POSTPONEMENT OF MORTGAGE
This Postponement is made on __________________________________________________
BETWEEN the Mortgage Holder(s) _____________________________________________,
whose address is ______________________________________________________.
referred to as “I”
AND the New Lender(s) ______________________________________________________,
whose address is ____________________________________________________________,
referred to as "You."
If there is more than one Mortgage Holder, the word "I" shall mean "We.''
1. Present Mortgage. I hold a mortgage (referred to as the "present mortgage'').
The present mortgage is dated __________, and was made by __________________
to
______________________________
I also hold the note, bond or other agreement for payment that is secured by the present
mortgage. The present mortgage covers property located in the __________ of __________
in the County of __________ and State of __________. This present mortgage was recorded on
__________ in the office of the County Recording Officer of __________ County,
____________________, in Mortgage Book ____________________ on page __________.
The original amount of the present mortgage was __________.
2. New Mortgage. You are about to make a loan in the principal amount of
________________ which will be secured by a mortgage (referred to as the "new
mortgage") covering the same property as the present mortgage.
3. Postponement. The present mortgage will be subject, subordinate and inferior in
priority to the new mortgage. This includes all renewals and extensions of the
new mortgage. I have been paid __________for making this Postponement.
4. Continuing Effect. This Postponement changes only the priority of the present mortgage. The present mortgage remains in effect in all other respects.
5. Who Is Bound. This Postponement is binding upon me and all who succeed to my rights as holder of the present mortgage.
6.Signatures. I agree to this Postponement. If this Postponement is made by a
corporation, its proper corporate officers sign.
In Witness Whereof, this discharge of Mortgage has been signed and sealed this
day of .
______________________________
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_____________________________
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STATE OF _______________
COUNTY OF _______________
SS:
I CERTIFY that on _______________
___________________________________________________________________________________ personally came before me and acknowledged under oath, to my satisfaction, that this person (or if more than one, each person):
- is named in and personally signed this document.
- signed, sealed and delivered this document as his or her act and deed. _____________________________ NOTARY PUBLIC
STATE OF ________________
COUNTY OF _______________ SS:
I certify that on _______________, ___________________________________________ personally came before me and this person acknowledged under oath, to my satisfaction, that:
- was the maker of the attached document;
- was authorized to and did execute this instrument as _______________
of _______________ the entity named in this instrument;
- executed this instrument as the act of the entity named in this instrument
____________________________