First American argues that although the mortgage as currently written does not describe the correct parcel of land, the parties' intent should govern, and the mortgage should be reformed to reflect that intent. From the bench, we denied Debtor's Motion for Summary Judgment and granted First American's Cross-Motion for Summary Judgment. We write to elaborate on our holding. The Mortgage was recorded in the land records of the Town of Jericho, Vermont on December 5, 1996. At the time the Mortgage was recorded, Debtor owned the property formerly known as 415A Skunk Hollow Road.
Debtor owns no other real property in Jericho.
It is undisputed by the parties that Debtor and Key Bank intended to create a Mortgage on the Skunk Hollow Property. Although the Skunk Hollow Road address is recited on two separate instances in the Mortgage, the metes and bounds description of the real property described a parcel of land located on Mill Street in Jericho. The TMS Mortgage correctly describes the Skunk Hollow Property. Debtor argues that the mistake in the description of the property in the mortgage makes the mortgage avoidable by Debtor. A fact is material when it affects the outcome of the suit under governing law.