Otero County Mortgage Secured by Promissory Note Form (New Mexico)

The following New Mexico and Otero County supplemental forms are included as a courtesy with your order:

When using these Mortgage Secured by Promissory Note forms, the subject real estate must be physically located in Otero County. The executed documents should then be recorded in the following office:

Local jurisdictions located in Otero County include:

• Alamogordo
• Bent
• Cloudcroft
• High Rolls Mountain Park
• Holloman Air Force Base
• La Luz
• Mayhill
• Mescalero
• Orogrande
• Pinon
• Sacramento
• Sunspot
• Timberon
• Tularosa
• Weed

Use this form for financing residential property, small commercial, rental property (up to 4 units), condominiums and planned unit developments. This is a comprehensive 12-page form that has stringent default terms.

Use this form for financing residential property, small commercial, rental property (up to 4 units), condominiums and planned unit developments. This is a comprehensive 12-page form that has stringent default terms.

Promissory Note includes late charges. Any payment which is at least ____ days past due, shall be subject to a late charge of $___ And an additional $ ____per day until the payment is received. If any balloon payment is late, it shall be subject to a late fee of $____ per day.

Default Rate: I payment is/are at least 30 days past due, then the principal balance shall bear interest at default rate of (____%) over the interest rate stated. Said default rate shall begin on the ____ day following the due date of the payment(s) until payment(s) is/are brought
current. Payment(s) is/are first applied to accrued interest and penalties, then to principal.

In addition to any other remedies available to Lender if this Note is not paid in full at the Maturity Date, Borrowers shall pay to Lender an Overdue Loan Fee, which fee shall be due at the time this Note is otherwise paid in full. The "Overdue Loan Fee" shall be determined based upon the outstanding principal balance of this Note as of the Maturity Date and shall be:
(a) one percent (1.0%) Of such principal balance if the Note is paid in full on or after thirty (30) days after the Maturity Date but less than sixty (60) days after the Maturity Date, or
(b) two percent (2.0%) of such principal balance if the Note is paid in full on or after sixty (60) days after the Maturity Date.

This Note and the Loan Documents shall be governed by the State of New Mexico.

(New Mexico Mortgage Package includes forms, guidelines, and completed examples)

Our Promise

The documents you receive here will meet, or exceed, the Otero County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

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