Tag: promissory note

Form-of-the-Week: Further Encumbrance Consent, and Note Enforcement Provisions — Forms 410 and 418-5

These forms are used by a prospective junior lender or carryback seller when the real estate is encumbered by an existing first mortgage containing a due-on clause, to obtain consent from the lender holding the mortgage to further encumber the property with a second mortgage, and by a loan broker or escrow officer when originating a mortgage with the lender or carryback seller, to include a guarantee, exculpatory or governing law provision in the promissory note.

Read More

Form-of-the-Week: Agreement to Modify a Promissory Note, and Modification of the Promissory Note — Forms 426 and 425

These forms are used by a holder of a mortgage, their servicing agent or broker when arranging the modification of the mortgage note, to set forth the terms sought in the modification effort, to evidence the modification of the original note and state the change in terms of the note.

Read More