Original Mortgage Notes Sample Clauses

The 'Original Mortgage Notes' clause defines the requirement for the delivery, possession, or handling of the original promissory notes that evidence a borrower's obligation under a mortgage loan. In practice, this clause typically specifies that the lender or its agent must hold the original, signed mortgage notes, often as a condition for loan servicing, securitization, or enforcement. By clearly establishing who must possess the original notes and under what circumstances, this clause ensures the enforceability of the mortgage and helps prevent disputes over ownership or the right to collect payments.