Residential Mortgage Deed

Residential Mortgage Deed

This Mortgage Deed is made on the day of , , between Mortgagee Name: , whose principal place of business is (Mortgagee), and Mortgagor Name: , whose principal residence is (Mortgagor).

Recitals

WHEREAS, Mortgagor is the owner of land and improvements located at (Property); and

WHEREAS, Mortgagor has executed and delivered to Mortgagee a promissory note in the principal sum of (Note), evidencing Mortgagor's obligation to repay such indebtedness according to its terms; and

WHEREAS, Mortgagor desires to secure the payment and performance of the Note and all other indebtedness and obligations described below, by granting Mortgagee a security interest in the Property.

Now, Therefore

NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Mortgagor hereby grants, bargains, sells, conveys, assigns, transfers, and mortgages to Mortgagee, its successors and assigns, with power of sale, the Property, together with all rights, easements, and appurtenances thereto, to secure payment and performance of the obligations set forth in Section 2 herein.

1. Definitions

For purposes of this Deed, the following terms have the meanings set forth below. "Note" means the promissory note referred to in the recitals and any renewals, extensions or modifications thereto. "Property" means the real property described above and the Legal Description. "Obligations" means all debts, liabilities, covenants and duties of Mortgagor to Mortgagee arising under the Note, this Deed, and any other security instruments executed in connection herewith, whether now existing or hereafter arising.

2. Debt Secured; Note

This Deed secures the repayment of the Note in the principal amount of together with interest, late charges, costs of collection, attorneys' fees, advances as permitted herein, and other indebtedness of Mortgagor to Mortgagee.

3. Covenants of Mortgagor

Mortgagor covenants and agrees to: (a) pay when due all amounts secured by this Deed; (b) keep the Property insured against loss by fire and other hazards specified by Mortgagee and deliver evidence of such insurance to Mortgagee upon request; (c) pay all taxes, assessments and governmental charges imposed on the Property prior to delinquency; (d) keep the improvements in good repair and not commit waste; and (e) comply with all covenants, restrictions and laws affecting the Property.

4. Charges, Liens and Encumbrances

Mortgagor shall not permit any lien (other than the lien of this Deed and liens expressly contemplated by Mortgagee) to remain on the Property. If Mortgagor fails to pay any indebtedness or to discharge any lien that Mortgagee deems necessary to protect its security, Mortgagee may, but is not required to, pay or discharge such indebtedness or lien and advance funds necessary to do so, which amounts shall be secured by this Deed and payable on demand with interest.

5. Default; Remedies

Upon the occurrence of any Event of Default, which includes Mortgagor's failure to pay any sum due under the Note or this Deed when due, breach of any covenant or representation herein, or transfer of an interest in the Property in violation of this Deed, Mortgagee may declare the entire indebtedness immediately due and payable and may exercise all rights and remedies available at law or in equity, including foreclosure by judicial or non-judicial sale, entry and taking possession of the Property, and appointment of a receiver.

6. Acceleration

If Mortgagee accelerates the debt and forecloses or otherwise enforces this Deed, Mortgagor shall remain liable for any deficiency remaining after application of sale proceeds, subject to any applicable law limiting deficiency judgments. Mortgagee's acceptance of partial payments after acceleration does not constitute a waiver of acceleration unless expressly agreed in writing by Mortgagee.

7. Application of Payments

Payments received by Mortgagee shall be applied first to costs of collection, including attorneys' fees, then to accrued interest, and thereafter to principal, unless Mortgagee provides a written allocation to Mortgagor specifying a different order for application required by applicable law.

8. Insurance; Condemnation

Mortgagor shall maintain insurance on the Property as required by Mortgagee. In the event of loss or condemnation, Mortgagee may apply insurance proceeds or award to restoration or to reduce the principal secured by this Deed; Mortgagee's election as to application of proceeds shall be conclusive and binding unless otherwise required by law.

9. Assignment

Mortgagee may assign its rights under this Deed without Mortgagor's consent. Mortgagor shall not assign or transfer the Note or its interest in the Property without prior written notice to Mortgagee. Any assignee shall have the same rights as Mortgagee under this Deed.

10. Release

Upon payment in full of the Obligations secured hereby, Mortgagee shall execute and deliver a release of this Deed and any other instruments necessary to reconvey the Property to Mortgagor without charge, subject to any lawful costs reasonably incurred in making such release.

11. Notices

All notices required or permitted under this Deed shall be in writing and delivered by personal delivery, certified mail, or nationally recognized overnight courier to the addresses set forth below or to such other address as either party designates by notice in accordance with this paragraph. Notice is effective upon receipt.

12. Governing Law

This Deed shall be governed by and construed in accordance with the laws of the State of , without regard to conflict of laws principles.

13. Amendments; Waiver

No amendment or waiver of any provision of this Deed shall be effective unless in writing and signed by the party to be charged. No failure or delay by Mortgagee in exercising any right shall operate as a waiver.

14. Counterparts; Electronic Signatures

This Deed may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Signatures delivered by electronic means shall be effective to bind the signing party.

15. Severability; Entire Agreement

If any provision of this Deed is held invalid or unenforceable, the remaining provisions shall remain in full force and effect. This Deed, together with the Note and other security instruments, constitutes the entire agreement between the parties with respect to the subject matter hereof.

16. Miscellaneous

Mortgagor acknowledges receipt of a copy of the Note and this Deed and certifies that the representations and warranties contained herein are true and correct. Mortgagor authorizes Mortgagee to file this Deed for recordation in the appropriate public records.

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