USA Balloon Mortgage & Security Agreement

USA lenders, prepare a Balloon Mortgage and Security Agreement for borrowers with this easy-to-use template.

• The balance of the mortgage loan and interest is due on the maturity date.
• The borrower (mortgagor) will pay all taxes, rates and assessments levied against the mortgaged property. If required by the lender (mortgagee), the borrower will make monthly deposits of 1/12 of the annual taxes and assessments, which will then be paid by the lender to the taxing authority.
• The borrower must keep the mortgaged property insured for such risks and in such amounts as the lender may require.
• The borrower must get the lender's consent before making any alterations to the property, and must maintain the property in good condition and repair.
• If the borrower attempts to transfer all or any part of the property, the entire amount of the indebtedness will become immediately due and payable.
• The borrower waives all right of homestead exemption in the property.
• The mortgage will secure not only the borrower's existing debt to the lender, but any future advances made within 20 years of the date of the mortgage to the same extent as if they were made on the date of execution of the mortgage.

This USA Balloon Mortgage and Security Agreement template is in MS Word format, and is easy to download, edit and print.