SECURITY AGREEMENTS AND MORTGAGES
- Attornment Agreement
Attornment Agreement"This document is a contract between a Tenant, a Landlord and a Landlord's Lender, wherein the Tenant's interest in the property is clarified as subordinate to the Lenders. In addition, Lender promises to honor the lease, in the event of the Landlord's fails to make mortgage payments, and not disturb Tenant so long as the Tenant is current on rental payments."
- Guaranty Agreement
Guaranty Agreement"This agreement is used by a person or organization to guaranty the contract obligations of another person or organization."
- Satisfaction of Mortgage
Satisfaction of Mortgage"It's a great day when the mortgage can be paid off. The Satisfaction of Mortgage form releases the borrower of money from the mortgage on their property once it is paid in full. The mortgage can be held by an individual or individuals, a bank, or other lending institution, who, once paid for the full amount, signs the Satisfaction of Mortgage stating that the property is free and clear of a mortgage and lien. This document is typically filed with the county recorder's office."
- Security Agreement
Security Agreement"A Security Agreement is an agreement between a Borrower (the debtor) and Lender of a loan (the secured party) where the Borrower guarantees the Lender an interest in certain personal property in the event the Borrower is unable to repay his or her debt."
- Subordinated Loan Agreement
Subordinated Loan Agreement"This Subordinated Loan Agreement is an agreement between a Senior Creditor and a Junior Creditor wherein the Junior Creditor agrees to give first priority of repayment to any debts owed by the Borrower to the Senior Creditor."
- Trust Deed
Trust Deed"Unless you can pay for a house in cash, chances are you'll need a loan. When you get that loan, however, you will be required to sign a Trust Deed (or a Mortgage Agreement depending on your state) as security for the loan. If the loan is not repaid on time, the lender can foreclose on and sell the property in order to pay off the loan.A Trust Deed (also known as a Deed of Trust) is very similar to a Mortgage except for a couple main differences. First, a Trust Deed involves a third party called the ""trustee,"" who holds the legal title of the property until the debt is repaid. Second, a Trust Deed allows for a non-judicial foreclosure of the property. This means that the lender can foreclose on the property without having to involve the court system.Whether or not you use a Trust Deed or a Mortgage depends on the where your property is located. For help in determining which deed you need, review the help article to the right. Please note: This Trust Deed is for a primary residence only."