perf mortgage addendum-Land Contracts,
Perf mortgage addendum when is it used
A perf mortgage addendum is a performance rider which is added to the mortgage or it is added to a deed of trust.
In this it states that the optionor is obliged to execute certain promises, covenants or even acts which are to be made to the optionee. These covenants, acts or promises need to be completed before a certain date which is mentioned in the perf mortgage addendum.
The mortgage or the deed of trust that is attached to this perf mortgage addendum ensures that the optionor completes his promise and adheres to the terms and conditions of the agreement. When there is a mortgagor or there is a trustor or even a borrower, then the optionor’s name gets substituted by these titles or names. The same way, when there is a morgagee or a beneficiary or a lender which is mentioned in the mortgage or the deed of trust then the optionee is substituted by these terms as mentioned above.
This legal document is signed by the optioner and the optionee and it is sworn as well as notarized by a notary public for the state and county. This is sealed by the notary public and only upon completion of all the above is the document considered as a legal and binding document.
This perf mortgage addendum is signed, sealed and attached as well as notarized so there is proof of what are the promises or undertakings that the licensor is going to fulfil as well as the time period that it will be fulfilled in.
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