Maine Mortgage Instrument and Promissory Note
Mortgage Instrument and Promissory Note for Real Estate Located in Maine
Mortgage document and Promissory Note used to finance residential, vacant land, rental property, condominiums, and planned unit developments. This form allows the mortgagee/lender to foreclose traditionally or using the STATUTORY POWER OF SALE (33 M.R.S.A. 501-A) if the property meets certain conditions. This mortgage and promissory note are governed by the laws of the State of Maine and contain strict default terms, this can be advantageous to the lender in case of default.
For use in Maine only.