Docstoc Legal Agreements
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 Florida as a means of security
when making home loans.
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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
Florida.
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 Florida.
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 and this Mortgage.
In consideration of the loan made by Lender to Borrower and for the purpose expressed above,
Borrower does hereby grant and convey to Lender, with MORTGAGE COVENANTS, the
Mortgaged Property and all the improvements and fixtures now and hereafter a part thereof,
described in “Exhibit A” (hereinafter “Mortgaged Property”) attached hereto and made a part
hereof;
Borrower further covenants and agrees that:
1. No superior mortgage or the note secured by it will be modified without the consent of
Lender hereunder.
2. Borrower will make with each periodic payment due under the Note secured by this
Mortgage a payment sufficient to provide a fund from which the real estate taxes,
assessments and other municipal charges which can become a lien against the Mortgaged
Prop