Mcdonough County Mortgage Secured by Promissory Note Form

Additional Illinois and Mcdonough County documents included at no extra charge:

Where to Record Your Documents

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Cities and Jurisdictions in Mcdonough County

Properties in any of these areas use Mcdonough County forms:

• Adair
• Bardolph
• Blandinsville
• Bushnell
• Colchester
• Good Hope
• Industry
• Macomb
• Prairie City
• Sciota
• Tennessee

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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.
Other Defaults.
Default in Favor of Third Parties.
False Statements.
Defective Collateralization.
Death or Insolvency.
Creditor or Forfeiture Proceedings.
Events Affecting Guarantor.
Adverse Change.

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:
Accelerate Indebtedness.
UCC Remedies.
Appoint Receiver.
Judicial Foreclosure.
Nonjudicial Sale.
Deficiency Judgment.
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.


(Illinois Mortgage Package includes forms, guidelines, and completed examples) For Use in Illinois Only.

Important: Your property must be located in Mcdonough County to use these forms. Documents should be recorded at the county recording office listed above.

This Mortgage Secured by Promissory Note meets all recording requirements specific to Mcdonough County.

Our Promise

The documents you receive here are guaranteed to meet or exceed the applicable Mcdonough County recording format requirements. If there is a rejection caused by our formatting, we will correct the issue or refund your payment. This guarantee applies to document formatting only and does not extend to information entered by the user, the selection of the form, or the legal effect of the completed document.

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