Mortgage (Standard Form Single Family Fannie Mae Freddie Mac) {3014}

Form 3014 - MORTGAGE ILLINOIS--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT. The document is a mortgage security instrument, which is a legal agreement between a borrower and a lender. It outlines the terms under which the borrower pledges real property as collateral for a loan. Key components include definitions of important terms like "borrower," "lender," "note," and "security instrument." It details how the borrower grants the lender a security interest in the property to ensure repayment of the loan, specifies the property being mortgaged, and confirms the borrower's ownership rights. The document includes various covenants where the borrower promises to make timely payments, manage escrow items (such as taxes and insurance), and maintain the property. It also describes the conditions that constitute default and the remedies available to the lender in such cases. www.FormsWorkflow.com