Fillable Agreement to Execute a Second Mortgage and Note (BLB Resources, Inc.)

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Agreement to Execute a Second Mortgage and Note (BLB Resources, Inc.)

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AK - Revised 1-12-16 All previous versions are obsolete. © BLB Resources, Inc. 2010-2016 All rights reserved.
Alaska
Agreement to Execute a Second
Mortgage and Note
Good Neighbor Next Door (GNND) Participants agree to own and live in the property as their sole
residence for a period of three (3) years. Participants agree to execute a second mortgage and note for the
amount of the discount. No interest or payments are due on this “silent second” provided the GNND
participant fulfils the three year occupancy requirement. Participants are required to certify annually that
they are living in the property. Participants may not own any other residential real estate for three years
from the date of purchase of the GNND property. Failure to comply with this or any other GNND
requirement may result in the balance of the second mortgage becoming immediately due and payable.
At the end of the three year occupancy requirement, if GNND participant has met all other requirements,
the second mortgage will be released. Please review the GNND
requirements and second mortgage
information on HUD’s website for further details.
Property Information
FHA Case Number: __________________________
Property Address (include city, state & county):
__________________________________________________________________________________
Purchaser (s): ______________________________________________________________________
Selling Agent: ____________________________________ Agent Phone: _____________________
I / We agree to execute a second mortgage and note, for the amount of the discount, which HUD may call
at a later date if I / we fail to re-certify or comply with any other GNND requirements.
_____________________________________________________ __________________
Purchaser Signature (Required) Date
_____________________________________________________ __________________
Purchaser Signature (Required) Date
______________________________________________________ __________________
Selling Agent Signature (Required) Date
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Agreement to Execute a Second Mortgage and Note (BLB Resources, Inc.)

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Completed 9 February 2021

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