Fillable SECOND MORTGAGE NOTE DOWN PAYMENT ASSISTANCE PROGRAM 5-YEAR (NJHMFA)

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SECOND MORTGAGE NOTE DOWN PAYMENT ASSISTANCE PROGRAM 5-YEAR (NJHMFA)

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SECOND MORTGAGE NOTE
DOWN PAYMENT ASSISTANCE PROGRAM
5-YEAR FORGIVABLE SECOND MORTGAGE LOAN
Place of Making:
Date:
BORROWERS
(from now on, each is called the “Borrower”) is borrowing
money from
LENDERS
New Jersey Housing and Mortgage Finance Agency
637 South Clinton Avenue. P.O. Box 18550
Trenton, New Jersey 08650-2085
(from now on called the “Lender”)
The word “Borrower” includes all borrowers under this Second
Mortgage Note (from now on called the “Note”). The Lender and any
other holder of this Note may transfer this Note. The word Lender
includes the original Lender and anyone who takes this Note by
transfer.
LOAN PURPOSE
The Lender has agreed to make this loan to assist the Borrower to
pay down payment and/or closing costs with respect to purchase of
the property located at
in the municipality of,
also known as
Block No. ,Lot No.
on the municipality’s tax map (the “Premises”).
BORROWER
PROMISE TO PAY
In return for this loan, the Borrower promises to pay to the order of
the Lender the sum of Ten Thousand Dollars and Zero Cents
($10,000.00) (from now on called the ”Principal”) unless the
Borrower satisfies the conditions of this Note and the loan is forgiven
in full. There is no interest on this loan.
TERM
REPAYMENT
PREPAYMENT
SECURED NOTE
LENDER’S RIGHT OF
ACCELERATION
The term of this loan is five years from the date the loan closes. If the
Borrower continuously resides in the premises, as his/her principal
residence for five (5) years from the date of the closing of the loan
the principal on this Note will have been deemed satisfied and the
Lender will provide the Borrower with a cancellation of mortgage or
release of lien. If the Borrower conveys, refinances or ceases to
occupy the Premises as his/her principal residence, full repayment of
Principal will be immediately due and payable. Each Borrower is
jointly and severally liable for the full amount set forth in Borrower
Promise to Pay, above.
The Borrower shall make any payment due under the terms of this
Note as one payment in the amount of $10,000.00, remitting such
payment by electronic fund transfer or check payable to the New
Jersey Housing and Mortgage Finance Agency at 637 South Clinton
Avenue, P.O. Box 18550, Trenton, New Jersey 08650-2085 or at such
other place as is designated by the Lender.
The Borrower may repay the unpaid Principal in full or in part at any
time before it is due. This is known as prepayment. No penalty or fee
shall be charged for prepayment. If the Borrower Continuously
resides in the premises, as his/her principal residence for five
(5) years from the date of the closing of the loan the principal on
this Note will have been deemed satisfied and the Lender will provide
the Borrower with a cancellation of mortgage or release of lien. If
the Borrower conveys, refinances or ceases to occupy the
Premises as his/her principal residence, full repayment of principal
will be due.
This Note is secured by a second mortgage of even date herewith.
The Lender may declare the unpaid principal under this Note due
immediately for any cause that gives the Lender the right
of acceleration under the provisions of this Note as set forth in
Term, above, the mortgage which secures this Note, or under any
mortgage lien which is superior to this mortgage, provided,
however, that foreclosure has commenced under the superior
mortgage.
If the Lender declares acceleration the Borrowers shall pay for the
Lender’s costs of collection and reasonable attorney’s fees.
The Lender’s failure to accelerate for any cause shall not prevent the
Lender from doing so for a later occurring cause.
COSTS OF
COLLECTION
If the Borrower fails to repay this loan in accordance with the
provision of Borrower Promise to Pay and Term, above, and at times
required by this Note, the Borrower shall pay the Lender’s cost of
collection and reasonable attorney’s fees.
WAIVER OF
FORMAL ACTS
Except as may be required by law, the Lender does not have to do
any of the following before enforcing the Lender’s rights.
(a) demand payment of amounts due (known as Presentment);
(b) give notice that amounts due have not been paid (known as
Notice of Dishonor); and
(c) obtain an official certificate of non-payment (known as a protest).
RESPONSIBILITY
UNDER NOTE
If more than one Borrower signs this note, each one is jointly and
severally obligated to pay the full amount due under the Note. The
Lender may enforce this Note against any one or more Borrowers or
against all Borrowers together.
CHANGE
This Note cannot be changed except in writing signed by all
Borrowers and the Lender.
NOTICE TO
BORROWERS
SIGNATURES
Read this promissory note or loan agreement before you sign.
Do not sign this promissory note or loan agreement if it contains
blank spaces.
The Borrower(s) agrees to the terms of this Note by signing below.
__________________________________________________
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SECOND MORTGAGE NOTE DOWN PAYMENT ASSISTANCE PROGRAM 5-YEAR (NJHMFA)

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Completed 21 July 2020

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