05 08 PURCHASE MONEY MORTGAGE CLAUSE

JurisdictionArkansas
LibraryArkansas Form Book - Complete (2023 Ed.)

05-08 PURCHASE MONEY MORTGAGE CLAUSE

Purchaser will execute and deliver to Seller a promissory note and purchase money mortgage [which will be a second mortgage to any pre-existing lien assumed by Purchaser herein] in the principal sum of $[amount], with interest thereon at the rate of [interest rate]% per annum, to be paid as follows: [Describe installment payments]. Prepayment of this indebtedness shall be without penalty, and the...

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