Park-owned coaches/homes as additional collateral to Real Estate (MHC)

If the collateral is a mobile home park, you can indicate MHC on the Property tab under Property Type for ApartmentDocs orders only.

If you select "Yes" to "Is lender taking security interest in the park owned coaches?", then the order page will open the fields to identify how many of the MHC sites have borrower-owned coaches that are to be collateral.

When the two boxes regarding septic system and public sewer hookup are checked, the following text will flow into into the Loan Agreement, section C.2  Statements of Fact Regarding Mortgaged Property:

As to references in the security instrument, the defined term "Personality" will also be extended to include that "Personalty includes Manufactured Homes now or hereafter owned by Borrower ("Borrower's Homes"), if so categorized by state or local law. As of this date, the Borrower's Homes are those listed in Exhibit B annexed hereto." The security instrument also enforces the Lender's protection against moving the collateral from the Collateral Site: "Each Borrower's Home shall be personal property no matter how it is placed or affixed. Until all amounts owed under the Loan Documents are paid in full, the Manufactured Home shall be located on the Mortgaged Property at the address indicated on Exhibit B ("Collateral Site"). Borrower shall not move the Home from the Collateral Site without Lender's prior written permission."

Additionally, Lender can complete Exhibit "B" Mobile Home Park - Collateral Site of the security instrument (deed of trust) themselves to capture the information for the park-owned coaches. While this will give the Lender a security agreement for that additional collateral, Lender may need to perfect its interest through other means (like the DMV for personal property).