Mortgage Registry Tax Limiting the Amount of Principal Debt Secured

Minnesota Statute 287.05, subdivision 1(a) provides for the use of a “Limiting Clause” in cases when the mortgagee (lender) intends to secure only a portion of the debt amount recited or referred to in the mortgage.  

 “Notwithstanding anything to the contrary herein, enforcement of this mortgage in Minnesota is limited to a debt amount of $__________under Chapter 287 of Minnesota Statutes.”

Mortgage Registry Tax is based on the amount stated in the limiting clause.