[{"data":1,"prerenderedAt":521},["ShallowReactive",2],{"document-mortgage-note-D1182":3},{"document":4,"label":23,"preview":11,"thumb":24,"description":5,"descriptionCustom":6,"apiDescription":5,"pages":8,"extension":10,"parents":25,"breadcrumb":29,"related":37,"customDescModule":179,"customdescription":6,"mdFm":180,"mdProseHtml":520},{"description":5,"descriptionCustom":6,"label":7,"pages":8,"size":9,"extension":10,"preview":11,"thumb":12,"svgFrame":13,"seoMetadata":14,"parents":15,"keywords":22},"MORTGAGE NOTE This Mortgage Note (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Mortgagor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [MORTGAGEE NAME] (the \"Mortgagee\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS FOR VALUE RECEIVED the undersigned Mortgagor jointly and severally promise(s) to pay to the order of Mortgagee the principal sum of [AMOUNT] together with interest thereon from date at the rate of [%] per annum until maturity, said principal and interest being payable monthly on the [DAY] of each and every month in lawful money of the [COUNTRY] beginning on [DATE], in monthly installments of [AMOUNT], and continuing thereafter until [DATE], or until said principal and interest have been paid in full, at [ADDRESS], or at such other place as the holder hereof may designate in writing from time to time. INSTALLMENT PAYMENT Each installment payment shall be credited first to the interest then due, and the remainder to the principal. GUARANTY This Note with interest is secured by a mortgage on real estate, of even date herewith, made by the maker hereof in favor of said Mortgagee",null,"Mortgage Note","2",34,"doc","https://templates.business-in-a-box.com/imgs/1000px/mortgage-note-D1182.png","https://templates.business-in-a-box.com/imgs/250px/1182.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1182.xml",{"title":6,"description":6},[16,19],{"label":17,"url":18},"Real Estate","/templates/real-estate-business/",{"label":20,"url":21},"Business Checklists","/templates/business-checklists/","mortgage note","Mortgage Note Template","https://templates.business-in-a-box.com/imgs/400px/1182.png",[26,16,19],{"label":27,"url":28},"Templates","/templates/",[30,31,34],{"label":27,"url":28},{"label":32,"url":33},"Legal Agreements","/templates/business-legal-agreements/",{"label":35,"url":36},"Loans & Promissory Notes","/templates/loans-and-promissory-notes/",[38,42,46,50,54,58,62,66,70,74,78,82,86,100,118,134,151,166],{"label":39,"url":40,"thumb":41,"extension":10},"Mortgage","/template/mortgage-D1183","https://templates.business-in-a-box.com/imgs/250px/1183.png",{"label":43,"url":44,"thumb":45,"extension":10},"Assignment of Mortgage","/template/assignment-of-mortgage-D1156","https://templates.business-in-a-box.com/imgs/250px/1156.png",{"label":47,"url":48,"thumb":49,"extension":10},"Mortgage Deed","/template/mortgage-deed-D988","https://templates.business-in-a-box.com/imgs/250px/988.png",{"label":51,"url":52,"thumb":53,"extension":10},"Release Of Mortgage","/template/release-of-mortgage-D12710","https://templates.business-in-a-box.com/imgs/250px/12710.png",{"label":55,"url":56,"thumb":57,"extension":10},"Balloon Note","/template/balloon-note-D426","https://templates.business-in-a-box.com/imgs/250px/426.png",{"label":59,"url":60,"thumb":61,"extension":10},"Credit Note","/template/credit-note-D13639","https://templates.business-in-a-box.com/imgs/250px/13639.png",{"label":63,"url":64,"thumb":65,"extension":10},"Delivery Note","/template/delivery-note-D12712","https://templates.business-in-a-box.com/imgs/250px/12712.png",{"label":67,"url":68,"thumb":69,"extension":10},"Demand Note","/template/demand-note-D429","https://templates.business-in-a-box.com/imgs/250px/429.png",{"label":71,"url":72,"thumb":73,"extension":10},"Promissory Note","/template/promissory-note-D434","https://templates.business-in-a-box.com/imgs/250px/434.png",{"label":75,"url":76,"thumb":77,"extension":10},"Renewed Note","/template/renewed-note-D438","https://templates.business-in-a-box.com/imgs/250px/438.png",{"label":79,"url":80,"thumb":81,"extension":10},"Time Note","/template/time-note-D441","https://templates.business-in-a-box.com/imgs/250px/441.png",{"label":83,"url":84,"thumb":85,"extension":10},"Convertible Note Agreement","/template/convertible-note-agreement-D870","https://templates.business-in-a-box.com/imgs/250px/870.png",{"description":87,"descriptionCustom":6,"label":39,"pages":88,"size":89,"extension":10,"preview":90,"thumb":41,"svgFrame":91,"seoMetadata":92,"parents":93,"keywords":98,"url":99},"MORTGAGE This Mortgage (the \"Agreement\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Mortgagor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [MORTGAGEE NAME] (the \"Mortgagee\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS WHEREAS, Mortgagor is justly indebted to Mortgagee in the sum of [AMOUNT] in lawful money of [COUNTRY], and has agreed to pay the same, with interest thereon, according to the terms of a certain note (the \"Note\") given by Mortgagor to Mortgagee, bearing even date herewith. DESCRIPTION OF PROPERTY SUBJECT TO LIEN: \"PREMISES\" NOW, THEREFORE, in consideration of the premises and the sum hereinabove set forth, and to secure the payment of the Secured Indebtedness as defined herein, Mortgagor has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell and convey unto Mortgagee property situated in [CITY, STATE/PROVINCE] more particularly described in Exhibit\" A\" attached hereto and by this reference made a part hereof; TOGETHER with all buildings, structures and other improvements now or hereafter located on, above or below the surface of the property herein before described, or any part and parcel thereof; and, TOGETHER with all and singular the tenements, easements, riparian and littoral rights, and appurtenances thereunto belonging or in anywise appertaining, whether now owned or hereafter acquired by Mortgagor, and including all rights of ingress and egress to and from adjoining property (whether such rights now exist or subsequently arise) together with the reversion or reversions, remainder and remainders, rents, issues and profits thereof; and also all the estate, right, title, interest, claim and demand whatsoever of Mortgagor of, in and to the same and of, in and to every part and parcel thereof; and, TOGETHER with all machinery, apparatus, equipment, fittings, fixtures, whether actually or constructively attached to said property and including all trade, domestic and ornamental fixtures, and articles of personal property of every kind and nature whatsoever (hereinafter collectively called \"Equipment\"), now or hereafter located in, upon or under said property or any part thereof and used or usable in connection with any present or future operation of said property and now owned or hereafter acquired by Mortgagor; and, TOGETHER with all the common elements appurtenant to any parcel, unit or lot which is all or part of the Premises; and, ALL the foregoing encumbered by this Mortgage being collectively referred to herein as the \"Premises\"; TO HAVE AND TO HOLD the Premises hereby granted to the use, benefit and behalf of the Mortgagee, forever. EQUITY OF REDEMPTION Conditioned, however, that if Mortgagor shall promptly pay or cause to be paid to Mortgagee, at its address listed in the Note, or at such other place which may hereafter be designated by Mortgagee, its or their successors or assigns, with interest, the principal sum of [AMOUNT] with final maturity, if not sooner paid, as stated in said Note unless amended or extended according to the terms of the Note executed by Mortgagor and payable to the order of Mortgagee, then these presents shall cease and be void, otherwise these presents shall remain in full force and effect. COVENANTS OF MORTGAGOR Mortgagor covenants and agrees with Mortgagee as follows: Secured Indebtedness: This Mortgage is given as security for the Note and also as security for any and all other sums, indebtedness, obligations and liabilities of any and every kind arising, under the Note or this Mortgage, as amended or modified or supplemented from time to time, and any and all renewals, modifications or extensions of any or all of the foregoing (all of which are collectively referred to herein as the \"Secured Indebtedness\"), the entire Secured Indebtedness being equally secured with and having the same priority as any amounts owed at the date hereof. Performance of Note, Mortgage: Mortgagor shall perform, observe and comply with all provisions hereof and of the Note and shall promptly pay, in lawful money of [COUNTRY], to Mortgagee the Secured Indebtedness with interest thereon as provided in the Note, this Mortgage and all other documents constituting the Secured Indebtedness. Extent Of Payment Other Than Principal And Interest: Mortgagor shall pay, when due and payable, (1) all taxes, assessments, general or special, and other charges levied on, or assessed, placed or made against the Premises, this instrument or the Secured Indebtedness or any interest of the Mortgagee in the Premises or the obligations secured hereby; (2) premiums on policies of fire and other hazard insurance covering the Premises, as required herein; (3) ground rents or other lease rentals; and (4) other sums related to the Premises or the indebtedness secured hereby, if any, payable by Mortgagor. Insurance: Mortgagor shall, at its sole cost and expense, keep the Premises insured against all hazards as is customary and reasonable for properties of similar type and nature located in [CITY, STATE/PROVINCE]. Care of Property: Mortgagor shall maintain the Premises in good condition and repair and shall not commit or suffer any material waste to the Premises. ","4",50,"https://templates.business-in-a-box.com/imgs/1000px/mortgage-D1183.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1183.xml",{"title":6,"description":6},[94,96],{"label":17,"url":95},"real-estate-business",{"label":20,"url":97},"business-checklists","mortgage agreement","/template/mortgage-agreement-D1183",{"description":101,"descriptionCustom":6,"label":102,"pages":8,"size":103,"extension":10,"preview":104,"thumb":105,"svgFrame":106,"seoMetadata":107,"parents":109,"keywords":108,"url":117},"LOAN AGREEMENT This Loan Agreement (\"Agreement\") is made and effective the [DATE], BETWEEN: [LENDER NAME] (the \"Lender\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [YOUR COMPANY NAME] (the \"Borrower\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] Promise to Pay Within [NUMBER] months from today, Borrower promises to pay to Lender the sum of [AMOUNT], and interest and other charges stated below. Responsibility Although this Agreement may be signed below by more than one person, Borrower understands that both parties are individuals responsible for paying back the full amount. Breakdown of Loan Amount of Loan: Other (Describe): Amount Financed: Finance Charge: Total of Payments: Annual Rate: Repayment Borrower will repay the amount of this note in [NUMBER] equal uninterrupted monthly installments of [AMOUNT] each on the [DAY] of each month starting on the [DATE], and ending on [DATE]. Prepayment Borrower has the right to prepay the whole outstanding amount at any time","Loan Agreement",513,"https://templates.business-in-a-box.com/imgs/1000px/loan-agreement-D417.png","https://templates.business-in-a-box.com/imgs/250px/417.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#417.xml",{"title":108,"description":6},"loan agreement",[110,113,116],{"label":111,"url":112},"Finance & Accounting","finance-accounting",{"label":114,"url":115},"Business Loans","business-loan",{"label":114,"url":115},"/template/loan-agreement-D417",{"description":119,"descriptionCustom":6,"label":120,"pages":88,"size":103,"extension":10,"preview":121,"thumb":122,"svgFrame":123,"seoMetadata":124,"parents":126,"keywords":125,"url":133},"SECURED LUMP-SUM PROMISSORY NOTE AGREEMENT This Secured Lump-Sum Promissory Note Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [FIRST PARTY NAME], (the \"Issuer\") a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at/Individual having an address at: [YOUR COMPLETE ADDRESS] AND: [SECOND PARTY NAME], (the \"Holder\") company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE] with its head office located at/Individual having an address at: [YOUR COMPLETE ADDRESS] FOR VALUE RECEIVED, the undersigned Issuer hereby promises to pay to the order of the Holder, the maximum Principal Amount of [PRINCIPAL AMOUNT] together with interest on the unpaid Principal Amount (as defined in this Agreement) outstanding from time to time at the rate (or rates) hereafter specified, and all other sums which may be owing to the Holder by the Issuer hereunder. The terms of the Note are as follows: MATURITY DATE AND PAYMENT TERMS This Note will mature, and be due and payable in full, on [DATE] (the \"Maturity Date\") and shall be paid in the lump sum amount of [LUMP SUM AMOUNT TO BE PAID]. INTEREST From and after the date hereof, all outstanding principal of this Note will bear simple interest at the rate of [PERCENT OF INTEREST] per annum. On the date that is [NUMBER OF DAYS] days after the date of this Note, the Issuer shall pay the then accrued interest on this Note. Upon the occurrence and during the continuance of any Event of Default (as hereinafter defined) under this Note, all outstanding principal of this Note shall bear interest at the rate of [PERCENT OF INTEREST] per annum. All outstanding principal and accrued but unpaid interest on this Note shall be payable on the Maturity Date. SECURITY This Note is Secured by a Security Agreement on the Issuer's Property, described as [PROPERTY DESCRIPTION], hereinafter known as the \"Security,\" which shall transfer to the possession and ownership of the Holder immediately in case of Acceleration. The Security may not be sold or transferred without the Holder's consent until the Maturity Date. If the Issuer breaches this provision, the Holder may declare all sums due under this Note immediately due and payable, unless prohibited by applicable law. The Holder shall have the sole option to accept the Security as full payment for the Principal Amount without further liabilities or obligations. If the market value of the Security does not exceed the Principal Amount, the Issuer shall remain liable for the balance due while accruing interest at the maximum rate allowed by law. PREPAYMENT The Issuer may prepay this Note prior to the Maturity Date, without premium or penalty, upon written notice to the Holder. EVENTS OF DEFAULT The occurrence of any one or more of the following events shall constitute an \"Event of Default\" under this Note: the failure of the Issuer to pay any sum due under this Note when due, whether by demand or otherwise, and such sum remains unpaid for five (5) days after the Due Date; and any other Event of Default described in the Security Agreement that might be signed between the Parties regarding the Property that is pledged as collateral to the loan. RIGHTS AND REMEDIES UPON DEFAULT ","Secured Lumpsum Promissory Note Agreement","https://templates.business-in-a-box.com/imgs/1000px/secured-lumpsum-promissory-note-agreement-D13041.png","https://templates.business-in-a-box.com/imgs/250px/13041.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13041.xml",{"title":125,"description":6},"secured lumpsum promissory note agreement",[127,130],{"label":128,"url":129},"Business Plan Kit","business-plan-kit",{"label":131,"url":132},"Business Procedures","business-procedures","/template/secured-lumpsum-promissory-note-agreement-D13041",{"description":135,"descriptionCustom":6,"label":136,"pages":137,"size":138,"extension":10,"preview":139,"thumb":140,"svgFrame":141,"seoMetadata":142,"parents":143,"keywords":149,"url":150},"ASSIGNMENT OF DEED OF TRUST This Assignment of Deed of Trust (the \"Assignment\") is made and effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Trustor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [TRUSTEE NAME] (the \"Trustee\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] TERMS","Assignment of Deed of Trust","1",28,"https://templates.business-in-a-box.com/imgs/1000px/assignment-of-deed-of-trust-D975.png","https://templates.business-in-a-box.com/imgs/250px/975.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#975.xml",{"title":6,"description":6},[144,146],{"label":32,"url":145},"business-legal-agreements",{"label":147,"url":148},"Deeds","deed","assignment deed trust","/template/assignment-of-deed-of-trust-D975",{"description":152,"descriptionCustom":6,"label":153,"pages":154,"size":103,"extension":10,"preview":155,"thumb":156,"svgFrame":157,"seoMetadata":158,"parents":160,"keywords":159,"url":165},"REAL ESTATE PURCHASE AGREEMENT This Real Estate Purchase Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [SELLER NAME], (the \"Seller\") an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [PURCHASER NAME], (the \"Purchaser\") an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] Collectively, the Seller and Purchaser shall be referred to as the \"Parties.\" WHEREAS, the Seller is the owner of the real property located at [ADDRESS OF PROPERTY] (hereinafter referred to as the \"Property\") and the Purchaser is interested in buying the Property from the Seller pursuant to the following terms and conditions. WHEREAS, in consideration of and as a condition of the Seller selling the Property and the Purchaser purchasing the Property and other valuable consideration, the receipt and sufficiency of which are acknowledged here; NOW, THEREFORE, the Parties agree as follows: PROPERTY The Property is situated at [SPECIFY ADDRESS] and the legal description of the Property is as follows: [SPECIFY LEGAL DESCRIPTION OF PROPERTY] which includes with it but is not limited to permits, easements, and cooperative and association memberships (the \"Property\"). The Seller agrees to sell and convey to the Purchaser and the Purchaser agrees to purchase the Property from the Seller. The Seller shall release possession, occupancy, existing keys and/or means to operate all locks, mailbox, security system/alarms and all common area facilities to the Purchaser on the Closing Date. The Seller agrees that all the existing fixtures on the Premises, and any existing personal property including but not limited to light fixtures, fireplace, ceiling fans, lighting, and storage sheds shall be included in this sale and shall be transferred with no monetary value, and free and clear of all liens or encumbrances. PAYMENT OF PURCHASE PRICE The Purchaser agrees to pay to the Seller [SPECIFY AMOUNT] for the Property. At the time of signing of the Agreement, the Purchaser shall make the payment of [SPECIFY PERCENTAGE] % of the total amount. The remaining amount shall be transferred to the Seller on the Closing Date. The Purchaser is entitled to pay the amount by any of the following modes: [SPECIFY MODES OF PAYMENT]. TITLE INSURANCE The Seller shall furnish to the Purchaser an owner's policy of title insurance (the \"Title Insurance\") from [SPECIFY INSURANCE COMPANY] (the \"Title Company\") in an amount of the Sales Price dated as of the date that the sale of the Property becomes final, and the Purchaser takes possession, which insures and indemnifies the Purchaser against loss, as stipulated under the provisions of the Title Policy, subject to exceptions contained therein. TITLE COMMITMENT At the Seller's sole cost, the Seller will furnish or cause to be furnished to the Purchaser a commitment for the Title Insurance and copies of restrictive covenants and documents evidencing the exceptions in the Commitment. DISCLOSURES BY THE SELLER The Seller shall send disclosures to the Purchaser, within 28 days of signing of this Agreement, in which he shall disclose the details of the Property under various categories. The categories include: Boundaries. Changes made to the Property (extensions, alterations). Shared areas with neighbors, formal and informal agreements. Disputes or complaints (made by or about the Seller). Occupiers (who live at the Property). Guarantees and warranties affecting the Property. Environmental matters. The relevant issues disclosed to the Purchaser shall include, but are not limited to the following: Any disputes with neighbors that have resulted in written exchanges, or police or local authority involvement. Whether the neighbors have any anti-social behavior orders. Planning permission on the Property that is pending, granted or denied. Problems with pests, current or historic. Flooding issues, current or historic. Structural issues. Whether there is a flight path nearby or one planned. Whether there is a motorway within view or one planned. A previous sale falling through due to bad survey results on the Property. The neighborhood having high levels of crime. A violent death that occurred at the Property. Notwithstanding anything contained in the foregoing provisions, the Seller shall disclose all such information which would materially affect the Purchaser's consent to purchase the Property. WARRANTY BY THE SELLER The Seller has full power and authority to enter into and perform this Agreement in accordance with its terms; The individuals executing this Agreement on behalf of the Seller are authorized to do so and, upon execution hereof, this Agreement shall be binding upon and enforceable against the Seller; The Seller has no actual knowledge of any impending lawsuits with respect to the Property; The Seller represents and warrants that there will be no liens, assessments, or security interests from third parties against the Property on the Closing Date; The Seller warrants and shall maintain and repair the Premises so that at the time of possession, all the heating, cooling, mechanical, plumbing and electrical systems, and built-in appliances shall be in working condition; The Seller warrants that the Premises, including all additional existing personal property included in the sale, will be in substantially the same condition, except the changes caused by reasonable wear and tear or irresistible force, as on the date of acceptance of the Agreement; The Seller warrants that no damage would be caused to the Property, by any improvement work being carried out by the Seller in the Property, to substantially reduce its value or damage it in a way to make its enjoyment difficult. WARRANTY BY THE PURCHASER The Purchaser has full power and authority to enter into and perform this Agreement in accordance with its terms; and Any individual executing this Agreement on behalf of the Purchaser is authorized to do so, and, upon execution hereof, this Agreement shall be binding upon and enforceable against the Purchaser. INDEMNIFICATION The Seller will bear all the risk of loss to the Property or its improvements, which includes but is not limited to physical damage or destruction to the Property, or loss caused by eminent domain, until the Closing Date. If prior to the Closing Date, the Property is damaged or destroyed, the Seller will restore the Property to its previous condition as soon as possible before the Closing Date. The Seller agrees to defend, indemnify, and hold the Purchaser harmless from and against all claims, liabilities, obligations, costs, expenses, and reasonable attorney's fees arising out of or related to: Any breach or inaccuracy of representation or warranty of the Seller made in this Agreement; Any failure by the Seller to perform any covenant required to be performed by it under this Agreement; Any liability or obligation of any third party assumed by the Seller in accordance with the terms of this Agreement; Use of the Property before the Closing Date. PRORATION The Seller and the Purchaser agree to proration of the following items: Title Insurance and Closing Fee: The Seller shall pay all costs of the Title Commitment and the premium as applicable under law. Recording Costs: The Purchaser shall pay the cost of the deed and all other documents. Real Estate Taxes and Special Assessments: All real estate property taxes, levies and assessments as of the Closing","Real Estate Purchase Agreement","8","https://templates.business-in-a-box.com/imgs/1000px/real-estate-purchase-agreement-D13234.png","https://templates.business-in-a-box.com/imgs/250px/13234.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#13234.xml",{"title":159,"description":6},"real estate purchase agreement",[161,162],{"label":32,"url":145},{"label":163,"url":164},"Purchase & Sale Agreements","purchase-sale-agreement","/template/real-estate-purchase-agreement-D13234",{"description":167,"descriptionCustom":6,"label":168,"pages":8,"size":169,"extension":10,"preview":170,"thumb":171,"svgFrame":172,"seoMetadata":173,"parents":174,"keywords":177,"url":178},"ASSIGNMENT OF REAL ESTATE CONTRACT AND SALE AGREEMENT This Assignment of Real Estate Contract and Sale Agreement (the \"Agreement\") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the \"Lessor\"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [LESSEE NAME] (the \"Lessee\"), an individual with his main address located at OR a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] RECITALS WHEREAS, Assignor has entered into a certain Real Estate Purchase and Sale Agreement with [NAME] as \"Seller\" and Assignor as \"Buyer\" which Agreement was executed on [DATE], by said Assignor and on [DATE], by said Seller for the purchase and sale of certain real property being, lying and situate in [CITY, STATE/PROVINCE], and more particularly described in said Agreement, copy of said Agreement being attached hereto as Exhibit \"A\"; and,","Assignment of Real Estate Contract and Sale Agreement",30,"https://templates.business-in-a-box.com/imgs/1000px/assignment-of-real-estate-contract-and-sale-agreement-D1157.png","https://templates.business-in-a-box.com/imgs/250px/1157.png","https://templates.business-in-a-box.com/svgs/docviewerWebApp1.html?v6#1157.xml",{"title":6,"description":6},[175,176],{"label":17,"url":95},{"label":32,"url":145},"assignment real estate contract sale agreement","/template/assignment-of-real-estate-contract-and-sale-agreement-D1157",false,{"seo":181,"reviewer":194,"legal_disclaimer":198,"quick_facts":199,"at_a_glance":201,"personas":205,"variants":229,"glossary":257,"clauses":292,"how_to_fill":342,"common_mistakes":383,"faqs":408,"industries":436,"comparisons":453,"diy_vs_lawyer":467,"jurisdictions":480,"related_template_ids_curated":501,"schema":508,"classification":509},{"meta_title":182,"meta_description":183,"primary_keyword":184,"secondary_keywords":185},"Mortgage Note Template | Free Word Download","Free mortgage note template — the borrower's binding promise to repay a home loan with interest. Download in Word, edit online, or export as PDF.","mortgage note template",[186,187,188,189,190,191,192,193],"mortgage promissory note template","mortgage note template word","promissory note for mortgage","real estate promissory note template","home loan promissory note","mortgage note free download","real estate note template","mortgage promissory note sample",{"name":195,"credential":196,"reviewed_date":197},"Bruno Goulet","CEO, Business in a Box","2026-05-02",true,{"difficulty":200,"legal_review_recommended":198,"signature_required":198,"notarization_required":179},"advanced",{"what_it_is":202,"when_you_need_it":203,"whats_inside":204},"A Mortgage Note is a legally binding promissory note in which a borrower personally promises to repay a real estate loan — stating the principal amount, interest rate, payment schedule, and consequences of default. This free Word download gives you an attorney-reviewed starting point you can edit online and export as PDF, ready to record alongside your mortgage or deed of trust.\n","Use it whenever a lender advances funds secured by real property — including private mortgage lending, seller-financed sales, hard-money loans, and refinances where a new note is required. The mortgage or deed of trust secures the property; this note creates the personal repayment obligation.\n","Principal amount and disbursement date, interest rate and calculation method, payment schedule with amortization terms, prepayment rights, late-charge provisions, default and acceleration, due-on-sale clause, borrower representations, and governing law.\n",[206,210,214,217,221,225],{"title":207,"use_case":208,"icon_asset_id":209},"Private mortgage lenders","Documenting a personal loan secured by a borrower's residential property","persona-private-lender",{"title":211,"use_case":212,"icon_asset_id":213},"Seller-financing property owners","Carrying back a note when selling real estate without a bank intermediary","persona-real-estate-investor",{"title":215,"use_case":216,"icon_asset_id":213},"Real estate investors","Structuring hard-money or bridge loans for fix-and-flip or rental acquisitions",{"title":218,"use_case":219,"icon_asset_id":220},"Small business owners","Borrowing against commercial property with a private or family lender","persona-small-business-owner",{"title":222,"use_case":223,"icon_asset_id":224},"Estate and family planning advisors","Formalizing intra-family loans secured by real property to satisfy IRS AFR requirements","persona-financial-advisor",{"title":226,"use_case":227,"icon_asset_id":228},"Real estate attorneys and title agents","Preparing closing documents for transactions that fall outside standard bank lending","persona-lawyer",[230,233,237,241,245,249,253],{"situation":231,"recommended_template":71,"slug":232},"Unsecured personal or business loan with no real property collateral","promissory-note-D434",{"situation":234,"recommended_template":235,"slug":236},"Seller financing the sale of residential property to the buyer","Seller Financing Agreement","financing-agreement-D877",{"situation":238,"recommended_template":239,"slug":240},"Lender requires a deed of trust instead of a traditional mortgage","Deed of Trust","assignment-of-deed-of-trust-D975",{"situation":242,"recommended_template":243,"slug":244},"Short-term bridge or hard-money loan with balloon payment","Balloon Payment Promissory Note","demand-for-payment-on-installment-promissory-note-D428",{"situation":246,"recommended_template":247,"slug":248},"Commercial property acquisition with an institutional lender","Commercial Mortgage Agreement","lease-agreement-D1179",{"situation":250,"recommended_template":251,"slug":252},"Intra-family loan requiring IRS Applicable Federal Rate documentation","Family Loan Agreement","loan-agreement-D417",{"situation":254,"recommended_template":255,"slug":256},"Refinance transaction replacing an existing note","Loan Modification Agreement","secured-lumpsum-promissory-note-agreement-D13041",[258,260,263,266,269,272,275,278,280,283,286,289],{"term":71,"definition":259},"A written promise to repay a specified sum under defined terms — the personal debt obligation that the mortgage or deed of trust secures against real property.",{"term":261,"definition":262},"Principal","The original loan amount advanced by the lender, before interest or fees accrue.",{"term":264,"definition":265},"Amortization","The gradual repayment of principal through scheduled installments, so that each payment reduces the outstanding balance until the loan is fully paid.",{"term":267,"definition":268},"Acceleration Clause","A provision allowing the lender to demand the entire outstanding balance immediately upon a defined event, typically default or sale of the property.",{"term":270,"definition":271},"Due-on-Sale Clause","A lender's right to require full repayment of the note if the borrower transfers ownership of the secured property without prior lender consent.",{"term":273,"definition":274},"Balloon Payment","A lump-sum payment of remaining principal due at the end of a loan term that is shorter than the full amortization period.",{"term":276,"definition":277},"Applicable Federal Rate (AFR)","The minimum interest rate published monthly by the IRS that must be charged on private loans — including family loans — to avoid imputed interest tax consequences.",{"term":239,"definition":279},"An alternative to a traditional mortgage in which title is conveyed to a neutral third-party trustee as security, rather than directly to the lender.",{"term":281,"definition":282},"Default","A borrower's failure to perform any obligation in the note — most commonly missing a payment — that triggers the lender's remedies including acceleration and foreclosure.",{"term":284,"definition":285},"Prepayment Penalty","A charge the lender may impose if the borrower repays all or part of the principal before the scheduled payoff date.",{"term":287,"definition":288},"Late Charge","A fee assessed when a scheduled payment is received after the contractual grace period, typically expressed as a percentage of the overdue installment.",{"term":290,"definition":291},"Recourse vs. Non-Recourse","A recourse note allows the lender to pursue the borrower's personal assets after foreclosure if the property sale doesn't cover the debt; a non-recourse note limits recovery to the property only.",[293,298,303,308,313,318,323,328,332,337],{"name":294,"plain_english":295,"sample_language":296,"common_mistake":297},"Parties, Loan Amount, and Disbursement Date","Identifies the lender and borrower by legal name, states the exact principal advanced, and records the date funds were or will be disbursed.","For value received, [BORROWER FULL NAME] ('Borrower') promises to pay to the order of [LENDER FULL NAME] ('Lender') the principal sum of [DOLLAR AMOUNT] ($[AMOUNT]), disbursed on [DATE], together with interest as set forth herein.","Using a nickname or business trade name instead of the registered legal entity. If the borrower name on the note doesn't match title records, foreclosure proceedings become significantly more complicated.",{"name":299,"plain_english":300,"sample_language":301,"common_mistake":302},"Interest Rate and Calculation Method","States whether the rate is fixed or adjustable, the annual percentage rate, and how daily interest is calculated — typically on a 365-day or 30/360 basis.","Interest shall accrue on the unpaid principal balance at [X.XX]% per annum, fixed, calculated on the basis of a 365-day year and the actual number of days elapsed.","Omitting the interest calculation basis. A 30/360 convention versus an actual/365 method produces materially different amounts on large balances, and ambiguity leads to payment disputes.",{"name":304,"plain_english":305,"sample_language":306,"common_mistake":307},"Payment Schedule and Amortization","Defines the payment amount, due date, payment frequency, and how each payment is applied — first to interest accrued, then to principal.","Borrower shall pay [MONTHLY / QUARTERLY] installments of $[PAYMENT AMOUNT], beginning on [FIRST PAYMENT DATE] and continuing on the same day of each [month / quarter] thereafter, until the Maturity Date. Each payment shall be applied first to accrued interest, then to principal.","Specifying a payment amount that doesn't fully amortize the loan by the stated maturity date, unintentionally creating an undisclosed balloon. Run amortization math before inserting numbers.",{"name":309,"plain_english":310,"sample_language":311,"common_mistake":312},"Maturity Date and Balloon Payment","States when the entire outstanding balance — principal plus accrued interest — becomes due, whether the loan fully amortizes or carries a balloon.","The entire outstanding principal balance, together with all accrued and unpaid interest and charges, shall be due and payable in full on [MATURITY DATE] ('Maturity Date'). If not sooner paid, Borrower shall pay a final balloon payment of approximately $[BALLOON AMOUNT] on the Maturity Date.","Failing to state explicitly whether a balloon exists. Borrowers who discover an unexpected balloon payment at maturity routinely claim they were never told — creating litigation regardless of who is right.",{"name":314,"plain_english":315,"sample_language":316,"common_mistake":317},"Prepayment Rights and Penalty","States whether the borrower may pay ahead of schedule, whether a penalty applies, and how prepayments are applied to the outstanding balance.","Borrower may prepay the principal in whole or in part at any time [without penalty / subject to a prepayment fee of [X]% of the amount prepaid if prepayment occurs within [X] years of the disbursement date]. Prepayments shall be applied to principal in the inverse order of maturity.","Drafting a prepayment clause that conflicts with applicable state law. Several states cap or prohibit prepayment penalties on residential loans — including California and Texas — regardless of what the note says.",{"name":319,"plain_english":320,"sample_language":321,"common_mistake":322},"Late Charge Provision","Defines the grace period after the due date and the fee charged if payment is not received within that window.","If any installment is not received by Lender within [15] calendar days after its due date, Borrower shall pay a late charge of [5]% of the overdue installment. This late charge is intended to compensate Lender for the cost of collection and is not a penalty.","Setting a grace period shorter than what state law requires. Many states mandate at minimum a 10-day grace period on residential mortgage loans — a shorter contractual period is unenforceable and can expose the lender to regulatory liability.",{"name":324,"plain_english":325,"sample_language":326,"common_mistake":327},"Default and Acceleration","Lists the events that constitute default, states the notice and cure period the borrower receives, and confirms the lender's right to accelerate the full balance if the default is not cured.","Borrower shall be in default if: (a) any payment is not received within [15] days of its due date; (b) Borrower fails to maintain required insurance or taxes on the property; or (c) Borrower files for bankruptcy. Upon default, Lender may, after providing [30] days' written notice and opportunity to cure, declare the entire outstanding balance immediately due and payable.","No cure period before acceleration. Courts in most jurisdictions require that lenders provide a reasonable opportunity to cure a payment default before accelerating — omitting the cure provision creates a procedurally defective note.",{"name":270,"plain_english":329,"sample_language":330,"common_mistake":331},"Requires the borrower to repay the note in full if the secured property is sold, transferred, or encumbered without the lender's written consent.","If all or any part of the Property, or any interest therein, is sold, transferred, or encumbered by Borrower without Lender's prior written consent, Lender may, at its option, require immediate payment in full of all sums secured by this Note.","Omitting the due-on-sale clause entirely in a private mortgage. Without it, the borrower can transfer the property — and the lender has no contractual right to demand repayment or review the new owner's creditworthiness.",{"name":333,"plain_english":334,"sample_language":335,"common_mistake":336},"Borrower Representations and Waivers","Records the borrower's acknowledgment that they received the note, understood its terms, and waives certain defenses — presentment, notice of dishonor, and demand — that would otherwise require the lender to follow additional procedural steps before collecting.","Borrower represents that Borrower has read and understands this Note and has had the opportunity to consult with counsel. Borrower waives presentment, demand for payment, notice of dishonor, and protest.","Relying on boilerplate waivers without ensuring the borrower actually signed and dated the note at closing. An unsigned waiver block is no waiver at all.",{"name":338,"plain_english":339,"sample_language":340,"common_mistake":341},"Governing Law and Severability","Specifies which jurisdiction's law governs the note and states that if any provision is found unenforceable, the remainder of the note survives.","This Note shall be governed by the laws of the State of [STATE], without regard to its conflict of law principles. If any provision of this Note is held invalid or unenforceable, the remaining provisions shall continue in full force and effect.","Choosing a governing state with no connection to the property location. Courts routinely override governing-law clauses in favor of the state where the real property is located, particularly for residential mortgage notes.",[343,348,353,358,363,368,373,378],{"step":344,"title":345,"description":346,"tip":347},1,"Enter the legal names of borrower and lender","Use the full registered legal name for any entity — LLC, corporation, trust — and the legal name matching government-issued ID for individuals. Confirm that the borrower's name matches exactly how they hold title to the secured property.","If the property is held in a trust, the trustee signs in their capacity as trustee — 'Jane Doe, as Trustee of the Jane Doe Living Trust' — not in their personal capacity.",{"step":349,"title":350,"description":351,"tip":352},2,"State the principal amount and disbursement date","Enter the exact dollar amount being lent and the date funds are transferred. If the loan is funded in stages, note each tranche date and amount separately or in a schedule.","For seller-financed transactions, the principal is typically the purchase price minus the buyer's down payment — confirm this figure matches the purchase agreement exactly.",{"step":354,"title":355,"description":356,"tip":357},3,"Set the interest rate and calculation basis","Choose fixed or adjustable rate and enter the annual percentage. Specify whether interest accrues on a 365-day or 30/360 basis, and confirm the rate meets the IRS Applicable Federal Rate for intra-family loans.","For private loans between family members or related parties, the IRS requires a minimum interest rate (the AFR) — lending below this rate creates imputed interest income for the lender and a gift tax issue.",{"step":359,"title":360,"description":361,"tip":362},4,"Define the payment schedule precisely","Enter the installment amount, payment frequency (monthly is standard), first payment date, and final maturity date. Run the full amortization schedule to confirm that scheduled payments retire the loan exactly at maturity, or explicitly state a balloon amount.","Use an amortization calculator to verify the payment amount before inserting it — even small rounding errors compound over a 15- or 30-year term.",{"step":364,"title":365,"description":366,"tip":367},5,"Set prepayment, late-charge, and grace-period terms","Decide whether prepayment is permitted freely or with a penalty, and enter any penalty formula. Set the grace period (10–15 days is typical) and the late-charge percentage (3–5% of the overdue installment is standard).","Check your state's residential mortgage statutes before finalizing these figures — California, Texas, and several other states cap late fees and prohibit certain prepayment penalties by statute.",{"step":369,"title":370,"description":371,"tip":372},6,"Draft the default, cure, and acceleration terms","List the events of default, the written notice period the borrower receives before acceleration (30 days is standard for residential loans), and the cure window. Confirm these align with the parallel default provisions in the accompanying mortgage or deed of trust.","The default language in the note and the mortgage must be consistent — conflicting cure periods between the two documents create procedural defects that delay foreclosure.",{"step":374,"title":375,"description":376,"tip":377},7,"Include the due-on-sale clause and confirm governing law","Activate the due-on-sale provision unless you intend to allow the note to be assumed by a future buyer. Confirm the governing law matches the state where the secured property is located.","Federal law under the Garn-St. Germain Act preempts most state restrictions on due-on-sale enforcement for residential loans — but certain transfers (death of borrower, divorce, transfer to a child) are exempt from triggering the clause.",{"step":379,"title":380,"description":381,"tip":382},8,"Execute, notarize if required, and record","Have the borrower sign and date the note at closing, before any funds are disbursed. While the note itself is typically not recorded, the accompanying mortgage or deed of trust must be recorded in the county property records to perfect the lien.","Retain the original signed note in a secure location — the original instrument is required to enforce the note or initiate foreclosure in most jurisdictions, and a lost original requires a court proceeding to replace.",[384,388,392,396,400,404],{"mistake":385,"why_it_matters":386,"fix":387},"Mismatching the borrower name with title records","If the name on the note differs from the name on the deed, the lender's ability to foreclose is compromised — courts may require additional proceedings to establish standing.","Pull the current title commitment or deed before drafting and copy the vesting language exactly as it appears in the property records.",{"mistake":389,"why_it_matters":390,"fix":391},"Omitting a balloon payment disclosure","Borrowers who reach maturity expecting a $0 balance and instead face a six-figure balloon routinely dispute the note, claim fraud, and refuse to pay — triggering costly litigation.","State the balloon amount explicitly in the payment and maturity clauses and ensure the borrower initials that provision separately at signing.",{"mistake":393,"why_it_matters":394,"fix":395},"Setting an interest rate below the IRS Applicable Federal Rate on a private loan","The IRS imputes interest at the AFR regardless of the contracted rate, creating phantom income for the lender and a potential gift-tax issue for amounts below market rate.","Check the current AFR on the IRS website (published monthly) and set the note rate at or above the applicable tier — short-term, mid-term, or long-term — based on the loan's maturity.",{"mistake":397,"why_it_matters":398,"fix":399},"Using governing law from a state other than where the property is located","Courts routinely apply the law of the property's location regardless of the governing-law clause, particularly for residential mortgages — meaning your chosen state's more favorable foreclosure or prepayment rules may not apply.","Always set governing law to the state where the secured property is physically located, and confirm the note's terms comply with that state's mortgage lending statutes.",{"mistake":401,"why_it_matters":402,"fix":403},"Failing to retain the original signed note","Courts in most jurisdictions require production of the original promissory note — not a copy — to initiate foreclosure. A lost original triggers a separate legal proceeding to establish the debt and can delay enforcement by months.","Store the wet-ink original in a fireproof safe or with a title company. If the note is transferred or sold, execute a proper endorsement and track the chain of custody.",{"mistake":405,"why_it_matters":406,"fix":407},"Inconsistent default and cure terms between the note and the mortgage","If the note gives 15 days to cure a default and the mortgage gives 30, a lender who follows the note's shorter timeline may have a procedurally defective foreclosure dismissed.","Draft both documents together and cross-reference default, notice, and cure provisions explicitly — or use matching boilerplate from the same template set.",[409,412,415,418,421,424,427,430,433],{"question":410,"answer":411},"What is a mortgage note?","A mortgage note is a promissory note — a written, legally binding promise by a borrower to repay a specific loan amount with interest on a defined schedule — that is secured by real property. The note creates the personal debt obligation; the accompanying mortgage or deed of trust pledges the property as collateral. If the borrower defaults, the lender can foreclose on the property and also pursue the borrower personally on the note, depending on whether the loan is recourse or non-recourse.\n",{"question":413,"answer":414},"What is the difference between a mortgage and a mortgage note?","A mortgage (or deed of trust) is the security instrument — it pledges the real property as collateral and is recorded in county property records to create a lien. A mortgage note is the debt instrument — it is the borrower's personal promise to repay the loan. Both documents are executed at closing, but they serve distinct legal functions: you can have a note without a recorded mortgage (an unsecured loan), but a mortgage without a note creates a lien with no corresponding repayment obligation to enforce.\n",{"question":416,"answer":417},"Does a mortgage note need to be notarized?","In most US states, the promissory note itself does not require notarization to be enforceable between the parties. However, the accompanying mortgage or deed of trust generally must be notarized before it can be recorded in county land records. Requirements vary by state — some states require notarization of both documents for recording. Always confirm local county recorder requirements before closing.\n",{"question":419,"answer":420},"Can a mortgage note be transferred or sold?","Yes. A mortgage note is a negotiable instrument and can be transferred by endorsement and delivery to another party — a common practice in secondary mortgage markets. The transfer must be documented through an endorsement on the note itself or an allonge (an attachment). The corresponding mortgage or deed of trust is transferred via a separate recorded assignment. Borrowers must be notified of the transfer and should direct future payments to the new note holder.\n",{"question":422,"answer":423},"What happens if a borrower defaults on a mortgage note?","Upon default — typically a missed payment — the lender issues a written notice giving the borrower a cure period (commonly 30 days for residential loans). If the default is not cured, the lender may accelerate the entire outstanding balance, then initiate foreclosure proceedings under the mortgage or deed of trust. In recourse states, the lender may also pursue a deficiency judgment against the borrower personally for any shortfall after the foreclosure sale.\n",{"question":425,"answer":426},"What is a due-on-sale clause in a mortgage note?","A due-on-sale clause gives the lender the right to demand full repayment of the note if the borrower sells or transfers the secured property without prior written lender consent. It prevents a buyer from assuming the existing loan without the lender's approval. Under the federal Garn-St. Germain Depository Institutions Act, lenders on most residential loans can enforce due-on-sale clauses, though certain transfers — such as transfers to a surviving spouse or child upon the borrower's death — are exempt.\n",{"question":428,"answer":429},"What interest rate should I use on a private mortgage note?","The rate must at minimum equal the IRS Applicable Federal Rate (AFR) for the applicable loan term — short-term (up to 3 years), mid-term (3–9 years), or long-term (over 9 years). The IRS publishes the AFR monthly. Loans between related parties — family members, controlled entities — that carry a rate below the AFR are subject to imputed interest rules, which recharacterize part of the principal payments as interest income for the lender regardless of what the note says.\n",{"question":431,"answer":432},"Do I need a lawyer to prepare a mortgage note?","For standard private mortgage lending or straightforward seller-financing transactions in a single state, a high-quality template combined with a brief attorney review is typically sufficient. Engage a real estate attorney when the transaction involves a trust, LLC, or corporate entity; when the loan crosses state lines; when the amount exceeds $500,000; or when complex terms such as adjustable rates, participation interests, or cross-collateralization are involved. Attorney review of a mortgage note typically costs $300–$800 and is worthwhile given that the document governs a secured debt that may span decades.\n",{"question":434,"answer":435},"What is the difference between a recourse and non-recourse mortgage note?","On a recourse mortgage note, if foreclosure proceeds are insufficient to cover the outstanding debt, the lender can pursue the borrower's other personal assets — bank accounts, wages, other property — through a deficiency judgment. On a non-recourse note, the lender's recovery is limited to the secured property only. Many states — including California for purchase-money residential loans — prohibit or restrict deficiency judgments by statute, effectively making certain loans non-recourse by operation of law regardless of what the note says.\n",[437,441,445,449],{"industry":438,"icon_asset_id":439,"specifics":440},"Real Estate Investment","industry-real-estate","Short-term bridge and hard-money notes with balloon maturities, interest-only periods, and higher rates reflecting the elevated risk profile of fix-and-flip or distressed-asset financing.",{"industry":442,"icon_asset_id":443,"specifics":444},"Financial Services","industry-fintech","Mortgage note origination, secondary-market sales via endorsement and assignment, and servicing transfers requiring accurate note documentation and chain-of-title tracking.",{"industry":446,"icon_asset_id":447,"specifics":448},"Agriculture and Rural Property","industry-manufacturing","Seller-financed farm and ranch transactions where institutional financing is unavailable, often structured with seasonal payment schedules aligned to harvest or livestock sale cycles.",{"industry":450,"icon_asset_id":451,"specifics":452},"Professional Services","industry-professional-services","Attorneys, title agents, and escrow officers who prepare closing packages for private lending transactions and seller-carry deals outside standard bank channels.",[454,457,461,464],{"vs":71,"vs_template_id":455,"summary":456},"promissory-note-D218","A promissory note is an unsecured debt instrument — the borrower promises to repay but pledges no specific collateral. A mortgage note is a promissory note specifically tied to real property, with an accompanying mortgage or deed of trust that creates an enforceable lien. Use a standard promissory note for personal or business loans; use a mortgage note when real property secures the debt.",{"vs":458,"vs_template_id":459,"summary":460},"Mortgage Agreement","mortgage-agreement-D1183","A mortgage agreement (or deed of trust) is the security instrument that pledges the property as collateral and is recorded in public land records. The mortgage note is the debt instrument — the personal repayment promise. Both documents are executed together at closing and cross-reference each other; neither alone fully documents a real estate loan.",{"vs":102,"vs_template_id":462,"summary":463},"loan-agreement-D179","A loan agreement is a detailed bilateral contract covering disbursement conditions, representations, covenants, and events of default — typically used for business or commercial lending. A mortgage note is a simpler, borrower-executed instrument focused solely on the repayment obligation. Complex commercial real estate transactions often use both: a loan agreement governing the lending relationship and a mortgage note as the negotiable instrument.",{"vs":239,"vs_template_id":465,"summary":466},"D{DEED_OF_TRUST_ID}","A deed of trust transfers legal title to a neutral third-party trustee as security rather than directly to the lender, allowing non-judicial foreclosure in states that recognize it — typically faster and cheaper than judicial foreclosure under a traditional mortgage. The mortgage note is used alongside either a mortgage or a deed of trust depending on the state; the choice of security instrument does not affect the note's structure.",{"use_template":468,"template_plus_review":472,"custom_drafted":476},{"best_for":469,"cost":470,"time":471},"Private lenders and seller-financing transactions under $500,000 in a single state with straightforward fixed-rate, fully-amortizing terms","Free","30–60 minutes",{"best_for":473,"cost":474,"time":475},"Loans involving entities (LLC, trust, corporation), balloon payments, adjustable rates, or borrowers in states with complex mortgage lending regulations","$300–$800","2–5 days",{"best_for":477,"cost":478,"time":479},"Commercial real estate loans above $500,000, multi-state collateral, participation interests, cross-collateralization, or secondary-market sale requirements","$1,500–$5,000+","1–3 weeks",[481,486,491,496],{"code":482,"name":483,"flag_asset_id":484,"note":485},"us","United States","flag-us","Mortgage note law is primarily state-governed, with significant variation in foreclosure process (judicial vs. non-judicial), deficiency judgment rights, prepayment penalty limits, and mandatory grace periods. California prohibits deficiency judgments on purchase-money residential loans and bans most prepayment penalties after five years. The Garn-St. Germain Act provides federal due-on-sale enforcement rights for most residential lenders. Fannie Mae and Freddie Mac publish standardized note forms (Form 3200 series) that are required for any loan intended for secondary-market sale.",{"code":487,"name":488,"flag_asset_id":489,"note":490},"ca","Canada","flag-ca","Private mortgage lending in Canada is governed by provincial law — Ontario's Mortgages Act and British Columbia's Land Title Act are the primary frameworks. Most private notes follow a standard interest-act calculation requiring an annual or semi-annual compounding disclosure; failure to comply with the Interest Act can limit the lender to 5% interest regardless of the contracted rate. Quebec treats mortgages as hypothecs under the Civil Code, requiring notarial form. Foreclosure (judicial sale or power of sale depending on province) timelines range from 3 months in BC to 12+ months in Ontario.",{"code":492,"name":493,"flag_asset_id":494,"note":495},"uk","United Kingdom","flag-uk","In England and Wales, the equivalent of a mortgage note is the mortgage deed, which must be executed as a deed (signed, witnessed, and delivered) and registered with HM Land Registry within two months of completion to be binding on third parties. The Financial Conduct Authority regulates most residential mortgage lending under the Mortgage Credit Directive, requiring lender authorization for regulated activity. Private lending between individuals on residential property is subject to FCA consumer credit rules if the borrower is not a business.",{"code":497,"name":498,"flag_asset_id":499,"note":500},"eu","European Union","flag-eu","The EU Mortgage Credit Directive (2014/17/EU) harmonizes consumer mortgage standards across member states, requiring standardized pre-contractual information (ESIS), a 7-day reflection period before signing, and an early repayment right with capped compensation. Individual member states implement significant variations: France requires notarial form for mortgage instruments; Germany uses a Grundschuld (land charge) structure rather than a traditional mortgage note; the Netherlands requires notarial deed registration. Cross-border private loans must comply with the law of the member state where the property is located.",[232,459,252,256,240,502,503,504,505,506,507,256],"release-of-mortgage-D12710","real-estate-purchase-agreement-D13234","assignment-of-real-estate-contract-and-sale-agreement-D1157","assignment-of-real-estate-contract-D1158","personal-guarantee-D405","demand-for-extension-of-payment-date-D444",{"emit_how_to":198,"emit_defined_term":198},{"primary_folder":145,"secondary_folder":510,"document_type":511,"industry":512,"business_stage":513,"tags":514,"confidence":519},"loans-and-promissory-notes","agreement","real-estate","all-stages",[512,515,516,517,518],"legal","mortgage-note","promissory-note","loan-agreement",0.95,"\u003Ch2>What is a Mortgage Note?\u003C/h2>\n\u003Cp>A \u003Cstrong>Mortgage Note\u003C/strong> is a legally binding promissory note in which a borrower personally promises to repay a real estate loan — stating the exact principal amount, annual interest rate, payment schedule, maturity date, and the consequences of default. Unlike the accompanying mortgage or deed of trust, which pledges the property as collateral and is recorded in public land records, the mortgage note creates the borrower's personal repayment obligation. If the borrower defaults, the lender has two parallel remedies: foreclose on the secured property under the mortgage, and sue on the note for any remaining deficiency in states that permit recourse lending.\u003C/p>\n\u003Ch2>Why You Need This Document\u003C/h2>\n\u003Cp>Without a properly drafted mortgage note, a private lender or seller-financing transaction has no enforceable written record of the borrower's repayment obligation — leaving the lender dependent on oral testimony or informal correspondence to establish the debt's terms in court. Missing or ambiguous provisions on interest calculation, balloon payments, or default cure periods routinely produce litigation that costs more to resolve than the note would have cost to draft correctly. A clearly written mortgage note, signed before funds are disbursed and retained as an original instrument, defines exactly what the borrower owes, when they owe it, and what the lender can do if payments stop — giving both parties a single authoritative document that protects the transaction across its full term.\u003C/p>\n",1779808887156]