indicated in the notice of sale. The Mortgagee or
its agent may postpone sale of the Property by public
announcement at the time and place of any scheduled
sale.
-
MISCELLANEOUS MATTERS
- Interpretation
and Headings
- Headings are
inserted for the convenience of the parties to the Mortgage
only and are not to be considered when interpreting this
Agreement. Words in the singular mean and include the plural
and vice versa. Words in the masculine gender mean and
include the feminine gender and vice versa. Words importing
persons include firms and corporations and vice versa.
- Severability
- If any provision of
this Mortgage will be held invalid or be prohibited by the
Applicable Law, such provision will not invalidate the
remaining provisions of this Mortgage and such provisions of
the Mortgage will be amended or deleted as necessary to
comply with the Applicable Law.
- Nothing contained
in this Mortgage will require the Mortgagor to pay, or for
the Mortgagee to accept, interest in an amount greater than
that allowed by the Applicable Law. If the payment of
interest or other amounts under this Mortgage would
otherwise exceed the maximum amount allowed under the
Applicable Law or violate any law as to disclosure or
calculation of interest charges, then the Mortgagor's
obligations to pay interest or other charges will be reduced
or amended to the maximum rate or amount permitted under the
Applicable Law.
- Joint
Signatures
- If the Mortgagor is
more than one person or legal entity, each person or legal
entity who signs it will be jointly and severally bound to
comply with all covenants and obligations of the Mortgagor
and the said covenants and obligations will bind all of the
Mortgagor's successors and permitted assigns. The Mortgage
will enure to the benefit of the Mortgagee and the
Mortgagee’s successors and assigns.
- Statutory
Covenants
- The covenants
contained in this Mortgage are additional and supplemental,
to the extent permitted by law, to the covenants set out in
the Applicable Law regarding Mortgages.
- Demands
and Notices
-
Any notice given by either party in this Mortgage must be in
writing. Unless otherwise provided in this Mortgage or
prohibited by law, where this Mortgage allows or requires
the Mortgagee to make a demand on or give a notice to any
person, the Mortgagee will make the demand or give the
notice by:
- delivering
it to the party at the Property or the party's last
known address;
- by mailing
it by prepaid registered mail addressed to the party
at the Property or the party's last known
address;
- by sending
it by telefacsimile to the party's last known
number; or
- where the
party is a corporation, by so delivering or sending
it to the last known address or number of a
director, officer, employee or attorney of the
corporation.
- delivering
it to the party at the Property or the party's last
known address;
- Any notice or
demand delivered as described will constitute as sufficient
delivery. Any notice, demand mail and facsimile (the
"Notice") made will constitute as being effective on the
same day that it was sent, unless the day in which the
Notice was sent falls on a national holiday, Saturday or
Sunday, in which case, the next business day would be
considered as the day of receipt.
- Any party in this
instrument whose address has changed is responsible for
notifying the other respective parties of the change in
address.
IN WITNESS
WHEREOF the Mortgagor, Mortgagee, and Guarantor
have duly affixed their signatures under hand and seal on
, ________________
.
SIGNED,
SEALED, AND DELIVERED , _________________________ in the presence of: ______________________________ A NOTARY PUBLIC IN AND FOR THE STATE OF ____________ |
|
SIGNED,
SEALED, AND DELIVERED , _________________________ in the presence of: ______________________________ A NOTARY PUBLIC IN AND FOR THE STATE OF ____________ |
|
SIGNED,
SEALED, AND DELIVERED , _________________________ in the presence of: ______________________________ A NOTARY PUBLIC IN AND FOR THE STATE OF ____________ |
|
Mortgagor Acknowledgement
STATE OF ____________
COUNTY OF ____________________
On , _________________________, before me personally appeared _________________________ , to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed.
___________________________________
Notary Public
___________________________________
(print name)
My commission expires: _________________
Mortgagee Acknowledgement
STATE OF ____________
COUNTY OF ____________________
On , _________________________, before me personally appeared _________________________ , to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed.
___________________________________
Notary Public
___________________________________
(print name)
My commission expires: _________________
Guarantor Acknowledgement
STATE OF ____________
COUNTY OF ____________________
On , _________________________, before me personally appeared _________________________ , to me known to be the person described in and who executed the foregoing instrument, and acknowledged that he/she executed the same as his/her free act and deed.
___________________________________
Notary Public
___________________________________
(print name)
My commission expires: _________________