DIY Legal Forms

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Authorizing Mortgage Of Corporate Property

It is resolved that:

1. Ownership. [Name of corporation] (Corporation) is the owner of [description of property], located at [address] in [state].

2. Mortgagee. [Name of bank] (Lender), located at [address], has agreed to make a mortgage loan for ........ dollars ($........) on the previously noted premises.

3. Authorization to Borrow. This Corporation, through the following officers: [titles], is authorized to borrow ........ dollars ($........) from Lender for the purpose of carrying out the business of Corporation. These officers may also execute and deliver any other documents and perform any other acts necessary to effect and carry out the mortgage of these corporate premises.

4. Collateral. The amount borrowed by Corporation shall be secured by a note of this Corporation for ........ dollars ($........) and shall be delivered to Lender.

As collateral security to this note, a mortgage upon [property] shall be executed and delivered to Lender.

5. Terms of Note and Mortgage. The note and the mortgage that secures it may be in any form and contain any terms that the [officer of Corporation, e.g., President, Vice-President] and Lender agree upon.