Mortgage notes are used to ensure that the mortgage is protected by a contract that binds both parties —the mortgagor and the mortgagee (or borrower and lender, respectively). As it is a legal document, it serves as a security of the lender that the mortgage balance will be paid by the borrower and/or other parties liable for the debt.
This Mortgage Note (“The Agreement”) is made and executed as of this (number) day of (Month), (Year), (“the Effective Date”) by and among/between:
Mortgagor(s): [Mortgagor.LastName] , [Mortgagor.FirstName] , (Age), of legal age, currently residing at [Mortgagor.StreetAddress] , [Mortgagor.City] , [Mortgagor.State] , [Mortgagor.PostalCode] , [Mortgagor.Country] (collectively “The Mortgagor” or “The Borrower”); and
Mortgagee(s): [Mortgagee.LastName] , [Mortgagee.FirstName] , (Age), of legal age, currently residing at [Mortgagee.StreetAddress] , [Mortgagee.City] , [Mortgagee.State] , [Mortgagee.PostalCode] , [Mortgagee.Country] (collectively “The Mortgagee” or “The Lender”);
WHEREAS, the Mortgagor acknowledges and confirms in this Agreement being indebted to the Mortgagee with the principal sum of (mortgage amount written in word form), (mortgage amount written in numeral form) in (currency), under and by virtue of a Promissory Note (“Note”) included herewith and made an integral part hereof.
WHEREAS, the Mortgagor’s indebtedness is evidenced by the Promissory Note (herein “Note”) provided indicating the monthly installments of the principal sum with additional fees on the monthly interest rates along with the accrued interest, late fees, all other charges, costs, and expenses, should there be any issues of delay in the repayment schedule.
WHEREAS, the Mortgagor acknowledges that the repayment of the total balance of the indebtedness should be paid within the span of (agreed period range of repayment) years or (number) months, as specified in the signed Promissory Note (herein “Note”).
WHEREAS, the Mortgagor has agreed to secure the payment of the Promissory Note (herein “Note”) to the Mortgagee by means of a good and valid mortgage.
WHEREAS, the Mortgagor, for and in consideration of the foregoing premises and as a security deposit for payment of the aforementioned obligation, the Mortgagor has agreed to transfer and conveyed, and by the aforementioned transfer and conveyed by way of Mortgage, unto the Mortgagee his/her heirs, employee, successors and assigns, and any personal representative of the Mortgagor that will serve as the Mortgagor’s guarantor in the event of unforeseen death of the Mortgagor or their evasion of liabilities.
WHEREAS, to secure the performance of all the terms, covenants, agreements, conditions, and obligations written in this Note and this Mortgage, the Mortgagor or the Borrower wishes to grant the Mortgagee or the Lender its rights, title, and interest to the property (indicate the property or asset) located at (property or asset location) that will serve as the collateral, should the Mortgagor declare that he/she may no longer be able to deliver his/her obligation to this Note or Agreement.
WHEREAS, the Mortgagor acknowledges the condition that the Mortgagee has no obligation in advising his/her due on a monthly basis but to comply on the monthly due date specified in the Note and in this Agreement.
WHEREAS, the Mortgagor and the Mortgagee acknowledge that no amendment, modification, or waiver provision in any part of this agreement shall be effective unless such amendment, modification, or waiver is explicitly set forth in writing, signed by, and duly executed by both parties.
WHEREAS, the Mortgagor agrees to provide his/her necessary personal details for the Mortgagee’s future references along with the list of names the Mortgagor provided that will serve as the Mortgagee’s contact persons should there be any unforeseen events that may occur that will greatly and directly affect this Note and Agreement.
Mortgagor Name:
Permanent Address:
[Mortgagor.StreetAddress] , [Mortgagor.City] , [Mortgagor.State] , [Mortgagor.PostalCode] , [Mortgagor.Country]
Mortgagor Office Address:
[Mortgagor.Company] : (Street Address), (City), (State), (Postal Code), (Country)
Mortgagor Contact Details:
Mortgagor Email Address: