Mortgage Deed
Mortgage Deed Agreement
This Mortgage Deed is made on [Date], between, [Your Company Name], a financial institution organized and existing under the laws of [Jurisdiction], with its principal office located at [Your Company Address] ("Lender"), [Borrower's Name], residing at [Borrower's Address] ("Borrower").
I. Background
Whereas, the Borrower is desirous of obtaining a loan from the Lender to purchase the property described below, and the Lender is willing to lend the Borrower the amount required subject to the terms set forth herein.
II. Property
The Borrower hereby mortgages to the Lender the following property:
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Property Address: [Complete Address of the Property]
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Legal Description: [Legal Description of the Property as per Deed or Survey]
III. Loan Amount and Terms
Loan Amount
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The principal amount of [Loan Amount in Words] ($[Loan Amount in Numerals]).
Interest Rate
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The interest rate on the loan shall be [Interest Rate]% per annum.
Repayment Terms
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The loan shall be repaid in [Number of Years] years in [Number of Installments] equal monthly installments of $[Monthly Payment Amount], commencing on [Date of Repayment].
IV. Covenants and Agreements
Payment of Principal and Interest
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The Borrower agrees to pay the Lender the principal amount of the loan plus interest by the repayment terms mentioned herein.
Property Insurance and Taxes
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The Borrower agrees to keep the property adequately insured against loss and damage and to pay all property taxes and assessments when due.
Maintenance of Property
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The Borrower shall maintain the property in good condition throughout the term of this Mortgage Deed.
Default
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In the event of default by the Borrower in making any payment or performing any covenant herein, the Lender shall have the right to enforce its remedies as provided by law.
V. Legal Notices
All notices required or permitted under this Mortgage Deed shall be in writing and sent to the parties at their respective addresses mentioned above.
VI. Governing Law
This Mortgage Deed shall be governed by and construed by the laws of [Jurisdiction].
VII. Execution
This Mortgage Deed is executed as of the date first above written.
[Your Company Name]
Date:
[Borrower Name]
Date:
This deed was acknowledged before me on this date by [Your Company Name], Lender, and [Borrower Name], Borrower.
[Notary Public]
Date:
My commission expires:
