Rhode Island Mortgage Form

• Under the terms of this Contract, the seller effectively becomes the mortgage lender for the balance of the purchase money.
• Title will transfer to the buyer once payment in full of all principal and interest has been received by the seller.
• The seller has the right to take back the property if the buyer defaults in payment.
• At the seller's option, the balance can be repaid by monthly payments with or without interest until paid, or monthly payments with interest for a fixed number of payments with a balloon payment at the end to pay out the balance.

This Multistate Fixed Rate Note can be used to secure repayment of a mortgage almost anywhere in the United States.

• This is a promissory note. The borrower promises to repay the principal amount of the loan, plus interest at the specified rate.
• Payments will be made monthly and will be applied first to late charges (if any), then to accrued interest, and then to principal.
• The loan will accelerate if the borrower defaults, and the entire amount owing on the loan will become immediately payable, at the option of the lender.
• The Note can be used in conjunction with a mortgage, a deed of trust or a security deed.

The USA Multistate Fixed Rate Note (Monthly) is a downloadable and fully editable MS Word template.