Alabama mortgage lenders can use this comprehensive template to prepare a mortgage to secure a loan for purchasing a property.
- Uniform Covenants: mortgage payments, taxes and insurance, prior charges on the land, hazard insurance, occupancy as principal residence, care and maintenance of the property, protection of the lender's security, etc.
- False Information. If the borrower gave any false or misleading information on the loan application, the borrower will be in default.
- Default. If the borrower breaches any provision of the agreement and fails to cure the breach, the entire amount of the indebtedness will become due and payable, and the lender may invoke its power to sell the property.
- Homestead. The borrower waives all homestead exemptions.
This Alabama Mortgage
form is provided in MS Word format and is fully editable.