This form is one of the Uniform Conveyancing Blanks developed by Minnesota Uniform Conveyancing Blanks Commission pursuant to Minnesota Code Section 507.09. These forms are to be used as a guide.
The Hennepin Minnesota Statutory Uniform Short Form Mortgage CBCBC Form 100-M is a legal document used in Hennepin County, Minnesota, for the purpose of securing a loan on real estate property. It creates a lien on the property, allowing the lender to take possession in the event of default by the borrower. This form is specifically designed to meet the statutory requirements of the state of Minnesota, ensuring consistency and uniformity in mortgage transactions. It follows the guidelines set forth by the Hennepin County Clerk's Office and the Minnesota Uniform Conveyancing Blanks Committee (CBC). The Hennepin Minnesota Statutory Uniform Short Form Mortgage CBCBC Form 100-M includes all essential details of the mortgage agreement, making it a concise and efficient document. It typically contains information such as: 1. Names and addresses of the borrower (mortgagor) and lender (mortgagee). 2. Legal description of the mortgaged property, including lot number, block number, and subdivision. 3. Loan amount and interest rate, specifying the terms of repayment. 4. Provisions for late payments, default, and remedies available to the lender. 5. Optional clauses for acceleration of the loan, prepayment penalties, and future advances. 6. Signatures of both parties and the date of execution. While there may not be different types of Hennepin Minnesota Statutory Uniform Short Form Mortgage CBCBC Form 100-M itself, variations in terms and conditions may exist depending on the specific loan agreement and any additional clauses included. It is important for borrowers and lenders in Hennepin County to carefully review and understand the Hennepin Minnesota Statutory Uniform Short Form Mortgage CBCBC Form 100-M before entering into a mortgage agreement. Seeking legal advice or assistance from a qualified real estate attorney can provide further clarity on the terms and obligations outlined in the document. Overall, the Hennepin Minnesota Statutory Uniform Short Form Mortgage CBCBC Form 100-M serves as a crucial legal instrument in facilitating mortgage transactions in Hennepin County, guaranteeing transparency and consistency in the process while protecting the rights of both borrowers and lenders.
