Purchase Money Mortgage Rider
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1RIDER TO CONTRACT OF SALE
PURCHASE MONEY MORTGAGE CLAUSE
Seller hereby agrees to take back and hold and Purchaser agrees to execute and deliver to
Seller a Purchase Money (First) (Subordinate) Mortgage and Note substantially in the form
attached. The Purchase Money Note and Mortgage shall be self-amortizing and be in the sum of
(%) per cent per annum,
, together with interest at the rate of
for a term of
years, payable in equal monthly installments of $
per month. The Purchase Money Mortgage shall contain a late charge for overdue payment.
The Note and Mortgage shall provide, among other things, that it may be prepaid in whole or
in part without penalty, that it shall be immediately due and payable upon the sale of the
mortgaged premises or in the event that Purchaser enters into a land sale contract or in the
event that Purchaser files a voluntary petition in bankruptcy or assigns the premises for the
benefit of creditors.
The mortgage tax imposed by law and the recording fee for this Purchase Money Mortgage
shall be paid by Purchaser.
Seller’s attorney shall prepare the Purchase Money Note and
Mortgage for which Purchaser shall pay to Seller’s attorney the sum of $
for
said preparation.
, 20
Dated:
PURCHASER:
SELLER:
_________________________________
_________________________________
_________________________________
_________________________________
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