This Mortgage Deed (this “Mortgage”) is made effective as of this (insert date), by and between/among:
The Mortgagor/Borrower(s):[Borrower.FirstName][Borrower.LastName], located at [Borrower.StreetAddress] (collectively, the “Borrower”) and
The Lender(s):[Lender.FirstName][Lender.LastName], located at [Lender.StreetAddress] (collectively, the “Lender”).
WHEREAS, the Lender is engaged in the business of lending money; and
WHEREAS, the Borrower is seeking to borrow a loan from the Lender to purchase real estate at (insert location); and
WHEREAS, to secure repayment of such a loan, the Borrower is willing to grant a mortgage on the real estate owned by the Borrower; and
WHEREAS, under this Mortgage, the Lender is granted a security interest on such real estate to secure repayment of the loan.
The sum of $ (insert amount) (the “Principal Amount”), together with interest of (insert rate) % compounded annually, is hereby loaned by the Lender to the Borrower under the terms and conditions set forth herein.
The mortgage deed sets out all the terms and conditions of this loan agreement, including information on the repayment schedule, interest rate, penalties for late or missed payments, and other relevant details. It is a legal document that gives the lender a security interest in the real estate being purchased with the loan, so if the borrower defaults on repayment, the lender can take ownership of the property.