Wraparound Mortgage Agreement

WRAPAROUND MORTGAGE AGREEMENT
This Wraparound Mortgage Agreement ("Agreement") is entered into as of [Date] by and between:
SELLER / WRAP MORTGAGEE: [Seller Full Legal Name], [Seller Address] ("Seller")
BUYER / WRAP MORTGAGOR: [Buyer Full Legal Name], [Buyer Address] ("Buyer")
RECITALS
WHEREAS, Seller owns the real property located at [Property Address], legally described as: [Full Legal Description] ("Property");
WHEREAS, the Property is currently encumbered by an underlying mortgage ("Underlying Loan") with the following details:
  Underlying Lender: [Underlying Lender Name]
  Loan Number: [Underlying Loan Number]
  Outstanding Balance: $[Underlying Loan Balance]
  Interest Rate: [Underlying Interest Rate]% per annum
  Monthly Payment: $[Underlying Monthly Payment] (principal, interest, taxes, and insurance)
  Maturity Date: [Underlying Maturity Date]
  Loan Type: [ ] Conventional  [ ] FHA  [ ] VA  [ ] Other: _______
WHEREAS, Buyer desires to purchase the Property using wraparound financing, and Seller is willing to sell on such terms;
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
ARTICLE 1 — WRAPAROUND LOAN TERMS
1.1 Wrap Loan Amount: $[Wrap Loan Amount] (the full wraparound note balance, which includes and encompasses the underlying loan balance)

[Section 2 — continued...]

[Section 3 — fill in your details...]

[Additional clauses and provisions apply...]