Example Mortgage Note

Mortgage Note

This Mortgage Note (the “Note”), made as of the ___________ day of ________________ 2009, is:

BETWEEN: NAME (the “Mortgagor”), individual with main address located at: ADDRESS,

AND:SUNSET VALLEY FINANCE C. por A.. (the “Mortgagee”), a limited liability company organized and existing under the laws of the State of Florida, with its principal place of business located at: 900 Biscayne BLVD, Miami, Florida 33133.

Mortgagor is purchasing lot X in Section X in the Sunset Valley Estates development located in Puerto Plata the Parcela 10 of the Cadastral District Number 2 of Sosua, Puerto Plata in the Dominican Republic, which lot has Certificate of Title No. XXX. The purchase price of lot X is US$XXX. Mortgagor has already paid to Mortgagee a 40 percent down payment of US$XXX towards the purchase price. The remaining principal sum owed by Mortgagor to Mortgagee for lot X is $XXX.

1. Secured Indebtedness. Mortgagor promises to pay to the order of Mortgagee the principal sum of US$XXX together with interest at the rate of 4.75 percent per annum amortized over a period of 25 years with a 4-year balloon. Said principal and interest will be paid in monthly installments of US$XXX and be due on the first day of each and every month, beginning on MONTH 1, 2010 and continuing thereafter until said principal and interest have been paid in full or the payment date of MONTH 1, 2014 has transpired, whichever occurs first.

Once the 4-year balloon period has transpired, the total sum of principal and interest remaining unpaid shall become due and collectible within 10 days.

Payments shall be mailed to Sunset Valley Estates, INC. 900 Biscayne Bay bld. Miami, Florida, 33233, or such other place as Mortgagee may designate in writing to Mortgagor
from time to time.

2. Installment Payment. Each installment payment shall be credited first to the interest then due, and the remainder to the principal.

3. Late Fee. A late fee of 1 ½ percent per month will be charged if payment is received by Mortgagee after the 10th day of the month payment is due.

4. Guaranty. This Note with interest is secured by a mortgage on the following real estate (the “Property”), in favor of Mortgagee: within parcel number 10 of the Cadastral District Number2 of Puerto Plata, Dominican Republic, a portion with Certificate of Title No. XXX and with a superficial extension of XXX meters squared (XXX M2), corresponding to lot X in Section X.

5. Care of Property. Mortgagor shall maintain the Property in good condition and repair and shall not commit or suffer any material waste to the Property. Mortgagor shall, at its sole cost and expense, keep the Property insured against all hazards as is customary and reasonable for properties of similar type and nature located in Puerto Plata, Dominican Republic.

6. Prior Liens. Mortgagor shall keep the Property free from all prior liens, except for those consented to by Mortgagee.

7. Event of Default. Default shall mean any one of the following:

(a) the non-payment of any installment within 30 days from the due date set forth herein;

(b) mortgagor materially fails to execute the obligations set out in this Note;

(c) foreclosure proceedings, whether judicial or otherwise, are instituted on any mortgage or any lien of any kind secured by any portion of the Property and affecting the priority of this Mortgage.

8. Options of Mortgagee upon Event of Default. Upon the occurrence of any Event of Default, the Mortgagee may immediately do one or more of the following:

(a) declare the total sum of principal and interest remaining unpaid, without notice to Mortgagor (such notice being hereby expressly waived), to be due and collectible at once, by foreclosure or otherwise;

(b) pursue any and all remedies available under the Uniform Commercial Code; it being hereby agreed that 10 days’ notice as to the time, date and place of any proposed sale shall be reasonable.

9. Governing Law. This Note is to be construed and enforced according to the laws of the State of Florida in the United States. No payment of interest for any debt secured by this Note shall exceed the maximum amount permitted by law.

10. Enforceability in the Dominican Republic. Dominican Republic law requires that all contracts be in Spanish. This Mortgage Note shall be translated into Spanish and shall be entered into between the Mortgagor and Mortgagee. The Spanish version of the Mortgage Note shall be enforceable in the Dominican Republic as a secured lien on the Property.

11. Sale of Note. Mortgagor reserves the right to sell, assign, transfer and convey this Note at
any time.

IN WITNESS WHEREOF, the Mortgagor and Mortgagee duly execute this Mortgage Note as of the day and year written above.



_________________________________________ ______________________
authorized signature of Mortgagor date
NAME

Notary Seal:





________________________________________ ______________________
authorized signature of Mortgagee date
P. Bommarito, SUNSET VALLEY FINANCE Inc.