E-2-07, Description of eNote Header, Footer, and eNote Clause (12/13/2023)

a) eNote Header

The Uniform eNote has a new line below the word "Note" that serves as an additional reminder that the eNote is designed only for electronic signatures. The word "Note" should be replaced by: 

Note

(For Electronic Signature)

b) eNote Footer

The footer for an eNote is similar to the document footer that appears on our standard mortgage and deed of trust notes, except for the identification of the document as an eNote.

                         Fixed-rate tagline:  MULTISTATE FIXED RATE eNOTE--Single Family -- Fannie Mae/Freddie Mac Uniform Instrument Form 3200e

                         For state-specific fixed-rate notes the tagline will be the Form number followed by "e" with the date of 07/2021. Example:

                         PENNSYLVANIA FIXED RATE eNOTE--Single Family -- Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3239e 07/2021

                         ARM tagline: MULTISTATE ADJUSTABLE RATE eNOTE-30-day Average SOFR--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3441e 07/2021

                         For state-specific ARM-rate notes the tagline will be the Form number followed by "e" with the date of 07/2021. Example:

                         ALASKA ADJUSTABLE RATE eNOTE-30-day Average SOFR--Single Family--Fannie Mae/Freddie Mac UNIFORM INSTRUMENT Form 3441.02e07/2021

c) eNote Clause

An electronic Note must contain a new section as follows as the last section of the Note preceding the signature block with the appropriate number (e.g., #11 for Form 3200, #12 for Form 3210):

"[##]. ISSUANCE OF TRANSFERABLE RECORD (ELECTRONICE NOTE)

(A) Definitions

The following terms used in this Section 11 are defined as set forth below: (1) "Authoritative Copy" will have the meaning ascribed to such term in the UETA and E-SIGN (both as defined below), as amended from time to time; (2) "Electronic Note" means an electronically created note; (3) "Electronic Record" means a Record created, generated, sent, communicated, received, or stored by electronic means; (4) "Electronic Signature" means an electronic symbol or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign a record; (5) "E-SIGN" means the Electronic Signatures in Global and National Commerce Act, codified at 15 U.S.C. § 7001 et seq., as it may be amended from time to time, or any applicable additional or successor legislation that governs the same subject matter; (6) "Note Holder Registry" means a registry system that is used to record the issuance and transfer of Electronic Notes; (7) "Paper Note" means an Electronic Note that is converted into a paper note; (8) "Record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; (9) "Transferable Record" means an Electronic Record that: (i) would be a note under Article 3 of the Uniform Commercial Code if the Electronic Record were in writing and (ii) I, as the issuer, have agreed is a Transferable Record; and (10) "UETA" means the Uniform Electronic Transactions Act, as enacted by the jurisdiction in which the property is located, as may be amended from time to time, or any applicable additional or successor legislation that governs the same subject matter.

(B) Issuance of Transferable Record

I have signed this Electronic Note using my adopted Electronic Signature. By signing this Electronic Note using my adopted Electronic Signature, I am: (1) promising to pay the amount owed, as evidenced by this Electronic Note, to the Note Holder, and (2) agreeing that this Electronic Note is a valid, enforceable and effective Transferable Record issued by me to the Note Holder under the transferable records provisions of UETA and E-SIGN. By virtue of my agreements above, this Electronic Note is a Transferable Record. 

(C)  Identification of Registry and Note Holder 

After I issue this Electronic Note to the Note Holder, the Note Holder will register this Electronic Note in the Note Holder Registry. This Electronic Note will be registered in the Note Holder Registry operated by [Insert Name of Operator of Registry]*. I agree that the Note Holder has the right, at any time to transfer the registration of this Electronic Note to another Note Holder Registry. The Note Holder Registry will contain the identity of the Note Holder and the location of the Authoritative Copy of this Electronic Note. I understand that I may request a copy of the Authoritative Copy of this Electronic Note from the Note Holder or the Note Holder's designee. The only copy of this Electronic Note that is the Authoritative Copy is the copy identified by the Note Holder named in the Note Holder Registry or the Note Holder's designee. 

(D)  Conversion to a Paper Note 

I agree that the Note Holder has the right, at any time, to convert this Electronic Note into a Paper Note. If this Electronic Note is converted to a Paper Note: (1) the Paper Note will be governed by the negotiable instrument provisions of the Uniform Commercial Code as enacted in the jurisdiction where the Property Address is located; (2) a copy or representation of my Electronic Signature affixed or attached to a printed paper copy of the Electronic Note will be, for all legal purposes, my adopted, original, written signature on the Paper Note; (3) I have authenticated, issued and delivered the Paper Note to the Note Holder; (4) the Paper Note will be a valid original writing for all legal purposes; (5) upon conversion of this Electronic Note to a Paper Note by the Note Holder, my promise to pay the amount owed, evidenced by this Electronic Note, will automatically convert to, (without interruption, alteration or diminution) my promise to pay the amount owed, evidenced by the Paper Note; (6) I am bound by my promise to pay the amount owed evidenced by the Paper Note; and (7) the Note Holder will update the Note Holder Registry to reflect the conversion of this Electronic Note to a Paper Note and remove the registration of (de-activate) this Electronic Note in the Note Holder Registry such that the Electronic Note ceases to have any effect or validity. 

NOTE:  *Insert "MERSCORP Holdings, Inc., a Delaware corporation" here as the name of the Operator of the Registry.

d) Signature Area

The text "[Sign Original Only]" which appears on the paper forms should be omitted from eNote forms.