Contract language--one partner on mortgage?

[Jamie Brayton]

I know this has been asked before, but I can't seem to find an answer.

We are purchasing a property (two partners on deed, one on mortgage). Our bank (small, local) recommends this so we don't max out the few residential mortgages we have left. We're also structuring a cash out refi this way. We're nearly done with underwriting, so no issues here. 

I've consulted with our CPA and understand contract language from a financial perspective. No issues here. 

We're looking for help with language that explains consequences if the partner who is NOT on the mortgage defaults. All financial obligations are split 50/50. We are consulting an attorney, but additional insight would be helpful to ensure we've considered all factors. Our partnership agreement is otherwise rock solid. 

Thanks!