35-03 Mortgage of Real Property

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CHAPTER 35-03MORTGAGE OF REAL PROPERTY35-03-01. Mortgage of real property must be in writing - Formalities necessary. Amortgage of real property can be created, renewed, or extended only by writing, executed with<br>the formalities required in the case of a grant of real property.35-03-01.1. Definitions.1.A mortgage is a contract by which specific real property capable of being transferred<br>is hypothecated for the performance of an act without requiring a change in<br>possession, and includes a transfer of an interest in real property, other than a trust,<br>made only to secure the performance of an act.2.A power of sale under a mortgage of real property is a trust and can be executed<br>only in the manner prescribed by the laws of this state governing the foreclosure of<br>mortgages. Such a power may be conferred by a mortgage upon the mortgagee, or<br>any other person, to be exercised after a breach of the obligation for which the<br>mortgage is a security.35-03-01.2. Nature, extent, and effect of lien - Security not to be impaired.1.A mortgage is a lien upon everything that would pass by a grant of the property, and<br>upon nothing more.2.A mortgage is a lien upon the property mortgaged in the hands of everyone claiming<br>under the mortgagor subsequently to its execution, except purchasers and<br>encumbrancers in good faith without notice and for value.3.Real property held adversely to the mortgagor may be mortgaged, and such a<br>mortgage takes effect from the time at which the mortgagor or one claiming under<br>the mortgagor obtains possession of the property and has precedence over every<br>lien upon the mortgagor's interest in the property created subsequently to the<br>recording of the mortgage.4.Title acquired by the mortgagor subsequent to the execution of the mortgage inures<br>to the mortgagee as security for the debt in like manner as if acquired before the<br>execution.5.In the absence of an express covenant, a mortgage does not bind the mortgagor<br>personally to perform the act for the performance of which it is a security.6.A mortgage does not entitle the mortgagee to the possession of the property, but<br>after the execution of a mortgage, the mortgagor may agree to the change of<br>possession without a new consideration.7.The assignment of a debt secured by a mortgage carries the security with it.8.No person whose interest is subject to the lien of a mortgage may do any act which<br>will substantially impair the mortgagee's security.35-03-01.3.Mortgages insured or guaranteed by the United States veterans'administration - Notice.The following statement must be signed at the time of the loanapplication by both the borrower and lender on loans that are insured or guaranteed by the<br>United States veterans' administration:I understand that the veterans' administration may attempt to hold me liable for the<br>guarantee it offers the lending institution on this mortgage. I understand that it may bePage No. 1alleged that I may remain liable for the amount guaranteed by the veterans'<br>administration if this mortgage is foreclosed or if the property is sold by me without first<br>obtaining an approved release of liability from the veterans' administration.I alsounderstand that it may be alleged that North Dakota law governing deficiency judgments<br>may not apply to the collection of loans guaranteed by the veterans' administration. By<br>signing this statement, I am indicating that the contents of this statement have been<br>explained to me by a loan officer representing the lending institution offering this<br>mortgage loan.35-03-02.Acknowledgment, certification, and recordation.Mortgages of realproperty may be acknowledged or proved, certified, and recorded in like manner and with like<br>effect as grants of real property.35-03-03. Power of attorney to execute mortgages - Requisites. A power of attorneyto execute a mortgage must be in writing subscribed, acknowledged or proved, certified, and<br>recorded in like manner as powers of attorney for grants of real property.35-03-04.Prerequisites for recordation - Post-office address of mortgagee orassignee.The recorder may not record a mortgage of real property unless the mortgagecontains the post-office address of the mortgagee.An assignment of a mortgage on realproperty which does not contain the post-office address of the assignee may not be received for<br>record.35-03-05. Form of real estate mortgage. A mortgage of real property may be made insubstantially the following form:NORTH DAKOTA STANDARD FORMTHIS INDENTURE, Made this ____________ day of __________ A.D. Two thousand____________________ between _____________ whose post-office address is _________ of<br>the county of ______________ and state of North Dakota, part ___________ of the first part, and<br>______________ whose post-office address is _______________________ of the county of<br>____________ and state of North Dakota, party of the second part:WITNESSETH, That the said part ____________ of the first part, for and in considerationof the sum of _____________ dollars to ____________ in hand paid by the said party of the<br>second part, the receipt whereof is hereby acknowledged, do ____________ by these presents<br>grant, bargain, sell, and convey to the said party of the second part, _____________ heirs,<br>executors, administrators, successors, and assigns, forever, all the following described real<br>estate in the county of ____________ and state of North Dakota, described as follows, to wit:<br>__________ __________________<br>_______________________________________________________________________________TO HAVE AND TO HOLD THE SAME, Together with all the hereditaments andappurtenances thereunto belonging or in anywise appertaining, unto the said party of the second<br>part, _________________ heirs, executors, administrators, successors, and assigns, FOREVER.<br>And the said part ____________ of the first part, do _______________ covenant with the said<br>party of the second part, ____________ heirs, executors, administrators, successors, and<br>assigns, as follows: That __ he ___ ha ______ good right to convey the same, that the same are<br>freefromallencumbrances _____________________________________________________________and that the said party of the second part, __________ heirs, executors, administrators,<br>successors, and assigns, shall quietly enjoy and possess the same, and that the said part<br>____________ of the first part will warrant and defend the title to the same against all lawful<br>claims, hereby relinquishing and conveying all right of homestead, and all contingent claims and<br>rights whatsoever in and to the said premises.PROVIDED, NEVERTHELESS, That if the said part ___________ of the first part,____________ heirs, executors, or administrators, shall well and truly pay, or cause to be paid,Page No. 2to the said party of the second part, ____________ heirs, executors, administrators, successors,<br>or assigns, the sum of ______________ dollars and interest according to the conditions of<br>____________note_____________ofevendateherewith,asfollows:____________________________________<br>______________________________________________________________________________<br>______________________________________________________________________________payable at the _______________________________________ with interest from date until<br>maturity, at the rate of _________________ percent, per annum, payable ___________ annually<br>and shall also keep and perform all and singular the covenants and agreements herein<br>contained, then this deed to be null and void, and the premises hereby conveyed to be released<br>at the cost of the said part _____________ of the first part; otherwise to remain in full force and<br>effect.And the said part __________ of the first part do ___________ covenant and agree withthe said party of the second part, ___________ heirs, executors, administrators, successors, and<br>assigns to pay the said sum of money and interest thereon as above specified; to pay as a part of<br>the debt hereby secured, in case of each or any foreclosure or commencement of foreclosure of<br>this mortgage, all costs and expenses and statutory attorney's fees in addition to all sums and<br>costs allowed in that behalf by law; to permit no waste, and to do or permit to be done, to said<br>premises, nothing that may in any manner impair or weaken the security under this mortgage; to<br>pay all taxes or assessments that may be assessed against or be a lien on said premises, or any<br>part thereof, or upon this mortgage or note ____________ or the legal holder thereof, before the<br>same shall become delinquent; to keep the buildings on said premises insured for<br>____________ dollars, in companies acceptable, with loss payable to the mortgagee or<br>__________ assigns; and in case of failure so to pay said taxes or assessments, or any of the<br>agreements hereunder, or in case there exists any claim, lien, or encumbrance upon said<br>premises, which is prior to this mortgage, the said party of the second part, ____________ heirs,<br>executors, administrators, successors, or assigns may at ____________ option, pay and<br>discharge such taxes or other obligation, and the sum or sums of money which may so be paid,<br>with interest from the time of payment at the same rate as said principal sum, shall be deemed<br>and are hereby declared to be a part of the debt secured by this mortgage and shall be<br>immediately due and payable. It is further agreed and understood that this mortgage shall also<br>cover any renewal note for the above described indebtedness or any portion thereof.But if default shall be made in the payment of said sum of money, or interest, or thetaxes, or any part thereof, at the time and in the manner hereinbefore or hereinafter specified for<br>the payment thereof, the said part ____________ of the first part, in such cases do _______<br>hereby authorize and fully empower the said party of the second part, _________ heirs,<br>executors, administrators, successors, or assigns, to sell the said hereby granted premises and<br>convey the same to the purchaser, in fee simple agreeably to the statute in such case made and<br>provided, and out of the moneys arising from such sale to retain the principal and interest which<br>shall then be due on said note ____________, and all taxes upon said lands, together with all<br>costs and charges, and statutory attorney's fees, and pay the overplus if any to the said part<br>____________ of the first part, _____________ heirs, executors, administrators, or assigns, And<br>if default be made by the part ____________ of the first part in any of the foregoing provisions it<br>shall be lawful for the party of the second part, ____________ heirs, executors, administrators,<br>successors, or assigns or ____________ attorney to declare the whole sum above specified to<br>be due.IN TESTIMONY WHEREOF, The said part ___________ of the first part ha ___hereunto set ______ hand ______ the day and year first above written.<br>Signed and delivered<br>in presence of___________________________________________________________________________________________________________________________________________________35-03-05.1. Recording and filing assignment of mortgage - Notice to whom. Anassignment of a mortgage may be recorded or filed in the same manner as a mortgage, and thePage No. 3record thereof operates as notice to all persons subsequently deriving title to the mortgage from<br>the assignor. When the mortgage is executed as security for money due or to become due on a<br>promissory note, bond, or other instrument designated in the mortgage, the record of the<br>assignment of the mortgage is not of itself notice to a mortgagor or a mortgagor's heirs or<br>personal representatives so as to invalidate any payment made by them or either of them to the<br>person holding such note, bond, or other instrument.35-03-06. Fee for recording mortgage - Standard form not mandatory. 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height:815px; text-align:center;\"\u003eLoading PDF...\u003c/div\u003e\u003cscript type=\"text/javascript\"\u003e var pdf_url = 'https://law.justia.com/codes/north-dakota/2009/t35/pdf/t35c03.pdf'; $(document).ready(function() { var embedwindow = $(\"#embed_document\"); if ($.browser.msie){ embedwindow.html('\u003cembed src=\"'+pdf_url+'\" width=\"100%\" height=\"100%\"\u003e\u003c/embed\u003e'); } else { embedwindow.html('\u003ciframe style=\"width:100%; height:100%;\" src=\"https://docs.google.com/gview?url='+window.escape(pdf_url)+'\u0026embedded=true\" frameborder=\"0\"\u003e\u003c/iframe\u003e'); } });\u003c/script\u003e\u003cbr\u003e\u003cbr\u003e\u003cnoframes\u003eCHAPTER 35-03MORTGAGE OF REAL PROPERTY35-03-01. Mortgage of real property must be in writing - Formalities necessary. Amortgage of real property can be created, renewed, or extended only by writing, executed with\u003cbr\u003ethe formalities required in the case of a grant of real property.35-03-01.1. Definitions.1.A mortgage is a contract by which specific real property capable of being transferred\u003cbr\u003eis hypothecated for the performance of an act without requiring a change in\u003cbr\u003epossession, and includes a transfer of an interest in real property, other than a trust,\u003cbr\u003emade only to secure the performance of an act.2.A power of sale under a mortgage of real property is a trust and can be executed\u003cbr\u003eonly in the manner prescribed by the laws of this state governing the foreclosure of\u003cbr\u003emortgages. Such a power may be conferred by a mortgage upon the mortgagee, or\u003cbr\u003eany other person, to be exercised after a breach of the obligation for which the\u003cbr\u003emortgage is a security.35-03-01.2. Nature, extent, and effect of lien - Security not to be impaired.1.A mortgage is a lien upon everything that would pass by a grant of the property, and\u003cbr\u003eupon nothing more.2.A mortgage is a lien upon the property mortgaged in the hands of everyone claiming\u003cbr\u003eunder the mortgagor subsequently to its execution, except purchasers and\u003cbr\u003eencumbrancers in good faith without notice and for value.3.Real property held adversely to the mortgagor may be mortgaged, and such a\u003cbr\u003emortgage takes effect from the time at which the mortgagor or one claiming under\u003cbr\u003ethe mortgagor obtains possession of the property and has precedence over every\u003cbr\u003elien upon the mortgagor's interest in the property created subsequently to the\u003cbr\u003erecording of the mortgage.4.Title acquired by the mortgagor subsequent to the execution of the mortgage inures\u003cbr\u003eto the mortgagee as security for the debt in like manner as if acquired before the\u003cbr\u003eexecution.5.In the absence of an express covenant, a mortgage does not bind the mortgagor\u003cbr\u003epersonally to perform the act for the performance of which it is a security.6.A mortgage does not entitle the mortgagee to the possession of the property, but\u003cbr\u003eafter the execution of a mortgage, the mortgagor may agree to the change of\u003cbr\u003epossession without a new consideration.7.The assignment of a debt secured by a mortgage carries the security with it.8.No person whose interest is subject to the lien of a mortgage may do any act which\u003cbr\u003ewill substantially impair the mortgagee's security.35-03-01.3.Mortgages insured or guaranteed by the United States veterans'administration - Notice.The following statement must be signed at the time of the loanapplication by both the borrower and lender on loans that are insured or guaranteed by the\u003cbr\u003eUnited States veterans' administration:I understand that the veterans' administration may attempt to hold me liable for the\u003cbr\u003eguarantee it offers the lending institution on this mortgage. I understand that it may bePage No. 1alleged that I may remain liable for the amount guaranteed by the veterans'\u003cbr\u003eadministration if this mortgage is foreclosed or if the property is sold by me without first\u003cbr\u003eobtaining an approved release of liability from the veterans' administration.I alsounderstand that it may be alleged that North Dakota law governing deficiency judgments\u003cbr\u003emay not apply to the collection of loans guaranteed by the veterans' administration. By\u003cbr\u003esigning this statement, I am indicating that the contents of this statement have been\u003cbr\u003eexplained to me by a loan officer representing the lending institution offering this\u003cbr\u003emortgage loan.35-03-02.Acknowledgment, certification, and recordation.Mortgages of realproperty may be acknowledged or proved, certified, and recorded in like manner and with like\u003cbr\u003eeffect as grants of real property.35-03-03. Power of attorney to execute mortgages - Requisites. A power of attorneyto execute a mortgage must be in writing subscribed, acknowledged or proved, certified, and\u003cbr\u003erecorded in like manner as powers of attorney for grants of real property.35-03-04.Prerequisites for recordation - Post-office address of mortgagee orassignee.The recorder may not record a mortgage of real property unless the mortgagecontains the post-office address of the mortgagee.An assignment of a mortgage on realproperty which does not contain the post-office address of the assignee may not be received for\u003cbr\u003erecord.35-03-05. Form of real estate mortgage. A mortgage of real property may be made insubstantially the following form:NORTH DAKOTA STANDARD FORMTHIS INDENTURE, Made this ____________ day of __________ A.D. Two thousand____________________ between _____________ whose post-office address is _________ of\u003cbr\u003ethe county of ______________ and state of North Dakota, part ___________ of the first part, and\u003cbr\u003e______________ whose post-office address is _______________________ of the county of\u003cbr\u003e____________ and state of North Dakota, party of the second part:WITNESSETH, That the said part ____________ of the first part, for and in considerationof the sum of _____________ dollars to ____________ in hand paid by the said party of the\u003cbr\u003esecond part, the receipt whereof is hereby acknowledged, do ____________ by these presents\u003cbr\u003egrant, bargain, sell, and convey to the said party of the second part, _____________ heirs,\u003cbr\u003eexecutors, administrators, successors, and assigns, forever, all the following described real\u003cbr\u003eestate in the county of ____________ and state of North Dakota, described as follows, to wit:\u003cbr\u003e__________ __________________\u003cbr\u003e_______________________________________________________________________________TO HAVE AND TO HOLD THE SAME, Together with all the hereditaments andappurtenances thereunto belonging or in anywise appertaining, unto the said party of the second\u003cbr\u003epart, _________________ heirs, executors, administrators, successors, and assigns, FOREVER.\u003cbr\u003eAnd the said part ____________ of the first part, do _______________ covenant with the said\u003cbr\u003eparty of the second part, ____________ heirs, executors, administrators, successors, and\u003cbr\u003eassigns, as follows: That __ he ___ ha ______ good right to convey the same, that the same are\u003cbr\u003efreefromallencumbrances _____________________________________________________________and that the said party of the second part, __________ heirs, executors, administrators,\u003cbr\u003esuccessors, and assigns, shall quietly enjoy and possess the same, and that the said part\u003cbr\u003e____________ of the first part will warrant and defend the title to the same against all lawful\u003cbr\u003eclaims, hereby relinquishing and conveying all right of homestead, and all contingent claims and\u003cbr\u003erights whatsoever in and to the said premises.PROVIDED, NEVERTHELESS, That if the said part ___________ of the first part,____________ heirs, executors, or administrators, shall well and truly pay, or cause to be paid,Page No. 2to the said party of the second part, ____________ heirs, executors, administrators, successors,\u003cbr\u003eor assigns, the sum of ______________ dollars and interest according to the conditions of\u003cbr\u003e____________note_____________ofevendateherewith,asfollows:____________________________________\u003cbr\u003e______________________________________________________________________________\u003cbr\u003e______________________________________________________________________________payable at the _______________________________________ with interest from date until\u003cbr\u003ematurity, at the rate of _________________ percent, per annum, payable ___________ annually\u003cbr\u003eand shall also keep and perform all and singular the covenants and agreements herein\u003cbr\u003econtained, then this deed to be null and void, and the premises hereby conveyed to be released\u003cbr\u003eat the cost of the said part _____________ of the first part; otherwise to remain in full force and\u003cbr\u003eeffect.And the said part __________ of the first part do ___________ covenant and agree withthe said party of the second part, ___________ heirs, executors, administrators, successors, and\u003cbr\u003eassigns to pay the said sum of money and interest thereon as above specified; to pay as a part of\u003cbr\u003ethe debt hereby secured, in case of each or any foreclosure or commencement of foreclosure of\u003cbr\u003ethis mortgage, all costs and expenses and statutory attorney's fees in addition to all sums and\u003cbr\u003ecosts allowed in that behalf by law; to permit no waste, and to do or permit to be done, to said\u003cbr\u003epremises, nothing that may in any manner impair or weaken the security under this mortgage; to\u003cbr\u003epay all taxes or assessments that may be assessed against or be a lien on said premises, or any\u003cbr\u003epart thereof, or upon this mortgage or note ____________ or the legal holder thereof, before the\u003cbr\u003esame shall become delinquent; to keep the buildings on said premises insured for\u003cbr\u003e____________ dollars, in companies acceptable, with loss payable to the mortgagee or\u003cbr\u003e__________ assigns; and in case of failure so to pay said taxes or assessments, or any of the\u003cbr\u003eagreements hereunder, or in case there exists any claim, lien, or encumbrance upon said\u003cbr\u003epremises, which is prior to this mortgage, the said party of the second part, ____________ heirs,\u003cbr\u003eexecutors, administrators, successors, or assigns may at ____________ option, pay and\u003cbr\u003edischarge such taxes or other obligation, and the sum or sums of money which may so be paid,\u003cbr\u003ewith interest from the time of payment at the same rate as said principal sum, shall be deemed\u003cbr\u003eand are hereby declared to be a part of the debt secured by this mortgage and shall be\u003cbr\u003eimmediately due and payable. It is further agreed and understood that this mortgage shall also\u003cbr\u003ecover any renewal note for the above described indebtedness or any portion thereof.But if default shall be made in the payment of said sum of money, or interest, or thetaxes, or any part thereof, at the time and in the manner hereinbefore or hereinafter specified for\u003cbr\u003ethe payment thereof, the said part ____________ of the first part, in such cases do _______\u003cbr\u003ehereby authorize and fully empower the said party of the second part, _________ heirs,\u003cbr\u003eexecutors, administrators, successors, or assigns, to sell the said hereby granted premises and\u003cbr\u003econvey the same to the purchaser, in fee simple agreeably to the statute in such case made and\u003cbr\u003eprovided, and out of the moneys arising from such sale to retain the principal and interest which\u003cbr\u003eshall then be due on said note ____________, and all taxes upon said lands, together with all\u003cbr\u003ecosts and charges, and statutory attorney's fees, and pay the overplus if any to the said part\u003cbr\u003e____________ of the first part, _____________ heirs, executors, administrators, or assigns, And\u003cbr\u003eif default be made by the part ____________ of the first part in any of the foregoing provisions it\u003cbr\u003eshall be lawful for the party of the second part, ____________ heirs, executors, administrators,\u003cbr\u003esuccessors, or assigns or ____________ attorney to declare the whole sum above specified to\u003cbr\u003ebe due.IN TESTIMONY WHEREOF, The said part ___________ of the first part ha ___hereunto set ______ hand ______ the day and year first above written.\u003cbr\u003eSigned and delivered\u003cbr\u003ein presence of___________________________________________________________________________________________________________________________________________________35-03-05.1. Recording and filing assignment of mortgage - Notice to whom. Anassignment of a mortgage may be recorded or filed in the same manner as a mortgage, and thePage No. 3record thereof operates as notice to all persons subsequently deriving title to the mortgage from\u003cbr\u003ethe assignor. When the mortgage is executed as security for money due or to become due on a\u003cbr\u003epromissory note, bond, or other instrument designated in the mortgage, the record of the\u003cbr\u003eassignment of the mortgage is not of itself notice to a mortgagor or a mortgagor's heirs or\u003cbr\u003epersonal representatives so as to invalidate any payment made by them or either of them to the\u003cbr\u003eperson holding such note, bond, or other instrument.35-03-06. Fee for recording mortgage - Standard form not mandatory. 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