Wayne Michigan Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement

• Category: Promissory Notes - Secured
• State: Multi-State
• County: Wayne
• Control #: US-00601-D
• Format: Word; Rich Text

Description

This form is a model balloon note rider and addendum, providing the debtor with a conditional right to refinance the balloon payment. Such rider may be provided by lender for a variety of reasons including justification for a slightly higher interest rate. Adapt to fit your specific circumstances. The Wayne Michigan Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement is a legal document designed to provide additional terms and conditions to an existing mortgage agreement involving a balloon payment. This addendum and rider are typically utilized in Wayne County, Michigan. A balloon payment is a large lump sum due at the end of a loan term, commonly used in cases when a borrower wants lower monthly payments for a period of time and intends to refinance or sell the property before the balloon payment becomes due. The Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement outlines the specific details and obligations associated with this payment arrangement. There are several types of Wayne Michigan Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement that could be encountered: 1. Residential Balloon Secured Note Addendum and Rider: This type of addendum and rider is utilized when the property in question is a residential property, such as a single-family home or a condominium unit. It outlines the terms and conditions related to the balloon payment, including the amount, due date, and any specific provisions concerning refinancing or selling the property. 2. Commercial Balloon Secured Note Addendum and Rider: In cases where the property involved is commercial, such as office buildings, retail spaces, or industrial complexes, this type of addendum and rider is utilized. It includes provisions specific to commercial real estate transactions, addressing the balloon payment details, commercial refinancing options, and potential scenarios related to the sale of the property. 3. Agricultural Balloon Secured Note Addendum and Rider: When the property involved is agricultural land or includes agricultural operations, this specific addendum and rider may be utilized. It incorporates provisions relevant to farms, ranches, or agricultural properties, taking into account the unique considerations associated with agricultural loans and the balloon payment structure. The Wayne Michigan Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement plays a crucial role in clarifying the requirements and expectations of both parties involved in the mortgage agreement. It ensures that all parties fully understand their obligations and the specific terms regarding the balloon payment, providing legal protection and minimizing potential disputes or concerns in the future.

The Wayne Michigan Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement is a legal document designed to provide additional terms and conditions to an existing mortgage agreement involving a balloon payment. This addendum and rider are typically utilized in Wayne County, Michigan. A balloon payment is a large lump sum due at the end of a loan term, commonly used in cases when a borrower wants lower monthly payments for a period of time and intends to refinance or sell the property before the balloon payment becomes due. The Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement outlines the specific details and obligations associated with this payment arrangement. There are several types of Wayne Michigan Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement that could be encountered: 1. Residential Balloon Secured Note Addendum and Rider: This type of addendum and rider is utilized when the property in question is a residential property, such as a single-family home or a condominium unit. It outlines the terms and conditions related to the balloon payment, including the amount, due date, and any specific provisions concerning refinancing or selling the property. 2. Commercial Balloon Secured Note Addendum and Rider: In cases where the property involved is commercial, such as office buildings, retail spaces, or industrial complexes, this type of addendum and rider is utilized. It includes provisions specific to commercial real estate transactions, addressing the balloon payment details, commercial refinancing options, and potential scenarios related to the sale of the property. 3. Agricultural Balloon Secured Note Addendum and Rider: When the property involved is agricultural land or includes agricultural operations, this specific addendum and rider may be utilized. It incorporates provisions relevant to farms, ranches, or agricultural properties, taking into account the unique considerations associated with agricultural loans and the balloon payment structure. The Wayne Michigan Balloon Secured Note Addendum and Rider to Mortgage, Deed of Trust or Security Agreement plays a crucial role in clarifying the requirements and expectations of both parties involved in the mortgage agreement. It ensures that all parties fully understand their obligations and the specific terms regarding the balloon payment, providing legal protection and minimizing potential disputes or concerns in the future.