Current as of: 2009
A mortgage of real property may be made in substantially the following form: NORTH DAKOTA STANDARD FORM
THIS INDENTURE, Made this ____________ day of __________ A.D. Two thousand ____________________ between _____________ whose post-office address is _________ of the county of ______________ and state of North Dakota, part ___________ of the first part, and ______________ whose post-office address is _______________________ of the county of ____________ and state of North Dakota, party of the second part:
WITNESSETH, That the said part ____________ of the first part, for and in consideration of the sum of _____________ dollars to ____________ in hand paid by the said party of the second part, the receipt whereof is hereby acknowledged, do ____________ by these presents grant, bargain, sell, and convey to the said party of the second part, _____________ heirs, executors, administrators, successors, and assigns, forever, all the following described real estate in the county of ____________ and state of North Dakota, described as follows, to wit: __________ __________________ _______________________________________________________________________________
TO HAVE AND TO HOLD THE SAME, Together with all the hereditaments and appurtenances thereunto belonging or in anywise appertaining, unto the said party of the second part, _________________ heirs, executors, administrators, successors, and assigns, FOREVER. And the said part ____________ of the first part, do _______________ covenant with the said party of the second part, ____________ heirs, executors, administrators, successors, and assigns, as follows: That __ he ___ ha ______ good right to convey the same, that the same are free from all encumbrances _____________________________________________________________
and that the said party of the second part, __________ heirs, executors, administrators, successors, and assigns, shall quietly enjoy and possess the same, and that the said part ____________ of the first part will warrant and defend the title to the same against all lawful claims, hereby relinquishing and conveying all right of homestead, and all contingent claims and rights whatsoever in and to the said premises.
PROVIDED, NEVERTHELESS, That if the said part ___________ of the first part, ____________ heirs, executors, or administrators, shall well and truly pay, or cause to be paid,
to the said party of the second part, ____________ heirs, executors, administrators, successors, or assigns, the sum of ______________ dollars and interest according to the conditions of ____________ note _____________ of even date herewith, as follows: ____________________________________ ______________________________________________________________________________ ______________________________________________________________________________
payable at the _______________________________________ with interest from date until maturity, at the rate of _________________ percent, per annum, payable ___________ annually and shall also keep and perform all and singular the covenants and agreements herein contained, then this deed to be null and void, and the premises hereby conveyed to be released at the cost of the said part _____________ of the first part; otherwise to remain in full force and effect.
And the said part __________ of the first part do ___________ covenant and agree with the said party of the second part, ___________ heirs, executors, administrators, successors, and assigns to pay the said sum of money and interest thereon as above specified; to pay as a part of the debt hereby secured, in case of each or any foreclosure or commencement of foreclosure of this mortgage, all costs and expenses and statutory attorney's fees in addition to all sums and costs allowed in that behalf by law; to permit no waste, and to do or permit to be done, to said premises, nothing that may in any manner impair or weaken the security under this mortgage; to pay all taxes or assessments that may be assessed against or be a lien on said premises, or any part thereof, or upon this mortgage or note ____________ or the legal holder thereof, before the same shall become delinquent; to keep the buildings on said premises insured for ____________ dollars, in companies acceptable, with loss payable to the mortgagee or __________ assigns; and in case of failure so to pay said taxes or assessments, or any of the agreements hereunder, or in case there exists any claim, lien, or encumbrance upon said premises, which is prior to this mortgage, the said party of the second part, ____________ heirs, executors, administrators, successors, or assigns may at ____________ option, pay and discharge such taxes or other obligation, and the sum or sums of money which may so be paid, with interest from the time of payment at the same rate as said principal sum, shall be deemed and are hereby declared to be a part of the debt secured by this mortgage and shall be immediately due and payable. It is further agreed and understood that this mortgage shall also cover any renewal note for the above described indebtedness or any portion thereof.
But if default shall be made in the payment of said sum of money, or interest, or the taxes, or any part thereof, at the time and in the manner hereinbefore or hereinafter specified for the payment thereof, the said part ____________ of the first part, in such cases do _______ hereby authorize and fully empower the said party of the second part, _________ heirs, executors, administrators, successors, or assigns, to sell the said hereby granted premises and convey the same to the purchaser, in fee simple agreeably to the statute in such case made and provided, and out of the moneys arising from such sale to retain the principal and interest which shall then be due on said note ____________, and all taxes upon said lands, together with all costs and charges, and statutory attorney's fees, and pay the overplus if any to the said part ____________ of the first part, _____________ heirs, executors, administrators, or assigns, And if default be made by the part ____________ of the first part in any of the foregoing provisions it shall be lawful for the party of the second part, ____________ heirs, executors, administrators, successors, or assigns or ____________ attorney to declare the whole sum above specified to be due.
IN TESTIMONY WHEREOF, The said part ___________ of the first part ha ___ hereunto set ______ hand ______ the day and year first above written. Signed and delivered in presence of _____________________________ ______________________________ _____________________________ ______________________________ _____________________________
Questions & Answers: Mortgage Lending
North Dakota Laws: Mortgage Lending
U.S. Code Provisions: Mortgage Lending
Federal Regulations: Mortgage Lending