Amendment to Preferred Mortgage Form
Amendment to Preferred Vessel Mortgage form with examples and instructions.
The Amendment to Preferred Mortgage form is designed
for making changes to the terms of an underlying preferred vessel mortgage.
It is viewed as a recordable instrument in it's own right and may
accordingly be filed along with the mortgage or subsequent thereto.
Usage Context
The Amendment to Preferred Mortgage form can used to make corrections, change the terms or add further information to the underlying mortgage. It can not, however, be used to change the parties names or vessel identification. It is typically intended for changing the loan amount.
Form Example
Examples of the USCG Amendment to Mortgage form are available in Adobe PDF format from the Referrals for this page. 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.
Instructions
Header - Insert the mortgagor and mortgagee names and
current addresses. The names must match those as shown on the Coast
Guard abstract of title. The percentages of equity are not required, but
recommended if known. The addresses are required for recording purposes
and should be current regardless of what the underlying mortgage shows.
Terms - Insert the vessel name and official numbers
as currently documented. Insert the recording information of the
underlying mortgage. If it has not yet been recorded then reference the
date on which executed.
Although not required for recording purposes, all prior supplements
related to the mortgage should also be referenced. If the mortgage
amount is to be changed, insert the underlying mortgage amount followed by
the amount to which it is to be amended .Although an amendment may
be utilized for correcting a hull identification number, it can not
change the mortgagor or mortgagee names.
Signature Date Line - Insert the dates on which the
amendment was executed. The mortgagor and mortgagee can sign on
different dates.
Signature Lines - Insert the names of the parties
signing and their capacities. If the vessel is owned by an individual,
the capacity should be shown as "Owner". The amendment can not be
executed in counterparts (i.e., duplicate forms signed by separate
parties). However, an additional signature page can be attached to
facilitate separate signings of the same amendment.
Acknowledgement - All signatures must be acknowledged
by a U.S. notary, U.S. Consulate, or apostillized by a member
country of the Hague Convention. The notary
public may need to provide an attachment if the standard acknowledgement
on this form does not fulfill your 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. The form may not be
changed or altered after it has been executed unless the notary
specifically notates such alterations in the acknowledgement
Attachments - If there is a new promissory note, security
agreement, or loan contract, these should be referenced in the amendment
and copies should be submitted as an attachment. The amendment contains
a default reference to a promissory note, but this should be
revised according to changes made in any other attachments to the
underlying mortgage. All such attachments must reflect dates which
precede or coincide with the date on which the amendment is executed.
Conclusion
If unsure of whether an amendment form contains the required citations, it can be accompanied by an optional application for filing as shown in the referrals. In any event, an amendment 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