Carlton Sheets - No Money Down Real Estate - Ebook

Real Estate Forms Portfolio A Comprehensive Collection for Real Estate Investors

V 5.02 001

THE PROFESSIONAL EDUCATION INSTITUTE 7020 High Grove Blvd., Burr Ridge, IL 60521 (630) 325-8700

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REAL ESTATE FORMS PORTFOLIO

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TABLE OF CONTENTS

FORM

PEI PAGE

FORM DESCRIPTION

CHAPTER REFERENCE

Planning And Scheduling

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TABLE OF CONTENTS

FORM

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FORM DESCRIPTION

CHAPTER REFERENCE

Analysis Of Property

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TABLE OF CONTENTS

FORM

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FORM DESCRIPTION

CHAPTER REFERENCE

Acquiring Property

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TABLE OF CONTENTS The forms in this portfolio have been collected by Carleton Sheets over his investing career. Everything you need is included to start your own career; from planning and scheduling to agreements and contracts. Most are discussed in the "No Down Payment" course where Carleton describes their use with examples. The following list will help you refer back to the course chapter where you will find specific or general information about each form. FORM

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FORM DESCRIPTION

CHAPTER REFERENCE

Finance Installment Note

Mortgage

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This is a note evidencing the debt that is collateralized by a mortgage or deed of trust. ollateralization of mortgage note.

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Mortgage Loan Record

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Use a Mortgage Loan Record to keep track of periodic payments made on a note that is collateralized by a mortgage.

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Promissory Note

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A document evidencing a general, usually unsecured, debt.

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TABLE OF CONTENTS

FORM

PEI PAGE

FORM DESCRIPTION

CHAPTER REFERENCE

Lease/Rental

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TABLE OF CONTENTS

FORM

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FORM DESCRIPTION

CHAPTER REFERENCE

Property Management

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WEEKLY PLANNER

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SELLER INFORMATION FORM

________________________________________________________________

______________

____________

_______________________

___________________

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BUYER'S PROPERTY INSPECTION REPORT _______________________________________________________________________________________________________

_______________ _______

GENERAL BUILDING EXTERIOR Grounds

Building

________________________ ________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________

________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________ ________________________

________________________ ________________________ ________________________ TOTAL

________________________ ________________________ ________________________ ________________________

GENERAL BUILDING INTERIOR Heating And Air Conditioning Systems

Built-In Appliances And Equipment

Electrical Systems

Plumbing

Glass

Personal Property

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PROPERTY ANALYSIS FORM 1. OWNERSHIP AND PROPERTY LOCATION

2. PHYSICAL DESCRIPTION

3. OWNER'S SITUATION

4. RENTAL ANALYSIS

5. FINANCING

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CASH FLOW ANALYSIS Gross Income:

Expenses:

Debt Service:

Cash Flow:

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PROPERTY REHABILITATION ANALYSIS

REHABILITATION NEEDED AND ESTIMATED COSTS A. Rehabilitation Period Costs

Subtotal: Rehabilitation Period Costs B. Interior

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PROPERTY REHABILITATION ANALYSIS (Continued)

Subtotal: Interior

__________________

Subtotal: Exterior

__________________

Subtotal: Amount Invested

__________________

C. Exterior

D. Amount Invested

TOTAL COSTS EXCLUDING SELLER'S EQUITY (A+B+C+D)

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MARKET SALES ANALYSIS SUBJECT PROPERTY ADDRESS

ROOMS BDRMS

BATHS

GAR

AGE

STYLE

SQ FT

CONSTRUCTION

AMENITIES

REMARKS

PROPERTIES ON MARKET ADDRESS

ROOMS BDRMS

BATHS

GAR

AGE

STYLE

SQ FT

CONSTRUCTION

AMENITIES

LIST PRICE

DAYS ON MKT

AMENITIES

LIST PRICE

DAYS ON MKT

AMENITIES

LIST PRICE

DAYS ON MKT

REMARKS

PROPERTIES SOLD ADDRESS

ROOMS BDRMS

BATHS

GAR

AGE

STYLE

SQ FT

CONSTRUCTION

SALE DATE

SALE PRICE

PROPERTIES EXPIRED/CANCELLED ADDRESS

ROOMS BDRMS

BATHS

GAR

AGE

STYLE

SQ FT

CONSTRUCTION

REMARKS

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AGREEMENT FOR DEED

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ADDENDUM

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DEPOSIT NOTE

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ATTORNEY APPROVAL

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QUIT CLAIM DEED

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CLOSING STATEMENT

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BILL OF SALE

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AFFIDAVIT AND MEMORANDUM OF AGREEMENT

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INSTALLMENT NOTE

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MORTGAGE LOAN RECORD

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PROMISSORY NOTE

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RENTAL APPLICATION PERSONAL DATA Social Security No. Name

Drivers Lic. No.

Name of Co-Tenant

Social Security No.

Present Address

Drivers Lic. No.

City/State/Zip

Res. Phone

How long at present address Current Rent

Expir. Date

Landlord or Agent

Phone

Rent Paid Through

Previous Address

Expir. Date

Bus. Phone Current Lease Expires

How long

Landlord or Agent

Phone

City/State/Zip Occupants

Pets?

Relationships: } Ages:

OCCUPATION PRESENT OCCUPATION*

PRIOR OCCUPATION*

CO-TENANT'S OCCUPATION

Occupation Employer Self-employed, doing business as Business Address Business Phone Type of Business Position held Name and Title of Supervisor How long Monthly Gross Income * If employed or self-employed less than two years, give same information on prior occupation

REFERENCES

Bank Reference: CREDIT REFERENCE ACCOUNT NO.

Address: ADDRESS

Phone: HIGHEST AMOUNT OWED

PURPOSE OF CREDIT

ACCOUNT OPEN OR DATE CLOSED

PERSONAL REFERENCE

ADDRESS

PHONE

LENGTH OF ACQUAINTANCE

OCCUPATION

NEAREST RELATIVE

ADDRESS

PHONE

CITY

RELATIONSHIP

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MONTH-TO-MONTH RENTAL AGREEMENT

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RESIDENTIAL LEASE WITH OPTION TO PURCHASE THIS AGREEMENT made and entered into on this _______ day of (mo.) ________________ (yr.) ______ by and between _______________________ hereinafter called Lessor and __________________________________ and/or assigns, hereinafter called Lessee: The Lessor, for and in consideration of the sum of _____________________ dollars in hand paid by the Lessee, receipt of which is hereby acknowledged, hereby leases to Lessee, his/her heirs or assignees, the premises situated in the City of ___________________ County of __________________State of_____________, legally described as___________________________________________________________________________________________________________ ___________________________________________________________________________________________________________________________ _______________________________________________________________________________________________________________________________ . (If the legal description is not included at the time of execution, it may be attached to and incorporated herein afterward.) (Street Address: ____________________________________________________) and consisting of ___________________________ upon the following TERMS and CONDITIONS:

1. Personal Property: Said lease shall include the following personal property: ____________________________________________________________ ____________________________________________________________________________________________________________________________________ ______________________________________________________________________________________________________________________________ . 2. Term: The term hereof shall commence on (mo./day) _______________, (yr.) _______, and continue for a period of ________ months thereafter. 3. Rent: Rent shall be $ ____________________ per month, payable in advance, upon the first day of each calendar month to Lessor or his/her authorized agent at the following address:______________________________________________________________________________________________________ or at such other places as may be designated by Lessor from time to time. In the event rent is not paid within five (5) days after due date, Lessee agrees to pay a late charge of $ __________________ plus interest at ____________ % per annum on the delinquent amount. 4. Utilities: Lessee shall be responsible for the payment of all utilities and services except _________________________________________________ which shall be paid by the Lessor. 5. Use: The premises shall be used as a residence and for no other purpose without prior written consent of Lessor. 6. House Rules: In the event that the premises are in a building containing more than one unit, Lessee agrees to abide by any and all house rules, whether promulgated before or after the execution hereof, including, but not limited to, rules with respect to noise, odors, disposal of refuse, pets, parking, and use of common areas. 7. Assignment And Subletting: Lessee may assign this agreement or sublet any portion of the premises without prior written consent of the Lessor. 8. Maintenance, Repairs, Or Alterations: Lessee shall maintain the premises in a clean and sanitary manner including all equipment, appliances, furniture and furnishings therein, and shall surrender the same at termination thereof, in as good condition as received, normal wear and tear excepted. Lessee shall be responsible for damages caused by his/her negligence and that of his/her family, or invitees or guests. Lessee shall maintain any surrounding grounds, including lawns and shrubbery, and keep the same clear of rubbish and weeds, if such grounds are part of the premises and are exclusively for use of the Lessee. 9. Entry and Inspection: Lessee shall permit Lessor or Lessor’s agents to enter the premises at reasonable times and upon reasonable notice for the purpose of inspecting the premises or for making necessary repairs. 10. Possession: If Lessor is unable to deliver possession of the premises at the commencement hereof, Lessor shall not be liable for any damage caused thereby nor shall this agreement be void or voidable, but Lessee shall not be liable for any rent until possession is delivered. Lessee may terminate this agreement if possession is not delivered within _________ days of the commencement of the term hereof. 11. Security/Option Consideration: The security deposit of $ ____________ shall secure the performance of the Lessee’s obligations hereunder. Lessor may, but shall not be obligated to, apply all or portions of said deposit on account of Lessee’s obligations hereunder. Any balance remaining upon termination shall be returned to Lessee. 12. Deposit Funds: Any returnable deposits shall be refunded within fifteen (15) days from the date possession is delivered to Lessor or his/her authorized agent. 13. Attorney Fees: The prevailing party shall be entitled to all costs incurred in connection with any legal action brought by either party to enforce the terms hereof or relating to the demised premises, including reasonable attorneys' fees. 14. Notices: Any notice which either party may or is required to give may be given by mailing the same, postage prepaid, to Lessee or at such other places as may be designated by the parties from time to time. 15. Heirs, Assigns, Successors: This lease and option shall include and insure to and bind the heirs, executors, administrators, successors, and assigns of the respective parties hereto. 16. Time: Time is of the essence of this agreement. This offer shall terminate if not accepted before (mo./day) _____________________ (yr.) ___________. 17. Holding Over: Any holding over after expiration of the term of this lease, with the consent of the Lessor, shall be construed as a month-to-month tenancy in accordance with the terms hereof, as applicable.

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18. Default: If Lessee shall fail to pay rent when due or perform any term hereof after not less than three (3) days written notice of such default given in the manner required by law, the Lessor at his/her option may terminate all rights of the Lessee hereunder, unless Lessee, within said time, shall cure such default. If Lessee abandons or vacates the property while in default of payment of rent, Lessor may consider any property left on premises to be abandoned and may dispose of the same in any manner allowed by law. In the event the lessor reasonably believes that such abandoned property has no value, it may be discarded. 19. Option: Lessee shall have the option to purchase the leased premises described herein upon the following TERMS and CONDITIONS: a. The total purchase price shall be $_____________________ (___________________________________________________________________ dollars) b. The purchase price shall be paid as follows:

20. Encumbrances: Lessee shall take title to the property subject to: 1) Real Estate Taxes not yet due and 2) Covenants, conditions, restrictions, reservations, rights, rights of way, and easements of record, if any. 21. Examination of Title: Lessee shall have fifteen (15) days from the date of receipt of title report to examine the title to the property and to report, in writing, any valid objections thereto. Any exceptions to the title which would be disclosed by examination of the records shall be deemed to have been accepted unless reported in writing within said fifteen (15) days. If Lessee objects to any exceptions to the title, Lessor shall use all due diligence to remove such exceptions at his/her own expense within sixty (60) days thereafter. But if such exceptions cannot be removed within the sixty (60) days allowed, all rights and obligations hereunder may, at the election of the Lessee, terminate and end unless he/she elects to purchase the property subject to such exceptions. 22. Evidence Of Title: Lessor shall provide evidence of Title in the form of a policy of title insurance at Lessor’s expense. 23. Bill Of Sale: The personal property identified in paragraph __________ shall be conveyed by bill of sale. 24. Closing: Closing shall be within ________ days from exercise of the option unless otherwise extended by other terms of this agreement. 25. Prorations: Tax and insurance escrow account, if any, to be transferred intact to Lessee with no prorations. Interest and other expenses of the property to be prorated as of the date of closing. Unpaid real estate taxes, security deposits, advance rentals, or considerations involving future lease credits shall be credited to the Lessee. 26. Expiration Of Option: This option may be exercised at any time prior to its expiration at midnight (mo./day) _____________________ , (yr.) ________. Upon expiration, Lessor shall be released from all obligations hereunder and all of Lessee’s rights hereunder, legal or equitable, shall cease. 27. Exercise Of Option: The option shall be exercised by mailing or delivering written notice to the Lessor prior to the expiration of this option. Notice, if mailed, shall be by certified mail, postage prepaid, to the Lessor at the address set forth below, and shall be deemed to have been given upon the day shown on the postmark of the envelope in which such notice is mailed. In the event the option is exercised, _____________ percent of the rent paid hereunder, as well as any security deposit paid, prior to the exercise of the option shall be credited upon the purchase price. 28. Right To Sell: Lessor warrants to Lessee that Lessor is the legal owner of the leased premises and has the legal right to sell leased premises under the terms and conditions of this agreement. IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and year first above written.

LESSEE

LESSOR

LESSEE

LESSOR

ADDRESS

ADDRESS

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RESIDENTIAL LEASE/RENTAL AGREEMENT

TERM: POSSESSION:

RENT:

RENT DISCOUNT: EVICTION:

INDEMNIFICATION DEPOSIT:

RENEWAL TERM:

SUBLET: CREDIT APPLICATION:

FIRE AND CASUALTY:

HOLD OVER: RIGHT OF ACCESS: USE:

PROPERTY LOSS: PETS:

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INDEMNIFICATION:

FAILURE OF MANAGEMENT TO ACT: REMEDIES CUMULATIVE: NOTICES: REPAIRS:

ABANDONMENT:

MORTGAGEE'S RIGHTS: RULES AND REGULATIONS:

ENTIRE AGREEMENT:

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WATERBED AGREEMENT

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MOVE IN/MOVE OUT FORM

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MOVE IN/MOVE OUT FORM (Continued)

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MONTHLY INCOME RECORD

YEAR __________

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EXPENSE ALLOCATION SUMMARY

EXTENSION OF LEASE

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PERMISSION TO SUBLET

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NOTICE OF OVERDUE RENT

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PAYMENT AGREEMENT

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LANDLORD'S FIVE DAY NOTICE

}

{

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30-DAY NOTICE TO TERMINATE TENANCY

}

{

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REAL ESTATE SALES CONTRACT WHEN COMPLETED AND SIGNED BY BOTH PARTIES, THIS IS A LEGALLY BINDING CONTRACT. IF THIS CONTRACT IS NOT FULLY UNDERSTOOD, THE SERVICES OF A COMPETENT PROFESSIONAL SHOULD BE SOUGHT.

DESCRIPTION:

address

city/state

1. PURCHASE PRICE:

TOTAL PURCHASE PRICE ................................................................................................. 2. APPORTIONMENT OF PURCHASE PRICE AND DEED:

3. 4.

5. PRORATED ITEMS:

6. TITLE AND TITLE INSURANCE:

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7. SURVEY:

8. EXAMINATION OF TITLE AND TIME OF CLOSING:

9. DEFAULT BY BUYER: 10. DEFAULT BY SELLER:

11. CONDOMINIUM PROVISION:

12. ATTORNEY FEES AND COSTS: 13. RISK OF LOSS OR DAMAGE: 14. CONDITION OF THE PROPERTY:

15. OCCUPANCY:

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16. [ ] MORTGAGE OR THIRD PARTY FINANCING:

17. [ ] SELLER FINANCING:

18. [ ] ARTICLES OF AGREEMENT FOR WARRANTY DEED:

19. F.H.A. FINANCING:

20. V.A. FINANCING:

21. [ ] TERMITE INSPECTION:

22. [ ] ZONING:

23. LEGAL USE:

24. LOCAL ORDINANCES:

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25. PERSONAL PROPERTY INCLUDED IN THE PURCHASE PRICE:

26.

(mo./day)

yr.)

27. R.E.S.P.A. COMPLIANCE: 28. ADDITIONAL TERMS AND CONDITIONS:

29.REAL ESTATE SALES COMMISSION: 30.NOTICES:

TIME IS OF THE ESSENCE OF THIS AGREEMENT.

(mo./day)

(yr.) _______

(mo./day) _____________ , (yr.) _______

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RECORDATION REQUESTED BY: WHEN RECORDED RETURN TO:

RETURN BY:

MAIL

PICKUP

SPACE ABOVE THIS LINE FOR RECORDER'S USE

MORTGAGE THIS MORTGAGE is made this _____________________ day of ________________________, between the Mortgagor, ___________________________(“Borrower”, and the Mortgagee _____________________________, whose address is _______________________________________________________ (herein “Lendor”). WHEREAS, Borrower is indebted to Lender in the principal sum of _______________________________ Dollars, which indebtedness is evidenced by Borrower’s note dated ________________________ (herein “Note”), providing for monthly installments of principal and interest, with the balance of the indebredness, if not sooner paid, due and payable on ___________________. TO SECURE to Lender (a) the repayment fo the indebtedness evidenced by the Note, with interest thereon, the payment of all other sums, with interest thereon, advanced in accordance herewith to protect the security of this Mortgage, and the performance of the covenants and agreements of Borrower herein contained, and (b) the repayment of any future advances, with interest thereon, made to Borrower by Lender pursuant to paragraph 21 hereon (herein “Future Advances”), Borrower does hereby mortgage, with power of sale, the following described property located in the County of ____________________, State of ___________________.

which has the address of _____________________________________________________ (herein “Property Address”): (Street)

(City)

(State and Zip Code)

TOGETHER with all the improvements now or hereafter erected on the property, and all easements, rents, rights, appurtenances, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures now or hereafter attached to the property, all of which, including replacements and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate if this Mortgage is on a leasehold) are herein referred to as the “Property”. Borrower covenants that Borrower is lawfully seised of the estate and has the right to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any declarations, easements or restrictions listed in a schedule of exceptions to coverage in any title insurance policy insuring Lender’s interest in the Property. UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein “Funds’) equal to one-twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents of the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and form time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not

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be required to pay Borrower any interest or earnings on the funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits on the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower’s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments.Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien, in legal proceedings which operate to prevent the enforcement fo the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance.Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term “extended coverage”, and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance pollicies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not hereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender’s option either to restoration or repair of the property or to the sums secured by this Morrtgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any such insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately6. prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Development. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower’s obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the

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covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender’s Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender’s interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender’s option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lenders’ interest including, but not limited to, disbursement of reasonable attorney’s fees and enter upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower’s and Lender’s written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest hereof, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payments such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. 8. Inspection.Lender may make or cause to be made reasonable entries upon and inspections of the property, provided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender’s interest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender. In the event of a total taking the Property, the proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. In the event of a partial taking the property, unless Borrower and Lender otherwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds as is equal to that proportion which the amount of the sums secured by the Mortgage immediately prior to the date of taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds paid to Borrower. If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is mailed, Lender is authorized to collect and apply the proceeds, at lender’s option, either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application or proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. 10. Borrower N Extension of the time for payment or modification or amortization of the sums secured by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the liability of the original Borrower and Borrower’s successors in interest. Lender shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the sums secured by this mortgage by reason of any demand made by the original Borrower and Borrower’s successors in interest. 11. Forbearance by Lender N Any forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy. The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lender’s right to accelerate the maturity of the indebtedness secured by this Mortgage. 12. Remedies Cumulative. All remedies provided in this Mortgage are distinct and cumulative to any other right or remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively. 13. Successors and Assigns Bound; Joint and Several Liability; Captions. The covenants and agreements herein contained shall find, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower, subject to the provisions of paragraph 17 hereon. All covenants and agreements of Borrower shall be joint and several. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof. 14. N Except for any notice required under applicable law to be given in another manner, (a) any notice to Borrower provided for in this Mortgage shall be given by mailing such notice by certified mail addressed to Borrower at the Property Address or at such other address as Borrower may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be given by certified mail, return receipt requested, to Lender’s address stated herein or to such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein. 15. Uniform Mortgage; Governing Law; Severability. This form of mortgage combines uniform covenants for national use

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and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the event that any provision or clause of this Mortgage or the Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable. 16. Borrower’s Copy.Borrower shall be furnished a confirmed copy of the Note and of this Mortgage at the time of execution or after recordation hereof. 17. Transfer of the Property; Assumption. If all or any part of the Property or an interest therein is sold or transferred by Borrower without Lender’s prior written consent, excluding (a) the creation of a lien or encumbrance subordinate to this Mortgage, (b) the creation of a purchase money security interest for household appliances, (c) a transfer by devise, descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less not containing an option to purchase, Lender may, at Lender’s option, declare all the sums secured by this Mortgage to be immediately due and payable. Lender shall have waived such option to accelerate if, prior to the sale or transfer, Lender and the person to whom the Property is to be sold or transferred reach agreement in writing that the credit of such person is satisfactory to Lender and that the interest payable on the sums secured by this Mortgage shall be at such rate as Lender shall request. If Lender has waived the option to accelerate provided in this paragraph 17, and if Borrower’s successor in interest has executed a written assumption agreement accepted in writing by Lender, Lender shall release Borrower from all obligations under this Mortgage and the Note. If Lender exercises such option to accelerate Lender shall mail Borrower notice of acceleration in accordance with paragraph 14 hereof. Such notice shall provide a period of not less than 30 days from the date the notice is mailed within which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period, Lender may, without further notice or demand on Borrower, invoke any remedies permitted by paragraph 18 hereof.

NON-UNIFORM COVENANTS. Borrower and Lender further covenant and agree as follows: 18. Acceleration; Remedies. Except as provided in paragraph 17 hereof, upon Borrower’s breach of any covenant o agreement of Borrower in this Mortgage, including the covenants to pay which due any sums secured by this Mortgage, Lender prior to acceleration shall mail notice to Borrower as provided in paragraph 14 hereof specifying: (1) the breac (2) the action required to cure such breach; (3) a date, not less than 30 days from the date the notice is mailed to Borrow by which such breach must be cured; and (4) that failure to cure such breach on or before the date specified in the no may result in acceleration of the sums secured by this Mortgage and sale of the Property. The notice shall further info Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non-existen default or any other defense of Borrower to acceleration and sale. If the breach is not cured on or before the date spec in the notice, Lender at Lender’s option may declare all of the sums secured by this Mortgage to be immediately due and payable without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all reasonable costs and expenses incurred in pursuing the remedies provided in this paragraph 18, including, but not limited to, reasonable attorney’s fees. If Lender invoked the power of sale, Lender shall mail Borrower a notice of sale in the manner provided in paragraph 14 hereof. Lender shall publish a notice fo sale and shall sell the Property at the time and place and under the terms specified in the notice of sale. Lender or Lender’s designee may purchase the Property at any sale. The proceeds of an sale shall be applied in the following order: (a) to all reasonable costs and expenses of the sale, including, but not limited to, reasonable attorney’s fees and costs of title evidence; (b) to all sums secured by this Mortgage; and (c) the excess any, to the person or persons legally entitled thereto. 19. Borrower’s Right to Reinstate. Notwithstanding Lender’s acceleration of the sums secured by this Mortgage, Borrower shall have the right to have any proceedings begun by Lender to enforce this Mortgage discontinued at any time prior to the earlier to occur of (i) the fifth day before sale of the Property pursuant to the power of sale contained in this Mortgage or (ii) entry of a judgment enforcing this Mortgage or (iii) 30 days from the certified date upon which Lender entered upon and took possession of the property if: (a) Borrower pays Lender all sums which would be then due under this Mortgage, the Note and notes securing Future Advances, if any, had no acceleration occurred; (b) Borrower cures all breaches of any other covenants or agreement of Borrower contained in this Mortgage; (c) Borrower pays all reasonable expenses incurred by Lender enforcing the covenants and agreements of Borrower contained in this Mortgage, and in enforcing Lenders’ remedies as provided in paragraph 18 hereof, including, but not limited to, reasonable attorney’s fees; and (d) Borrower takes such action as Lender may reasonable require to assure that the lien of this Mortgage, Lender’s interest in the Property and Borrower’s obligation to pay the sums secured by this Mortgage shall continue unimpaired. Upon such payment and cure by Borrower, this Mortgage and the obligations secured hereby shall remain in full force and effect as if no acceleration had occurred. 20. Assignment of Rents; Appointment of Receiver . As additional security hereunder, Borrower hereby assigns to Lender the rents of the Property, provided that Borrower shall, prior to acceleration under paragraph 18 hereof or abandonment of the Property, have the right to collect and retain such rents as they become due and payable.

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Upon acceleration under paragraph 18 hereof or abandonment of the property, Lender shall be entitled to have a receiver appointed by a court to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. All rents collected by the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver’s fees, premiums on receiver’s bonds and reasonable attorney’s fees, and then to the sums secured by this Mortgage. The receiver shall be liable to account only for those rents actually received. 21. Future Advances.Upon request of Borrower, Lender, at Lender’s option prior to release of this Mortgage, may make Future Advances to Borrower. Such Future Advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes stating that said notes are secured hereby. 22. Release. Upon payment of all sums secured by this Mortgage, Lender shall release this Mortgage without charge to Borrower. Borrower shall pay all costs of recordation, if any. 23. Waiver of Dower. Borrower hereby relinquishes all right of dower in the Property. IN WITNESS WHEREOF, Borrower has executed this Mortgage.

Borrower Borrower PIN # _____________________________ STATE OF ____________________________________ss: On this _____________________ day of _____________________ before me personally appeared ______________________________________________________________ to me known to be the person(s) described in and who executed the foregoing instrument, and acknowledged to me that _______________________________ executed the same as _____________________________ free act and deed,.

My Commission Expires: Notary Public

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