Fillable Printable Rider to Contract of Sale Purchase Money Mortgage Clause

Rider to Contract of Sale Purchase Money Mortgage Clause

Rider to Contract of Sale

Purchase Money Mortgage Clause

RIDER TO CONTRACT OF SALE

PURCHASE MO NEY MO RTGA GE CLAUSE

Seller hereby agrees to take back and hold and Purchaser agrees to execute and deliver to Seller a Purchase Money (First)

(Subordinate) Mo rtg age and Note sub stan tially in th e fo rm attached. The Purchase Money Note and Mortgage shall be self-amortizing

and be in the sum of $ , together with interest at the rate of ( %) per

cent per annum, for a term of years, payable in equal monthly installments of $ per month. The

Purchase Money Mortgage shall contain a late charge for overdue payment. The Note and Mortgage shall provide, among other

things, that it may be prepaid in whole or in part without penalty, that it shall be immediately due and payable upon the sale of the

mortgaged premises or in the event that Purchaser enters into a land sale contract or in the event that Purchaser files a voluntary

petition in bankruptcy or assigns the premises for the benefit of creditors.

The mortgage tax imposed by law and the recording fee for this Purchase Money Mortgage shall be paid by Purchaser. Seller's

attorney shall prepare the Purchase Money Note and Mortgage for which Purchaser shall pay to Seller's attorney the sum of

$ for said preparation.

Dated: , 20

Purchaser Seller