Addendum to Preferred Mortgage Form
Addendum to Preferred Vessel Mortgage form with examples and instructions.
An addendum to a preferred vessel mortgage can be used to include additional terms to a mortgage that has already been executed. It is not intended to change the underlying terms as this is accomplished through an amendment. An addendum is considered as part of the underlying mortgage and is not indexed or recorded separately.
Usage Context
Once a vessel mortgage has been signed and notarized, its content can not be altered in any way unless witnessed and notated by the attending notary. However, a supplemental addendum can be attached at any time providing the mortgage has not yet been recorded. This includes mortgages that have already been filed with the National Vessel Documentation Center (NVDC), but only if still in process and not yet recorded. This is often helpful if a mortgage filing when an NVDC deficiency has been issued that requires additional citations.
Form Examples
Examples of the addendum are available in Adobe PDF format from the Referrals for this page. One is for an addendum to be filed and submitted concurrently with a mortgage. The other is for a mortgage that has already been filed, but not yet recorded. They can be easily converted into your favorite word processing application for modification and editing purposes. If your system does not already have this capability, there are a number of free or subscription internet services available that can provide such an accommodation.
Citations and Instructions
Paragraph 1 - Insert the vessel, mortgagor, and mortgagee information as they relate to the underlying mortgage.
Paragraph 3 - Insert the appropriate language for additional terms that should be
included in the mortgage. This should make any changes in
the underlying terms of a mortgage as the addendum is not an appropriate instrument for this purpose.
A mortgage date change can not be made with an addendum.
Date and Signatures - The date on which the addendum was executed can not
precede the mortgage date. Insert the names of the parties signing
and their capacities. Although the addendum can not be executed in counterparts, separate signature pages can be attached if necessary.
Acknowledgement - All signatures must be acknowledged by a U.S. notary, U.S. Consulate, or apostillized by a member country of the Hague
Convention if notarized foreign. The notary public may need to provide an attachment if the standard acknowledgement on this form does not fulfill
jurisdictional requirements. Please note that attachments count as additional pages with respect to recording fees. The acknowledgement date can not precede
the respective signature date.
Conclusion
If unsure of whether an addendum contains the required citations, it can be accompanied by an optional application for filing as shown in the referrals. In any event, an addendum to mortgage instrument can affect the legal rights of the respective parties. You should consult with an attorney with any such concerns.
References and Referrals
Comments - Suggestions - Corrections