Mortgage Note
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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.
Each maker and endorser severally waives demand, protest and notice of maturity, non-payment or protest and all requirements necessary to hold each of them liable as makers and endorsers and, should litigation be necessary to enforce this note, each maker and endorser waives trial by jury and consents
to the personal jurisdiction and venue of a court of subject matter jurisdiction located in the [State/Province] of [STATE/PROVINCE].
ATTORNEY’S FEES
Each maker and endorser further agrees, jointly and severally, to pay all costs of collection, including a reasonable attorney's fee in case the principal of this note or any payment on the principal or any interest thereon is not paid at the respective maturity thereof, or in case it becomes necessary to protect the security hereof, whether suit be brought or not.
GOVERNING LAW
This note is to be construed and enforced according to the laws of the State of [STATE/PROVINCE]; upon default in the payment of principal and/or interest when due, the whole sum of principal and interest remaining unpaid shall, at the option of the holder, become immediately due and payable and it shall
accrue interest at the highest rate allowable by law from the date of default.
DEFAULT ON PAYMENT
Default shall include, but not be limited to non-payment of any respective installment within ten (10) days from the due date set out herein, or payment dates on three different occasions for any installments which are in excess of five (5) days subsequent to the due date therefore set out herein.
LITIGATION
Unless specifically disallowed by law, should litigation arise hereunder, service of process therefore may be obtained through certified mail, return receipt requested; the parties hereto waiving any and all rights they may have to object to the method by which service was perfected.
IN WITNESS WHEREOF, Lessor and Lessee duly executed this Modification of Lease Agreement, as of the day and year written above.
LESSOR LESSEE
Authorized Signature Authorized Signature
Print Name and Title Print Name and Title