DIY Legal Forms

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Mortgage Bond

KNOW ALL MEN BY THESE PRESENTS, that [name] (Obligor) does hereby acknowledge that Obligor is indebted to [bank], having an office at [address, county, state] (Obligee), in the principal sum of ---------- dollars ($----------), which sum, with interest on the unpaid balances to be computed from the date hereof at the rate of ---------- percent (----------%) per annum, Obligor does covenant to pay to Obligee, at the office of Obligee in [address], or such other place as Obligee may designate in writing ---------- dollars ($----------) on the first day of [month and year], and thereafter in payments of ---------- dollars ($----------) on the first day of each subsequent month, until the principal and interest are fully paid, except that the final payment of the entire indebtedness evidenced hereby, shall be due and payable on the first of [month and year].

The whole or any part of the principal sum and of any other sums of money secured by the mortgage given to secure this Bond shall, at the option of Obligee, become due and payable if default be made in any payment under this Bond or upon the happening of any default that, by the terms of the mortgage given to secure this Bond, shall entitle the mortgagee to declare the principal sum, or any part thereof, to be due and payable; and all of the covenants, agreements, terms, and conditions of the mortgage are incorporated in this Bond with the same force and effect as if set forth at length.

If more than one person joins in the execution of this Bond, the relative words herein shall be read as if written in the plural, and the words "Obligor" and "Obligee" shall include their heirs, executors, administrators, rebets, successors, and assigns.

Signed and sealed this [date].