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Pennsylvania Mortgage Deed

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Pennsylvania Mortgage Deed Powered By Docstoc
					                                                              Mortgage Deed


                          This Mortgage Deed is an Agreement which is intended to give a lender legal right,
                          interest and ownership in a property which a borrower is pledging as security for a
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                          loan.




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                                       MORTGAGE DEED

This Mortgage Deed is made and effective this ______ [Month] ___ [Date], 20___.

BETWEEN:

______________________ [Instruction: Insert the name of Borrower] hereinafter termed as
“Borrower”, having an address of ______________________ [Instruction: Insert the address
of Borrower], of City ______________________ [Instruction: Insert the City] of State
Pennsylvania.

AND:

______________________ [Instruction: Insert the name of Lender] hereinafter termed as
“Lender”, having an address of ________________________________________ [Instruction:
Insert the address of Lender], of City ________________________ [Instruction: Insert the
City] of State Pennsylvania.

RECITALS:

This Mortgage is given by Borrower to Lender, which term includes any holder of this
Mortgage, to secure the payment of the PRINCIPAL SUM of ________ ($___) [Instruction:
Insert the amount, e.g., five hundred dollars ($500)] together with interest thereon computed
on the outstanding balance of ________ ($___) [◊ Instruction: Insert the amount, e.g., fifty
dollars ($50)] all as provided in a Promissory Note having the same date as this Mortgage, and
also to secure the performance of all the terms, covenants, agreements, conditions and extensions
of the Note 
				
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Description: This Mortgage Deed is a legal document that gives a mortgage lender a security interest in a property. A borrower pledges his or her home as security for a loan, and the deed represents the lender's ownership rights in the property. The deed gives the lender the right to foreclose on the property if the borrower does not fulfill the obligations of the mortgage. All mortgage lenders require borrowers to sign a mortgage deed or deed of trust when they sign the promissory note, and before they actually receive the loan funds. This document should be used by mortgage lenders located in Pennsylvania as a means of security when making home loans.
This document is also part of a package Essential Pennsylvania Legal Documents 86 Documents Included