Appendix I: Form of Mortgage and Security Agreement

AuthorGregory M Stein - Michael D Goodwin - Morton P Fisher Jr
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).
ste54861_11_app_517-606.indd 517 8/4/16 3:27 PM
518 Appendices
[BORROWER], as mortgagor
[LENDER], as mortgagee
Dated: As of __________________, 20_________
Location: _________________________________
County: __________________________________
Attention: __________________
ste54861_11_app_517-606.indd 518 8/4/16 3:27 PM

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT