Sample Mortgage Form
NOTE
US $ .............................. ............................., Massachusetts
City
..................................., 19 ......
FOR VALUE RECEIVED, the undersigne d ("Borrower") pr omise(s) to pay ...........
................. ... ..................... ... ........... ... ... ........... ... ..................... ... ..., or order, the princ i pal
sum of ........ .... .............. ........................ . Dollars, with interest on the unpaid principal
balance from the date of this Note, until paid, at the rate of..... ... .... .. perc ent per annum.
Principal and interest shall be payable at ..............
................. ... ..................... ... ........... ... .... .......... ... ..................... ... ..., or such other place as
the Note hol der may designate, in c onsecut i ve mont hly instal lments of
........................... .... ... . Dolla rs (US $ ....... .... ... .......... .... . ), on the ......... ..... da y of each
month beginning .................. ............. ..., 19 ...... Such monthl y installments shall c ontinue
until the entire indebtedness evidenced by this Note is fully paid, except that any
remai ni ng i n debted ness, if not s oo ner paid, sha ll b e due and payable
on................................................................................
If any monthly installment under this Note is not paid when due and remains unpaid
after a date specified by a notice to Borrower, the en tire pri ncipal amoun t o uts tanding and
accrued interest thereon shall at once become due and payable at the option of the Note
holder. The date s pecified shall not be less than thirty da ys from the date s uch
notice is mailed. The Note holder may exerc ise this option to accelerate during any
defaul t b y Borr ow er re gardless of any pri or forbeara nce. If suit is bro u ght to collect thi s
Note, the Note holder shall be entitled to collect all reasonable costs and expenses of suit,
including, but not limited to, reasonable attorney's fees.
Borrower shall pay to the Note holder a late charg e of ..........percent of any monthly
installment not received by the Note holder within ..........days after the installment is due.
Borrower ma y prepay the principa l am ou nt o ut s tanding in wh ole or i n part. T he N o te
holder may require t hat a ny partial prepayments (i) be made on the date monthly
installments are due an d (ii ) be in t he am o unt of that part of one or more monthly
insta llments which would be a pp li c able to principal. An y pa rtial prepaymen t sha ll be
applied against the principal amount outstanding and shall not postpone the due date of
any subse qu e n t mon t hly insta llm ents or cha nge t he amount of s uch i nst al l ments, unless
the Note hol der shall otherwise a gree in writi n g.
Presentment, notice of dishonor, and protest are hereby waived by all makers, sureties,
guarant o rs a n d end orser s hereof. Th is Note shall b e the joi nt and several obl i gation of all
makers, sureties, g uara ntors and e n do rs ers, and shall be bindi ng u p on them and their
successors and assigns.
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