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Addendum to Mortgage  - Form Download
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Addendum to Vessel Mortgage

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Use of this form may have legal and tax implications.
You should consult with an attorney or professional about any such concerns.

Introduction


The addendum to a preferred vessel mortgage can be used to make corrections on 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.

Context


Once a vessel mortgage has been signed and notarized, its content can not be altered in any way unless notated by the attending notary. However, a corrective 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 not yet recorded. This is often helpful if a mortgage filing deficiency has been issued that requires certain corrections.

Source


The form is available from the BoatWiki repository in Microsoft Word format and is fielded for tabbing convenience. The content itself can be altered by choosing the unprotect option from the tools menu. It must be thereafter protected again to regain the tabbing function.

Instructions


Paragraph 1 - Insert the vessel, mortgagor, and mortgagee information as they relate to the underlying mortgage.

Paragraph 3 - Insert the appropriate language for the corrections that should be made in the mortgage. This should not include 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


Although usage of a mortgage addendum is fairly straight forward, you may wish to contact an attorney or documentation professional with any such concerns.


Credits and References

6/7/2022 - Page initiated by Team BoatWiki.




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