ALLONGE . This Allonge, dated as of June 26, 2008, is attached to and made a part of that certain Promissory Note in the principal sum of $65,000,000.00 dated as of May 17, 2007, made by 1180 ASTRO URBAN RENEWAL INVESTORS LLC, a Delaware limited liability company, to the order of BEAR stearns commercial mortgage, INC., a New York corporation, for the purpose of annexing thereto the following.
In the United States, the mortgage loan involves two separate documents: the mortgage note (a promissory note) and the security interest evidenced by the "mortgage" document; generally, the two are assigned together, but if they are split traditionally the holder of the note and not the mortgage has the right to foreclose.
Mortgage notes are a type of promissory note that details repayment of a loan used to purchase real estate. This legal document describes the amount of the loan and terms of repayment, including duration and interest rate.
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A mortgage, or more precisely a mortgage loan, is a long-term loan used to finance the purchase of real estate. As the borrower, or mortgager, you repay the lender, or mortgagee, the loan principal plus interest, gradually building your equity in the property.
An allonge is necessary when there is insufficient space on the document itself for the endorsements. It is considered part of the commercial paper as long as the allonge remains affixed thereto. allonge noun addendum, additament, addition, affix, appendage, appendix, attachment, postscript, rider, supplement allonge
Deeper definition. Promissory notes are frequently used for different kinds of loans, like a mortgage or an auto loan. While the contract between borrower and lender will state the services.
Mortgage Note A mortgage note is a legal document that obligates a borrower to repay a loan at a stated interest rate during a specified period of time. The agreement is secured by a mortgage , a deed of trust or another security instrument that gives your lender a stake in the property.
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First Mortgage: A first mortgage is the primary lien on the property that secures the mortgage. A first mortgage is the primary loan that pays for the property and it has priority over all other.