Mortgage Note

{{company_name}}

{{company_address}}

Phone: {{phone}} | Email: {{email}} | Web: {{website}}

Mortgage Note

Mortgage Note

SENDER_ADDRESS_BLOCK

{{lender_company_name}}

{{lender_company_address}}

{{lender_phone}}

{{lender_email}}

{{lender_website}}

MORTGAGE NOTE

Principal Amount: {{principal_amount}}

Date: {{note_date}}

FOR VALUE RECEIVED, the undersigned, {{borrower_name}} (hereinafter “Borrower”), promises to pay to the order of {{lender_name}} (hereinafter “Lender”), the principal sum of {{principal_amount}} ({{principal_amount_words}}) with interest thereon, from the date hereof, at the rate of {{interest_rate}} per annum.

PAYMENT TERMS

Borrower shall make {{number_of_payments}} ({{number_of_payments_words}}) consecutive monthly payments of principal and interest, each in the amount of {{monthly_payment_amount}}, commencing on {{first_payment_date}} and continuing on the {{payment_day}} day of each month thereafter until the entire principal balance and all accrued interest are paid in full. All payments shall be made to Lender at the address indicated above, or at such other place as Lender may designate in writing.

SECURITY

This Mortgage Note is secured by a Mortgage/Deed of Trust of even date herewith, executed by Borrower, covering the property located at {{property_address}} (hereinafter “Property”).

DEFAULT

Upon the occurrence of any of the following events of default, the entire principal sum and all accrued interest shall, at the option of the Lender, become immediately due and payable without notice or demand:

a) Failure to pay any installment of principal and interest when due.

b) Failure to perform any covenant or agreement in the Mortgage/Deed of Trust securing this Note.

c) The sale or transfer of all or any part of the Property without the prior written consent of the Lender.

LATE CHARGE

If any payment required by this Note is not received by Lender within {{grace_period}} ({{grace_period_words}}) days after its due date, Borrower shall pay a late charge of {{late_charge_percentage}} of the overdue payment.

PREPAYMENT

Borrower shall have the right to prepay the principal sum in whole or in part at any time without penalty.

GOVERNING LAW

This Note shall be governed by and construed in accordance with the laws of {{governing_law_state/province}}, {{governing_law_country}}.

SUCCESSORS AND ASSIGNS

This Note shall be binding upon the Borrower and the Borrower’s heirs, executors, administrators, successors, and assigns, and shall inure to the benefit of the Lender and its successors and assigns.

SIGNATURE BLOCK

IN WITNESS WHEREOF, the Borrower has executed this Mortgage Note on the date first above written.

_____________________________

{{borrower_name}}

{{borrower_address}}

_____________________________

{{lender_name}}

{{lender_title}}