This is a Connecticut Mortgage Deed given to secure a debt on real property. This form can be used to finance a house, rental property (up to 4 units) or Condominium. This form secures repayment of a debt, with interest. evidenced by a Promissory Note. A Mortgage Deed with strong default clauses can be beneficial when selling and/or financing a property.
MORTGAGOR also known as BORROWER(S), WARRANTS AND COVENANTS AS FOLLOWS:
1. PROMISE TO PAY. Borrower shall pay the indebtedness evidenced by the Note and secured by this Mortgage.
2. CHARGES, LIENS, ESCROW. Borrower shall promptly pay all taxes, assessments, fines, impositions and other charges against the Property.
3. HAZARD INSURANCE AND CONDEMNATION. Borrower shall insure the Property against loss by fire, and such other hazards as Lender may require and in such amounts.
4. CONDOMINIUMS, PLANNED UNIT DEVELOPMENTS, COMMON INTEREST COMMUNITIES. If this Mortgage is on a unit in a condominium, a planned unit development or any common interest community (as that term is defined in Section 47-202(7) of the Connecticut General Statutes
5. PRESERVATION AND MAINTENANCE OF PROPERTY. Borrower shall maintain the property in good condition and repair
6. ASSIGNMENT OF RENTS. To further secure the indebtedness secured hereby, Borrower hereby assigns, transfers and sets over to Lender all of the rents and profits now due or which may hereafter become due from the Property.
7. INSPECTION. Lender may make or cause to be made reasonable entries upon and inspection of the Property.
8. FORBEARANCE BY LENDER NOT A WAIVER.
9. COMPLIANCE WITH REGULATIONS. Mortgagor has obtained all permits and approvals
10. ALTERATION OR DEMOLITION. No building or other improvement on the Property shall be structurally altered, removed or demolished without Lender's prior written consent.
11. LEASE RATIFICATION. Borrower shall furnish Lender at any time, upon demand, with a lease ratification and estoppel agreement as to any lease affecting the Property,
12. REMEDIES CUMULATIVE. Each remedy provided in this Mortgage is distinct from and cumulative with any other right or remedy hereunder, or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. SUCCESSORS AND ASSIGNS; CAPTIONS. The covenants and agreements contained in this Mortgage shall bind, and the rights under this Mortgage shall inure to, Mortgagor's and Lender's respective heirs, executors, administrators, successors and assigns.
14. NOTICE. Any notice provided for in this Mortgage shall be deemed to have been given to Mortgagor or to Lender when given in the manner designated herein.
15. GOVERNING LAW; SEVERABILITY. This mortgage shall be governed by the laws of the State of Connecticut.
16. MODIFICATION OR EXTENSION. Lender reserves the right, together with Mortgagor, to amend or modify in any way the terms of this Mortgage and to extend the term hereof or time for making any payment hereunder, all without the consent of any subsequent encumbrancer.
17. ACCELERATION; REMEDIES. All sums secured by this Mortgage shall immediately become due and payable, at Lender's option, without necessity for demand or notice, if: (a) any installment or payment required under this Mortgage or the Note is not paid when due; (b) Mortgagor shall convey any interest in the Property or be deprived of the same by process or operation of law; (c) Mortgagor or any accommodation maker, endorser or guarantor of the Note (1) becomes generally unable to pay its debts as they become due, (2) admits its inability to pay its debts as they become due, (3) makes a general assignment for the benefit of its creditors, (4) files or becomes the subject of a petition in bankruptcy, for an arrangement with its creditors or for reorganization under any federal or state bankruptcy or other insolvency law, or (5) files or becomes the subject of a petition for the appointment of a receiver, custodian, trustee or liquidator of the party or of all or substantially all of its assets under any federal or state bankruptcy or other insolvency law; (d) Mortgagor or any accommodation maker, endorser or guarantor of the Note shall fail to perform any other covenant or agreement contained in this Mortgage, the Note or any guaranty securing the Note; or (e) Mortgagor shall fail to perform for a period of ten (10) days any covenant or agreement contained in any other mortgage securing the Property. If Lender declares all sums secured by this Mortgage immediately due and payable, Lender may invoke any remedies permitted by applicable law.
18. PAYMENTS AND PROCEEDS. Any payment made with respect to the Note and any amount received by Lender may be applied by Lender to accrued interest,
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PROMISSORY NOTE SECURED BY MORTGAGE DEED
Promissory Note guided by Connecticut Law, includes the option of accepting installment loan payments or a balloon payment, Balloon payments are often used to cash out when selling and financing a property. Example: 3 years of payments, followed by a balloon payment of $$$. Late payments and default rates are charged to protect Lender(s). The Borrower in this note has the option of paying the loan off early, with no penalty, if so desired.
FOR VALUE RECEIVED
A Connecticut ("Mortgagor/Borrower"), promises to pay a Connecticut ("Lender"), located at YYYYY or such other place as the holder of this note may from time to time designate in writing, the principal sum of ($ $$$$$) or so much thereof as may be advanced in lawful money of the United States, with interest accruing on the unpaid principal balance from time to time remaining unpaid prior to maturity as follows:
1) Payments of Principal and Interest. The principal and interest of this note shall be payable as follows:
2) Late Charge: Any above noted payment which is at least XX days past due, shall be subject to:
3) Maturity. This note shall mature (i.e., all outstanding principal, together with all accrued interest:
4) Default Rate: I payment is/are at least 30 days past due, then the principal balance shall bear
5) This Note shall be secured by a Mortgage Deed to real property commonly known as:
6) Failure to pay this Note or any of the Additional Obligations at maturity, or the failure of
7) Prepayment. Borrower shall have the right to prepay, without penalty, all or part of the unpaid balance of this Note
8) Default. If any of the following events of default occur, this Note and any other obligations of the Borrower to the Lender, shall become due immediately, without demand or notice:
a)the failure of the Borrower to pay the principal and any accrued interest when due;
b)the filing of bankruptcy proceedings involving the Borrower as a debtor;
c)the application for the appointment of a receiver for the Borrower;
d)the making of a general assignment for the benefit of the Borrower's creditors;
e)the insolvency of the Borrower;
f)a misrepresentation by the Borrower to the Lender for the purpose of obtaining or extending credit.
9)In addition, the Borrower shall be in default if there is a sale, transfer, assignment, or any other disposition of any real estate pledged as collateral for the payment of this Note, or if there is a default in any security agreement which secures this Note.
10) All payments due under this Note shall be paid when due,
11) In addition to any other remedies available to Lender if this Note is not paid in full at the Maturity Date, Borrowers shall pay to Lender an Overdue Loan Fee
12) The obligations of Borrower to Lender under this Note and the Additional Obligations herein remain in full force and effect until Lender has received payment in full of all obligations. The
13) Borrowers agree that the interest rate contracted for includes the interest rate set forth herein and any other charges, fees, costs and expenses incidental to this transaction paid by Borrowers to the extent the same are deemed interest under applicable law. If, for any circumstance
14) In case of renewal or extension of this Note, at any or times, all of the provisions of the Loan Documents shall remain in full force and effect as security for the payment of the renewed or extended Note and for the performance of the obligations of Borrower under the Loan Documents.
15) Governing Law: Lender; Joint and Several Obligation. This Note will be governed by the laws of the State of Connecticut. The Borrower agrees to pay this Note as written to the order of the Lender as defined above.
16) Service of Process. BORROWER HEREBY CONSENTS TO THE JURISDICTION OF
ANY STATE OR FEDERAL COURT LOCATED WITHIN CONNECTICUT, AND
17) Waiver of Jury Trial. BORROWER HEREBY WAIVES TRIAL BY JURY IN ANY SUIT,
Deeds.com Connecticut Mortgage Deed Form Forms Have Been Updated as Recently as Thursday February 27, 2020
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