This Mortgage has stringent default provisions that is typically suited for a private Lender with financing of residential property, small business property, Rental units (up to 4 units), Condominiums, planned unit development and vacant land.
EVENTS OF DEFAULT. Each of the following, at Lender's option, shall constitute an Event of Default under this Mortgage:
Payment Default. Mortgagor fails to make any payment when due under the Indebtedness.
Default on Other Payments.
Default in Favor of Third Parties.
Death or Insolvency.
Creditor or Forfeiture Proceedings.
Events Affecting Guarantor.
RIGHTS AND REMEDIES ON DEFAULT. Upon the occurrence of an Event of Default and at any time thereafter, Lender, at Lender's option, may exercise any one or more of the following rights and remedies, in addition to any other rights or remedies provided by law:
Tenancy at Sufferance.
Other Remedies - Lender shall have all other rights and remedies provided in this Mortgage or the Note or available at law or in equity.
Sale of the Property.
Notice of Sale.
Election of Remedies
Attorneys' Fees; Expenses.
Promissory Note can be used for installment or balloon payments.
Includes default rates (interest rate that occurs when borrower is in default)
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, which fee shall be due at the time this Note is otherwise paid in full. The "Overdue Loan Fee" shall be determined based upon the outstanding principal balance of this Note as of the Maturity Date and shall be:
(a)one percent (1.0%) Of such principal balance if the Note is paid in full on or after thirty(30)days after the Maturity Date but less than sixty (60) days after the Maturity Date, or
(b)two percent (2.0%) of such principal balance if the Note is paid in full on or after sixty(60)days after the Maturity Date.
Late Payment Fees. Any payment which is at least ___ days past due, shall be subject to a late charge of $___ And an additional $___ per day until the payment is received. If any balloon payment is late, it shall be subject to a late fee of $___ per day.
For Use in Illinois Only.
Deeds.com Illinois Mortgage Secured by Promissory Note Forms Have Been Updated as Recently as Thursday March 25, 2021
What others like you are saying:
Andrew F. said: Must admit, I have not really had the chance to search site. Seems to be able to provide good info.
Reply from Staff: Thank you!
Suhila C. said: This site is awesome. It has everything I need to purchase and sell (transfer deed ownership) land and property. I cannot wait to get our new land and building for business. Thanks, Suhila
Reply from Staff: We appreciate your business and value your feedback. Thank you. Have a wonderful day!
Robert W. said: The forms were as I expected them to be. The guide was very helpful. Overall very good.
Reply from Staff: Thanks Robert. We appreciate your feedback.
Betty H. S. said: I have no complaints thank you.
Reply from Staff: Thanks Betty, Have a great day!
Lori M. said: So easy to use. The directions are very clear.
Reply from Staff: Thank you!
Jeanette S. said: Easy to use and instructions were very clear. If possible, it would be nice to be able to download the entire package at one time - it was a little cumbersome to download each item separately. (Of course, I didn't know which of the items I needed, so downloaded them all)
Reply from Staff: Thank you for your feedback. We really appreciate it. Have a great day!
Select County where the property is located.