Open-End Mortgage

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Open-End Mortgage Powered By Docstoc
					OPEN-END MORTGAGE _________________________, the grantor, ("Grantor"), with Grantor's mailing address being _____________________________________, for ($__________) paid and/or received, grants with mortgage covenants to ___________________________, the Grantee, (“Grantee”), with Grantee’s mailing address being ___________________________________, the following real property, ("Property"): See Exhibit “A” which is attached hereto and is made part hereof. Subject to those matters set forth within Exhibit “B” which is attached hereto and is made part hereof. Prior Deed reference: Imaging Number _____________________ of the ________ County Official Records. Parcel Number: ____________________________ This Open-End Mortgage is given upon the statutory condition (as otherwise supplemented/modified hereinbelow) to secure Grantor’s payment to Grantee of __________ Dollars ($____________) with all interest, prepayment expenses/fees and/or late charges as provided in a Promissory Note, ("Note"), executed and delivered from Grantor to Grantee on this date (and any and all renewal(s), extension(s) and/or modification(s) thereof and/or substitution(s) therefor). The Note is due and payable upon demand: (a) Grantee’s demand on or after ___________________; 20___ and/or, (b) upon Grantor’s sale, transfer, conveyance and/or encumbrance of the Property or any part(s) thereof pursuant to any instrument(s) of conveyance; including, without limitation, any general warranty deed(s), quitclaim deed(s), land installment contract(s) and/or mortgage deed(s), but excluding: (a) any lease(s) provided that Grantor is the landlord/lessor thereunder This Instrument is an open-end mortgage. Accordingly, this Open-End Mortgage shall secure any and all unpaid balance(s) of loan advances made from Grantee to Grantor after the date hereof, whether obligatory or otherwise, made by virtue of any renewal(s), extension(s) and/or modification(s) of the Note and/or substitution(s) therefor or advance(s) made thereunder, and whenever the same may be made to the extent that the maximum unpaid loan indebtedness (exclusive of any and all interest thereon, prepayment expenses/fees and/or late charge(s)) shall not exceed ____________ Dollars ($_________). This Open-End Mortgage additionally secures: (a) Grantor's payment of any interest upon the Note calculated at the default interest rate of _____
				
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Tags: open, mortgage
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views:252
posted:8/6/2009
language:English
pages:2
Description: A mortgage which allows a party to borrow additional funds against the property.
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