Purchase Money Addendum ADDENDUM TO CONTRACT FOR PURCHASE AND SALE
OF REAL ESTATE BETWEEN
_____________________________ AND _____________________________
The Seller agrees to hold and Purchaser agrees to execute a Purchase Money (Second) Note and Mortgage and the same shall contain the clauses usually contained in the Statutory Form of Note and Mortgage. The Note and Mortgage shall be for $_____________, together with interest at _________ (___%) percent per annum, for a term of _____ years, with constant monthly payments of $____________. The Note and Mortgage shall provide that the Mortgagor shall have the privilege of prepaying any part or all of the principal balance at any time and without penalty. The Note and Mortgage shall also provide that the entire balance of principal and any accrued interest shall be due and payable upon the Mortgagor selling the mortgaged premises or entering into a land sales contract. The Mortgage Tax and the recording fee for the Mortgage shall be paid as provided by law. The Purchaser's attorney shall prepare the Note and Mortgage, subject to the review of the Seller's attorney. There shall be a late penalty of __________ (___%) percent of any payment made more than ____________ (____) days after its due date and a _____________ (____) day default provision.
Purchaser__________________ Date Seller___________________ Date
Purchaser__________________ Date Seller___________________ Date
NYSBA PRACTICE FORMS 12/95 RET015 This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
