Posted by Phillip Baty on August 31, 2001 at 08:40:44:
Steve,
I just asked the title company who prepared the docs to word it for me. As long as the lender is agreeable you can say whatever you want in the note. My attorney advised me what to put in and the title co. just added it to their standard promissary note. The wording went something like this:
(description of property to be secured by deed of trust) However, both the holder of this note and the undersigned borrower agree that the above real property as more particularly described in said Deed of Trust securing this note may be substituted at a later date so long as the real property being substitued is of equal or greater value than the real property described hereinabove, and agreed to in writing by Note holder and undersigned Borrower.
I’d have your attorney check it out before registering it to make sure it will hold up in your state.
Regards,
Phil Baty
Baty Investment Group