Rider To Contract Of Sale - Purchase Money Mortgage Clause

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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
, together with interest at the rate of
%) per cent per
annum, 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


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Parent category: Financial