Fillable Printable Sample Mortgage Form
Fillable Printable Sample Mortgage Form
Sample Mortgage Form
SAMPLE MORTGAGE
THIS MORTGAGE is made this ........................ day of .............................
19 ....., between the Mortgagor, ................................................................ (herein
"Borrower"), and the Mortga gee, ...................................................... a corporation
organize d and existing under the la ws of ...... .................... .... ........
......................................................................................................, whose address is
..................................................................................
........................... .... ... .......... .... ... .......... .... ... ..................... ... .... .......(here i n "Lender").
WH EREAS, Borrower is indebted to Lender in the principal sum of ................. ..
Dollars, which indebtedness is evidenced by Borrower's note dated ......... ... .... ..... (herein
"Note"), providi ng f o r mo nthly insta llment s of princi pal and interest, w ith the balance of
the indebtedness, if not sooner paid, due and pa yable on .......... .... ... ......
TO SECURE to Lender (a ) the repayment of the indebtedn ess evid enced by the Note,
with interest thereon, the payment of all other sums, with interest thereon, advanced in
accordance herewi t h t o protect the s ecuri ty of this Mort ga ge, and the performance of the
covena nts and agreements of Borrower here i n c ont ai ned, and (b ) the repayment of any
future advances, with interest thereon, made to Borrower by Lender pursuant to
paragra p h 21 hereof (he rei n "F ut ure A d vances"), Borrowe r does here by mortgage, gr ant
and convey to Lender, wi th p owe r of sale, the follow i ng des c r ib e d pr operty located in the
County of ....... .... ....... .................. ... ... ........... ... .... .......... ... .................. ......... , State of
Massachusetts:
which has the address of .........................................................................
[Street] [City]
.................................................................... (herein "Property Address");
[State and Zip Code]
TOGETHER wi th all t he impro vement s now or hereaf te r ere cted on the property, and
all easemen t s, r i ghts, appurtenances, rents, royalties, mine ral, oil and gas rights and
profits, water, water rights, and water stock, and all fixtures now or hereafter attached to
the property, all of which, including replacements and additions thereto, shall be deemed
to be and re main a part of the prope rty covered by this M o rt gage; and all of the
foregoing, together with said property (or the leasehold estate if this Mortgage is on a
leasehold) are herein referre d to as the "Property".
Borrower covenants that Borrower is lawfully seised of the estate hereby conveyed and
has the right to mortgage, grant and convey the Property, that the Property is
unencumbere d, an d tha t Borrower wil l warrant and defe n d generally the title to the
Property agai nst all cla i ms and de mands, subject to any declarations, easements or
restrictio ns listed in a sch edule of exceptions to coverage in any title insu rance policy
insuring Lender's interest in the Property.
NOTE
US $ .............................. ............................., Massachusetts
City
..................................., 19 ......
FOR VALUE RECEIVED, the undersigne d ("Borrower") pr omise(s) to pay ...........
................. ... ..................... ... ........... ... ... ........... ... ..................... ... ..., or order, the princ i pal
sum of ........ .... .............. ........................ . Dollars, with interest on the unpaid principal
balance from the date of this Note, until paid, at the rate of..... ... .... .. perc ent per annum.
Principal and interest shall be payable at ..............
................. ... ..................... ... ........... ... .... .......... ... ..................... ... ..., or such other place as
the Note hol der may designate, in c onsecut i ve mont hly instal lments of
........................... .... ... . Dolla rs (US $ ....... .... ... .......... .... . ), on the ......... ..... da y of each
month beginning .................. ............. ..., 19 ...... Such monthl y installments shall c ontinue
until the entire indebtedness evidenced by this Note is fully paid, except that any
remai ni ng i n debted ness, if not s oo ner paid, sha ll b e due and payable
on................................................................................
If any monthly installment under this Note is not paid when due and remains unpaid
after a date specified by a notice to Borrower, the en tire pri ncipal amoun t o uts tanding and
accrued interest thereon shall at once become due and payable at the option of the Note
holder. The date s pecified shall not be less than thirty da ys from the date s uch
notice is mailed. The Note holder may exerc ise this option to accelerate during any
defaul t b y Borr ow er re gardless of any pri or forbeara nce. If suit is bro u ght to collect thi s
Note, the Note holder shall be entitled to collect all reasonable costs and expenses of suit,
including, but not limited to, reasonable attorney's fees.
Borrower shall pay to the Note holder a late charg e of ..........percent of any monthly
installment not received by the Note holder within ..........days after the installment is due.
Borrower ma y prepay the principa l am ou nt o ut s tanding in wh ole or i n part. T he N o te
holder may require t hat a ny partial prepayments (i) be made on the date monthly
installments are due an d (ii ) be in t he am o unt of that part of one or more monthly
insta llments which would be a pp li c able to principal. An y pa rtial prepaymen t sha ll be
applied against the principal amount outstanding and shall not postpone the due date of
any subse qu e n t mon t hly insta llm ents or cha nge t he amount of s uch i nst al l ments, unless
the Note hol der shall otherwise a gree in writi n g.
Presentment, notice of dishonor, and protest are hereby waived by all makers, sureties,
guarant o rs a n d end orser s hereof. Th is Note shall b e the joi nt and several obl i gation of all
makers, sureties, g uara ntors and e n do rs ers, and shall be bindi ng u p on them and their
successors and assigns.
Any notice to Borrower p ro vided for in th is Note shall be given by mail ing such notice
by certified mail addressed to Borrower at the Property Address stated below, or to such
other address as Borrower may designate by notice to the Note holder. Any notice to the
Note holder shall be given by mailing such notice by certified mail, return receipt
requested, to the Note holder at the address stated in the fir st paragra ph of this Note, or at
such other address as may have been des i g nated by notice to Borrower.
The inde btedness evidenced b y this N ote is secured by a Mortgage, dated
.......... ................................, and reference is made to the Mortgage for rights as to
acceleration of the indebtedness evidenced by this Note.
..................................................
.................................................. .................................................
.................................................. .................................................
Property Address (Execute Original Only)
UNIFORM COVE NANTS. Borrower and Lender covenant and agree as follows:
1. Payment of Principals and Interest. Borrower shall promptly pay when due the
prin cipa l of and interest on the indebtedness evidenced by the Note, prepayment and late
charges as pro vi de d i n the N ote, a nd the p rincipal of a nd interest on any Fu tu re Advances
secure d by this Mortgage.
2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by
Lender, Borrower shal l pay to Lend e r o n the da y m o nt hly instal lments of princ i pa l an d
interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds")
equal to one-twelf t h of the yearly taxes a nd asse ssments whi ch m a y attain priority over
this Mo rt gage, and ground rents on the Prop erty, if any, pl us one-twe lft h of yearly
premium installments for hazard insurance, plus one-twe lf th of yearly prem ium
installments for mortgage insurance, if any, all as reasonably estimated initially and from
time to time by Lender on the basis of assessments and bills and reasonable estimates
thereof.
The Fu nds shal l be held in an insti t u tion the dep os its o r accou nt s of which are ins ure d or
guarant eed by a Federa l or sta te agenc y (including Lender if Len der is such an
institution). Lender shall apply the Funds to pay said taxes, assessments, insurance
premi ums and gro und rents . Le nder may not charge for so holdi ng a n d applying th e
Funds, analyzing said account, or verifying and comp il i n g sai d asses sments and bills,
unless Lender pays Borrower interest on the Fu n ds and applicab le law permits Lender to
make such a charge. Borrower and Lender may agree in writing at the time of execution
of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such
agreement is made or applicable law requires such interest to be paid, Lender shall not be
required to pay Borrower any interest or earnings on the Funds. Lender shall give to
Borrower, wit h o ut charge, an annual accounti n g of t he F unds show ing credi ts an d debits
to the F un ds and t he purp ose for which ea ch debit to t he Fun ds was made. The Fu nds a re
pledged as additional sec urity for the sums secured by this Mortgage.
If the amount of the Funds held by Lender, together with the future monthly
installments of Funds p a yabl e prior to the due dates of taxes, assessm e nts, ins ura nce
premiums and ground rents, shall exceed the amount required to pay said taxes,
assessments, insurance premiums and ground rents as they fall due, such excess shall be,
at Borrower's option, either promptly repaid to Borrower or credited to Borrower on
monthl y instal lments of Funds . If the amount of the Funds hel d by Lender shall no t be
sufficie n t to pay taxes, ass essments, ins urance prem iums and ground re nts as they fall
due, Borr ow er s hal l pay to Lender any amount necess ary to make up t he d eficienc y
within 30 day s from the date notice is mailed by Lender to Borrower requesting payment
thereof.
Upon payment in full of all sums secured by this Mortgage, Lender shall promptly
refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property
is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than
immediately prior to the sale of the Property or its acquisition by Lender, any Funds held
by Lend er at the time of application as a credit against the sums secured by this
Mortgage.
3. Applica ti on of P a yments. Unles s ap pli c able law provi des ot herw ise, all payments
recei ve d b y Len de r u nder the Note a nd paragr aphs I and 2 here of shall be applied by
Lender firs t in payment of amount s payable to Len der b y Borrower un der pa ra graph 2
hereof, then to interest payable on the Note, then to the principal of the Note, and then to
interest and principal on an y Future Advances.
4. Charges; Liens. Borrower shall pay all taxes assessments and other charges. fines
and impositions attributable to the Property which may attain a pr iority over this
Mortgage, and leasehold payments or ground rents, if any, in the manner provided under
paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when
due, directl y to the payee thereof. Bor rower s hall promptly furnish to Lender all notices
of amounts due under this paragraph, and in the event Borrower shall make payment
directly, Borrower shall prom ptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharg e any lien which has priority over this Mortgage;
provided, that Borrower shall not be required to discharge any such lien so long as
Borrower shall agree in writing to the payment of the obligation secured by such lien in a
manner acceptable to Le nde r, or shall in good faith co ntes t s uch lien by, or defend
enforcement of s uch lien in, legal proceedings w hic h operate to prevent the enforcement
of the lien or forfeiture of the Property or any part thereof.
5. Hazard Insurance. Borrower shall kee p the improvem ents now existing or hereafter
erected on the Property insured against loss by fire, hazards included within the term
"extended coverage", and such other hazards as Lender may require and in such amounts
and for such pe ri ods as L ender may require; p rovided, that Len der s hall not require th at
the amount of suc h coverage exceed that amount of coverage require d to pa y the sums
secure d by this Mortgage.
The insurance carrier providing the insurance shall be c h ose n b y Borrow er su bject to
appr oval by Lender; pr ovi d ed, that such app ro val shal l not be unreason ably wit hhe ld. All
premiums on insurance policies shall be paid in the manner provided under paragraph 2
hereof or, if n ot p ai d i n such manner, b y Borr ow er making payment, when due, direct ly
to the insurance carrier.
All insurance policies and renewals thereof shall be in form acc eptable to Lender and
shall include a standard mortgage clause in favor of and in form acceptable to Lender.
Lender shall have the right to hold the policies and renewals thereof, and Borrower shall
promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the
event of loss, Borrower shall give prompt notice to the insurance carrier and Lender.
Le nder ma y make pr oof o f l oss if no t m ade p rom pt ly by Borr ower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be
applied to restorati on or repair of the Property damaged, pro vi ded such rest orati o n or
repai r is economically fe asible an d the securit y of this Mort gage is not thereb y im paired.
If such resto r at i on or re p air is not economically feasible or if the sec uri ty of this
Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured
by this Mortgage, with the excess , if any, paid to Borrower. If the Property is abandoned
by Borrower, or if Borrower fails to respond to Lender within 30 days fro m the date
noti ce is mail ed by Len der to Borrower that the insurance carrier of fers to settle a clai m
for insura nce benefits , L e nde r is authorized t o col lect and apply the ins ura nce procee ds at
Lender's o pt ion ei t her t o res t orat i on or repair of the Property or to the sums secure d b y
this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of
proceeds to princi pal shall not extend or postpone the due date of the monthl y
installments referred t o in para graphs 1 and 2 hereof or change the am ount of such
installments. If under paragraph 18 hereof the Property is acquired by Lender, all right,
title and i nterest of Borrower in and to any ins ura nce po licies and in a nd t o the pr oceeds
thereof resulting from damage to the Property prior to the sale or acquisition shall pass to
Lender to the extent of the sums secured by this Mortgage immediately prior to such sale
or ac quis it ion.
6. Preservation and Maintenance of Property: Leaseholds; Condominiums; Planned
Unit Developments. Borrower shall keep the Property in good repair and shall not
commit waste or permit impairment or deterioration of the Property and shall comply
with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on
a unit in a condominium or a pla nn e d uni t de vel opment, B orrower shall perf orm all of
Borrower's o bl igations u nder the declar ation or coven ants creati n g or go verning t he
condom i ni u m or plan ned u nit deve lopme nt, t he b y-law s an d regulations of the
condom i ni um or planned u nit developm ent, and cons ti tuent doc uments. If a
condominium or planned unit development rider is executed by Borrower and recorded
to gether with this Mortgage, the coven ants and agreements of such rider shall be
incorporated into and shall amend and supplement the covenants and agreements of this
Mortgage as if the rider were a part hereof.
7. Protection of Lender's Security. If Borrow er fails to perform the covenants and
agreements contained in this Mortgage, or if any actio n or pro ceeding is c omm e nced
which materially affect s Lender's interest in the Property, including, but not limited to,
eminent d omain, insol vency, code enf orcem ent, or arra ngements or proceedings
involving a bankrupt or decedent, then Lender at Lender's option, upon notice to
Borrower, m a y make suc h appearances, disburse such sum s and ta ke such action as is
necessa ry to protect L en der's interest, including, b ut no t li m it ed t o, disbursement of
reasonable attorney's fees and entry upon the Property to make repairs. If Lender required
mortgage insurance as a condition of making the loan secured by this Mortgage,
Borrower shal l pay the premiums required to main tain such insurance in effect until such
time as the requireme nt for suc h insurance terminates in accordance with Borrower's and
Lender's written agreement or applicable law. Borrower shall pay the amount of all
mortgage in su rance p r em iums in the manne r pro vided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon.
shall b ecome additi o nal in debtedness of Borr ower secured by this M ort g age. U nl e ss
Borrower and Lender agree to other terms of payment, such amounts shall be payable
upon notice from Lender to Borrower requesting payment thereof. and shall bear interest
from the date of dis bursem ent a t the r ate payable from tim e to ti me o n outs t an di ng
principal under the Note unless payment of interest at such rate would be contrary to
applicable law , in which event such a m oun ts shall bear interest at the high e st rate
permissible under a p plicab le law . Nothin g con tai ned in this para gra ph 7 shall requi re
Lender to incur any expense or take any a ction hereunde r.
8. Inspection. Lender may mak e or ca use t o be m ade reas onable entrie s up on and
inspecti o ns of the Property, provi de d th at Le nder shall give Borrow e r no tice p r i or to an y
such inspection specifying reasonable cause therefor relat ed to Lender's interest in the
Property.
9. Condemnation. The proceeds of an y award or claim for damages, direc t or
conse q uent ial. in con nec tion with a ny c o ndemnati o n or o t her taking of the P rop e rty, or
part thereof. or for conveyance in lieu of condemnation. are hereby assigned and shall be
paid to Lender.
In the event of a total taking of the Property. the proceeds shall be applied to the sums
secu red by this Mortgage. With the excess. if any, paid to Borrower. In the event of a
partial taking of the Property, unless Borrower and Lende r otherwise agree in writin g.
there shall be app li e d to the s ums secure d by this Mortga ge s u ch p roportio n of the
proceeds as is equal to that proportion which the amount of the sums sec ured by this
Mortgage immediately pri or t o t he date of taking bea rs to t h e fair mar ket val ue of the
Property immediately prio r t o t he dat e of taking. with the bala nce of the pro ceeds paid to
Borrower.
If the Prope rty is aban doned by Bo rrower . or if. after notice by Lender to Borrower that
the condemnor offers to make an award or settle a claim for damages. Borrower fails to
respond to Lender within 30 days after the date such notice is mailed . Lender is
authorized to collect and apply the proceeds. at Lender's option. either to restoration or
repair of the Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing. any such application of
proceeds to princi pal shall not extend or postpone the due date of the monthl y
installments referred t o in para graphs 1 and 2 hereof or change the am ount of such
installments.
10. Borrower Not Released. Extensio n of the time for pa yment o r mo di ficat i o n of
amortization of the sums secured by this Mortgage granted by Lender to any successor in
interest of Borrower shall not operate to release. in any manner, the liability of the
original Borrower and Borrower's successors in interest. Lender shall not be required to
commence proceedings aga i nst such successor or refuse to extend time for payment or
otherwise modify amortization of t he sum s se cured by t his Mort ga ge by r easo n of a ny
demand ma de b y the ori gin al B or r o w er and Borrower's successors in interest.
11. Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising
any right or remedy hereunder, or otherwise affo rded by applicable law. shall not be a
waiver of or preclude the exercise of any such right or remedy. The procurement of
insurance or the pa yme n t of taxes or other liens or charges by Len der s ha l l no t be a
waiver of Lender's right to accelerate the matu rity of th e indeb tedness s ecured by t h is
Mortgage.
12. Remedies Cumulative. All rem edies pro v ided in this Mort gage are distinct a n d
cumula ti ve t o an y ot her r ig ht or
remed y un der this Mortgage o r affo rded by law or equi t y. and m ay he exercised
concurrently, independently or successively.
13. Successors and Assigns Bound; Joint and Several Liability; Captions. The
covena nts and ag reements herei n c o ntai ned shall bind, and the righ ts her eunder shal l
inure to, the respective successors and assigns of Lender and Borrower. subject to the
provis i on s of parag r ap h l7 hereof. All covenants an d a greements of Borrower shall be
joint and several. The captions and headings of the paragraphs of this Mortgage are for
convenie nce only and are not to be used to interpret or define the provisi o ns hereof.
14. Notice. Except for an y notice required unde r appl icable law t o be given in an ot her
manner, (a) any notice t o B orr ower prov i ded for in this Mort gage shall be given b y
mailing such notice by certified mail addressed to Borrower at the Property Address or at
such other address as Bo rrow e r may designa te b y notice t o Le nder as provided herein,
and (b) any notice to Lender shall be given by certifie d mail, return receipt requested, to
Lender's address stated herein or to such other address as Lender may designate by notice
to Borrow er as pr ovided herein. A n y not ice p ro vide d for in th is Mortgage shall be
deemed to have b een gi v en t o Borr ow er or Le nder when given i n the man ner desi g nated
herein.
15. Uniform Mortgage; Governing Law; Severability. This form of mortgage
combine s un iform cove n a nts f or nat i onal use and non-uniform covenants with limited
variations by jurisdiction to constitute a uniform security instrument covering real
property. This Mortgage shall be governed by the law of the jurisdiction in which the
Property is located. In the event that any provision or clause of this Mortgage or the Note
conflicts with applicable law. such conflict shall not aff ect ot her provisions of this
Mortgage or the Note whic h can be give n ef f ect w ithout the co nfl ict i ng provisi on. and to
this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Copy. Borr ow er shall be furnished a co nfo rmed c o p y of the N ote and
of this Mortgage at the time of execution or after recordation hereof.
17. Transfer of the Property; Assumption. If all or any part of the Property or an
interest therein is sold or transferred by Borrowe r witho ut Lender's pr ior w ritt en cons ent,
excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the
creation of a purchase mone y security interest for household appliances, (c) a transfer by
devise, descent or by operation of law upo n the deat h of a jo int t enant or (d ) the g ra n t of
any leasehold interest of three years or less not containing an option to purchase, Lender
may, at Lende r's o pt i on, declare all t he sums se cured by this Mort gage to be imm ediat ely
due and payable. Lender sha ll h a ve w aived suc h opt i on to ac celerate if, prior t o the sa le
or transf er. Lende r and the person to whom the Property is to be sold or transferre d reach
agreement in writing that the credit of such person is satisfactory to Lender and that the
interest payable on the s u ms secured by this M ort gage shall be at suc h rat e as Lender
shall request. If Lender has waived the option to accelerate provided in this paragraph 17,
and if Borrower's successo r in interest has ex ecuted a written assumption agreemen t
accepted in writing by Lender, Lender shall release Borrower from all obligations under
this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of
acceleration in accordance with paragra ph 14 here of. Suc h notice shall provide a period
of not less than 30 days from the date the notice is mailed within which Borrower may
pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of
such period, Lender ma y, wi tho ut further notice o r dema nd o n Borrow e r, in vo ke a n y
remed ies pe rmitted by paragraph 18 hereof.
NON-UNIFORM COVENANTS. Borrower and Lender furth er covenant and agree as
follows:
18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon
Borrower's br each of any co vena nt or agreement of Borrower in this Mortgage, inc l uding
the cove nan t s t o pa y when due an y su ms secured by this M ortgage, L ender prior to
acceleration shall mail notice to Borrower as provided in paragraph 14 here of specif ying:
(1) the breach; ( 2) the action required to cure suc h breach; (3) a date, not less than 30
days from the date t he noti ce is mail ed to Borrower, b y which such breach must be cured;
and (4) that failure to cure such breach on or before the date specified in the notice may
result in acc eleration of the sums secured b y this Mortgage and sale of the Propert y. The
notice shall further inform Borrower of the right to reinstate after acceleration and the
right t o bri n g a court action to ass ert the non-exi s tence of a default or an y other defe ns e
of Borrower to acceleration and sale. If the breac h is not cured on or bef ore the date
specifi ed i n th e notice, Lender at Lende r's op tion m ay declare all of the sums secured by
this Mo rt gage to be immediately due and payable wit ho u t f urther demand and Lend er
may invoke the STATUTORY PO WER OF SALE and any other remedies permitted by
applicable law. Lender shall be entitled to collect all reasonable costs and expenses
incurre d in p urs ui ng the remedies provide d in t his pa ra gr a ph 1 8, in cludin g, but n ot
limited to, reasonable attorney's fees.
If Lender invokes the STATUT ORY POWER OF SALE, Lender shall mail a copy o f a
notice of sa l e to Borr ow er, and to any oth er pers o n req uired by applic able law, in the
manner provided by applica bl e law. Len der shall publ is h th e n oti ce of sal e and t he
Property shall be sold in the manner prescr ibed by applica ble law. Lender or Lend er's
designee ma y purchase the Property at any sale. The proceeds of the sale shall be applie d
in the following order: (a) to all reasonable costs and expenses of the sale, including
reasonable attorney's fees and costs of title evidence; (b) to all sums secured by this
Mortgage; and (c) the excess, if an y, to the pers o n or pers o ns le gal ly entitle d theret o.
19. Borrower's Right to Reinstate. Notwithstanding Lender's acceleration of the sums
secure d by this Mort gage, Borrower sha ll h ave the right to have any pr oceedin gs be gun
by Lender to enforce this Mortgage discontinued at any ti me prior to the earlier to occur
of (i) the fifth day befor e sale of the Propert y purs uan t to the power of sale con tained in
this Mort gage or (ii) entry of a judgm ent e nf orci n g th is Mo rtgage if: (a) Borrow er pays
Lender al l sum s wh ich would be then d ue un d er this Mortgage, t he N ote and notes
securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all
breaches of an y ot her co venants or agreements of Borrower cont ained in this Mort gag e ;
(c) Borrower pays all reasonable expenses incurred by Lender in enforcing the covenants
and agreem ents of Borrow e r conta i n e d i n this M ort gage and in enforci ng L e nde r's
remed ies as provide d in paragra p h 18 hereof, includin g, but n ot limited to, reasonab le
attorney 's fees; and (d ) Borrower takes such action as Lender may reasonably require to
assure that the lien of this Mortgage, Lender's interest in the Property and Borrower's
obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon
such payment and cure by Borrower, this Mortgage and the obligations secured hereby
shall remain in full force and effect as if no acceleration had occurred.
20. Assignment of Rents; Lender in Possession. As additional secu rity hereunder,
Borrower hereby assigns to Lender the rents of the Property, provided that Borrower
shall, pr i or to acceleration under paragraph 18 hereof or aba n do nment of the Property,
have the right to co llect and retai n such re nts as the y become due and payab le.
Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender
shall be ent it led to enter upon, take p oss ession of and manage the Proper ty and to collec t
the rents of the Property including those past due. All rents collected by Lender shall be
applied f i rs t to paymen t of the cos ts of management of the Property and collec ti on of
rents , i ncl ud in g, bu t not limited to, reasonable attor ney's fees, and then to th e sum s
secure d by this Mort gage. Lend er sh all be liable to account o nl y f or t h ose rents actually
received.
21. Future Advances. For the pur pose s permitte d b y applicab le law and upon request
of Borrower, Lender, at Lender's option prio r t o release of this Mortga ge, may make
Future Advances to Borrower. Such Future Advances, with interest thereon, shall be
secure d by this Mort gage when evidence d b y promissor y no tes st at i ng th at said notes are
secure d h e re by. At no tim e sha ll t he princi pal amount of the i ndebtedness secure d b y thi s
Mortgage, not i ncluding sums advanced i n accor dance herewith to protect the securi ty of
this Mortgage, ex ceed the origi nal a mount of the N ote plus US
$.................................................................................................
22. Release. Upon payment of all sums secured by this Mortgage, Lender shall
discharge this Mortga ge w ith out cost to Borrower. Borrowe r sha ll pay all costs of
recordation, if an y.
IN WITNESS WHEREOF, Borrower has executed this Mortgage under seal.
.....................................................
-Borrower
.....................................................
-Borrower
COMMONWEALTH OF MASSACHUSETTS, .................................County ss:
On this ....... ... .... ...... day of ...................., 19......, before me personally appeared
......................................................................................, and
acknowledged the foregoing to be .................... free act and deed.