Fayette County Clerk > Land Records

Mortgages

Affidavit of Mortgage Amendment	Agreement	Master Form for Mortgages
Master for Mortgage - Incorporation Into Other Mortgages	Mortgage	Mortgage Modification/Extension or Mortgage Amendment
Subordination Agreement

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Affidavit of Mortgage Amendment

Chapter 382 - new section to be named (SB 45, Section 7)

A recorded mortgage may be amended by an affidavit of amendment prepared by an attorney to correct clerical errors or omitted information. An amendment may not change any term, dollar amount, or interest rate in the mortgage, unless signed by the mortgagor and secured party. The attorney preparing the affidavit shall certify in the affidavit that notice of filing the amendment has been given to the mortgagor by mailing a copy of the amendment to the mortgagor at the address shown on the original mortgage. A subsequent release of the mortgage releases any amendments to the original mortgage.

The document requires:
* Document must be prepared by an attorney
* First party (mortgagor, borrower) (KRS 382.200)
* Second party (mortgagee, lender) and their mailing address (KRS 382.335 & KRS 382.430, 382.200)
* Book and Page of the recorded mortgage
* Statement by the attorney preparing the affidavit that certifies in the affidavit that notice of filing the amendment has been given to the mortgagor by mailing a copy of the amendment to the mortgagor at the address shown on the original mortgage - this statement must be signed
* Preparation statement (KRS 382.335)

The clerk shall request a return mail address (KRS 382.240)

Document must be: signed by the attorney that prepared the document and the signature must be notarized, and if the amended change affects any term, dollar amount, or interest rate in the mortgage the document must be signed by the mortgagor(s) and mortgagee(s) and the signature(s) acknowledged (notarized).

Indexing information: The document is filed in the mortgage book. The document is indexed in the general index to deeds and mortgages. The first party is the mortgagor (borrower) and the second party is the mortgagee (lender).

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This document provides a method for recording corrections of clerical errors or omissions of information associated with a recorded original mortgage. It does not provide for changes due to subsequent circumstances. Changes, such as increasing the amount, or altering terms, changing the property being encumbered, etc must be addressed by preparing a new mortgage. This affidavit does not open the door in authorizing county clerk's to accept any affidavit associated with a mortgage. It simply provides a method for correcting a mortgage that has been recorded.

If a recording requirement is involved in the omission obviously the preparer will need to prepare a new mortgage. An example is an addition of a name would require a new mortgage.

Effective 7-12-2006

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Agreement

An agreement associated with real property, signed by the parties to it and acknowledged or proven, as deeds are required to be, it may be entered of record in the office of the county clerk of the county in which the land is situated. KRS 382.080

First party and their mailing address (KRS 382.135, KRS 382.200
Second party and their mailing address (KRS 382.135, KRS 382.200
Legal description of all affected properties (Common Law) and OAG 81-100 (At minimum
an address of the affected property)
Preparation statement (KRS 382.335)
Return mail address (KRS 382.335 & KRS 382.240)

All parties must sign the document and all signatures must be acknowledged.

Indexing information: The document is filed in the deed book and indexed in the general index to deeds and mortgages under all parties.

Filing fees: $13.00, (Clerk, $6.00; AHTF $6.00 KRS 64.012; postage $1.00 KRS 382.240)
Exceeding 3 pages, $3.00 per page KRS 64.012

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Master Form for Mortgages

KRS 382.295

Kentucky law provides that a "Master Form for a Mortgage" may be filed in the county clerk's office of any county. After this document has been recorded other mortgage documents can incorporate a reference to this document. The incorporation of the reference shall have the same effect as if the provisions of the master form had been set forth fully in the mortgage.

Recording requirements

Must be entitled on the face"Master form recorded by ______" (name of the person causing the instrument to be recorded) (KRS 382.395)
Contain forms of covenants, conditions, obligations, powers, and other clauses of a mortgage (KRS 382.295)
The name of the person or entity causing it to be recorded (KRS 382.295)
The instrument does not need to be acknowledged (KRS 382.295)
Preparation statement (KRS 382.335)

The clerk shall request a return mail address (KRS 382.240)

Indexing information: The county clerk shall index the instrument under the name of the person causing it to be recorded in the manner provided for miscellaneous instruments

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(Legal process fee would not apply to this instrument. When an actual mortgage is filed the legal process fee would apply to that document)

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Master Form Mortgage - Incorporation into other Mortgages

After the Master Form Mortgage is recorded, any of the provisions of such master form instrument may be incorporated by reference in any mortgage or real estate if:

the reference in the Mortgage states that the master form instrument was was recorded in the county in which the mortgage is offered for record
the Mortgages states the date when the master form instrument was recorded
The Mortgage states the book and page where the master form instrument was recorded

Then:

The recording of any mortgage, which has the reference of the Master Form Mortgage incorporated into the document, will have like provisions of the Master Form Mortgage

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Mortgage

AKA Indenture of Trust

The document must have:

First party (mortgagor, borrower, grantor, trustor) (KRS 382.200)
Second party (mortgagee, lender, grantee, trustee) and their mailing address (KRS 382.335 & KRS 382.430, 382.200)
Amount of the mortgage (KRS 382.380, KRS 286.5-441)
Maturity date-(except for revolving credit accounts which do not require a maturity date) Relating to obligations, if the document states "due on demand" this requirement is satisfied. (KRS 382.330, KRS 382.380)
Legal Description of the property (A source of title is not required, however, it is desirable to have) (Common Law and OAG 81-100)
Preparation statement (KRS 382.335)

The clerk shall request a return mail address (KRS 382.240)

Document must be: signed by the mortgagor(s)and the signature(s) acknowledged (notarized). (KRS 382.130). The document must be filed in the county clerk's office of the county where the property is located (or the greater part). KRS 382.110.

Indexing information: The document is filed in the mortgage book. The document is indexed in the general index to deeds and mortgages. The first party is the mortgagor (borrower) and the second party is the mortgagee (lender) .

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Revolving credit accounts do not require a maturity date. (KRS 382.330)

A recorded mortgage can ONLY be corrected by preparing a new document.

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Mortgage Modification/Extension or Mortgage Amendment

The document must have:

First party (mortgagor, borrower) (KRS 382.200)
Second party (mortgagee, lender) and their mailing address (KRS 382.335 & KRS 382.430, 382.200)
State the book and page of the original mortgage. (KRS 382.290 & KRS 385.385(4))
Description of the modification (example: decrease in the mortgage amount or changing the maturity date) KRS 382.385(4) & KRS 413.100 - THESE ARE THE ONLY TWO ITEMS THAT CAN OCCUR IN A MORTGAGE AMENDMENT, MODIFICATION OR EXTENSION.
Preparation statement (KRS 382.335)

The clerk shall request a return mail address (KRS 382.240)

The borrower (mortgagor) must sign the document. (OAG 94-32) The signatures must be notarized (acknowledged) (KRS 382.130). The document must be filed in the county clerk's office of the county where the property is located (or the greater part). KRS 382.110.

Indexing information: The document is filed in the mortgage book. The document is indexed in the general index to deeds and mortgages. The first party is the mortgagor (borrower) and the second party is the mortgagee (lender).

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Revolving credit accounts do not require a maturity date. (KRS 382.330)

Excerpts from OAG 94.32
Assuming that a given extension of a mortgage meets general requirements for recordation of a mortgage (see, for example, KRS 382.270 and 382.330), an extension of a mortgage may be recorded on the same basis as a mortgage.

There is no statutory reference to a "Mortgage Modification". The statutes refer to a Mortgage Amendment (KRS 382.385(4)) and it only allows one type change - that is to reduce or decrease the maximum amount of credit specified in the mortgage. Additionally a mortgage maturity date can be extended (KRS 413.100 and OAG 94.32).

Any other change to a mortgage must be accomplished by filing a mortgage. This is not a document to correct or fix problems.

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Subordination Agreement

KRS 382.385 (3)

This document is recorded to establish the priority of mortgages and is filed in the Mortgage Book. This document is a written agreement between two lenders. The mortgagor (borrower) does NOT sign this document.

The document must have the following:

Name of the subordinating lender (KRS 382.200 & KRS 382.340)
Name of the superior lender (KRS 3892.335)
Description of mortgage being subordinated, i.e. original mortgage book and page reference (something the legal description is included, but not required). (Common Law and OAG 81-100)
Signature of the subordinating lender
Signature must be notarized (KRS 382.130)
Preparation statement (KRS 382.335)

The clerk shall request a return mail address (KRS 382.240)

Indexing information: The document is indexed in the general index to deeds and mortgages under the names of the subordinating lender and the superior lender.

KRS 382.290 states that only the legal holder of a mortgage can release or assign a mortgage, therefore the same must apply to a subordination agreement. The legal holder of the mortgage is the only signature that is required on this document. Since the agreement is between two lending parties, the borrower does not need to sign the document.

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