Note and Mobile Home Security Agreement - Minnesota Housing - mnhousing 2025

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The document outlines the terms and conditions of an Emergency & Accessibility Loan Program, specifically a Note and Mobile Home Security Agreement. It details the loan amount, repayment terms, borrower responsibilities, and the security interest in the mobile home as collateral for the loan. The agreement emphasizes the borrower's obligations to maintain the mobile home, ensure insurance coverage, and notify the lender of any changes regarding ownership or location. It also specifies conditions under which the loan may become due immediately and includes provisions for potential tax implications upon forgiveness of the loan.

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2017	4.8 Satisfied (57 Votes)
2014	4.4 Satisfied (312 Votes)

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What is the purpose of a security agreement?

A security agreement mitigates the default risk faced by the lender. The existence of a security agreement and a possible lien on that collateral could affect the borrowers ability to obtain more financing from other lenders.

What is the difference between a note and an agreement?

A loan agreement is a more formal, legally binding document that offers greater protection to both the borrower and the lender in case of any disputes or misunderstandings. A loan note is a more informal document that offers less legal protection.

Is a security agreement the same as a note?

A security agreement is the contract that protects a promissory note with collateral. The security agreement might describe the property or assets put up for collateral and will detail whether the lender can hold the collateral or how the lender can seize the collateral should non-payment occur.

What is a note agreement?

A promissory note agreement is a written promise from a borrower to repay a specific sum of money to a lender. These agreements outline the loan terms, including the repayment terms and the consequences of late payment.

What is the impact fund for housing in Minnesota?

The Community Homeownership Impact Fund (Impact Fund) provides funding for developers and administrators of single family, owner-occupied affordable housing activity throughout the state.

What is a note and security agreement?

A security agreement often goes hand-in-hand with a promissory note, which is a form the borrower signs agreeing to repay the loan. As an additional document indicating there is a promissory note to repay the lender, the security agreement spells out what happens to the collateral if the borrower defaults.

Note and Mobile Home Security Agreement - Minnesota Housing - mnhousing 2025

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