Appendix I: Form of Mortgage and Security Agreement

• Author: Gregory M Stein - Michael D Goodwin - Morton P Fisher Jr
• Pages: 517-545

Appendices 517

Appendix I

Form of Mortgage and Security Agreement

Note: Mortgages and deeds of trust are highly state-specific instruments.

This Form of Mortgage and Security Agreement is intended to be illustra-

tive, but the drafter must be sure to use a document that complies with

the law of the state in which the mortgaged property is located. This is

particularly important with respect to the remedies available under the

mortgage, which can vary dramatically from state to state.

In loan transactions in which the loan is secured by both a lien on the

borrower’s real property and a UCC security interest in the borrower’s

personal property, it is common practice in some states to combine the

mortgage and the security agreement into one instrument. This Form of

Mortgage serves both of those roles. Note as well that this Form of Mort-

gage contemplates a separate Assignment of Leases and Rents (such as the

Form that appears in Appendix J), a separate Environmental Indemnity

Agreement (such as the Form that appears in Appendix K), and a sepa-

rate Nonrecourse Carveout Guaranty (such as the Form that appears in

Appendix L).

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518Appendices

MORTGAGE AND SECURITY AGREEMENT

[BORROWER], as mortgagor

(Borrower)

to

[LENDER], as mortgagee

(Lender)

Dated: As of __________________, 20_________

Location: _________________________________

County: __________________________________

PREPARED BY AND UPON

RECORDATION RETURN TO:

___________________________

___________________________

___________________________

Attention: __________________

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