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.
Sample Template Preview
Rider and addendum to Security Instrument dated ________________, 20_______
___________________________________________________ (“Optionor”), has executed a certain agreement dated ______________________ 20____________ (“Agreement”) under which Optionor is under an obligation to perform certain acts, promises and/or covenants to ___________________________________________ (“Optionee”) on or before _____________________, 20__________.
The attached Security Instrument (mortgage or deed of trust) secures to Optionee the performance of Optionor’s promises, covenants and agreements under said Agreement. Wherever the words “grantor,” “mortgagor,” “trustor,” or “borrower” appear in the attached Security Instrument, the word “Optionor” shall be substituted therefore. Wherever the words “mortgagee,” “beneficiary” or “lender” appear in the attached Security Instrument, the word “Optionee” shall be substituted therefore.
State of ___________________)
County of _________________)
Sworn to and subscribed before me this ______ day of ____________, 20______ by the following individuals____________________________________________
State of ______________________
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