HomeMy WebLinkAbout1117 aad a tinal instalment of S.~.s~~~.*~~.. on the ....~.Q~f.l.... day oi .$~.~.~.~e.~....., 19...~~, with interest after date oJ anid note, at the rate ot
~~X.~~7i~... per cent pa anaum on the principal surq remcininq }rom time to time un~aid, payabl~e on the same datea Ihat the respective ins!alments of
prinapal ac~e due aa a4oresaid, and wilh interest after maturity at the highest leqal rate Ibolh principal and interest payab:a a! the oihce ot ths
Mo'ttgaqes or suth other place tp the legal holder thereof may from time to time in writing appoint}, and any other amounts now or hereatter owing
(aay oiher amount owed to Moriqagee by Mortqagor shall conatitute ~dditional indebtednesa secwed by this m~rtgage, whether otherarise secured
or unaecvred, and whether or noi specifically designated as beiag secured by this mortqaqe), ther. thia mortgage is to be void, otherwise to be
and remain ia tull torce aad etfect. ln addition to !he note hereia described, the lien of lhis chattel mortqage ahall secure the prompt and faithlul
payment by the Mortgagor oi all aotes, contracta, agreements and other obiigationr of the Mortgagor to the Mortgagee, whether naw ezistinq ar here-
after craated; and default, in the payment or perfarmanee oi any ot eaid notes, coatrceeta, agreemenls or obligntions, by the Mortqagor, shall eoa-
atitute a default uadet this ehatlRl mwiqaqe with the srme torte and efted as a default (by the Morigagor) ia the payment or rerlormaace o! aay of
its obliqations under the terms of this chattel mortgage.
MorSgaqor representa, wanants, covsnanta and aqreea: that Modqagor L lawfu}ly selzud ~t and hns qood right aad title, free [rom encumbrances,
ta martqaqe and pledqe scid property; to deliver certificates of tiUe (iI nny), showinq ehis lien, to Mortqagee; to keep said property iree ot ali taxes,
liens and oncvmbraates: to Sceep xud property covered by such insuraace as Mortqaqee mav <<om time to time requeat, placing such insurance with
compaaies occeptable to Mortgagee and ta deliver the uuurance policies lwith loss payable clause in tavor of Mor;gagee) to Mortqaqee; to apply the
proceeds of aay inaurance, ceqardless of how r~lised, to the liquidatio~ ot the principal and interest, whether past dus or not, or toward the reptaco-
ment ot the property, at Motigcsqee's opiion: aot to romove the property from the address I~sted above. nor trom the State, nor use it illegally,
improperly or !or hire, aor tranafer any interest therein, withoul prior written consent of the Martgaqee or without accnunting to the Mortgaqee ipr the
proceeds ot any Ranafer or eale; 4o pay recordinq or other charqea in connection herewilh: to hold and save the Mortqaqee harmless trom any and
nll liability arising Erom the uae ni the property; to keep said pcoperty in good repair and operating condition; no1 td diminish or waate, or pennit the
diminuGon or waste ot said property; to do all things necesaary to be done to prevent or remedy the impairment of aaid property. Sho~c2d the Mott-
qagar fail or reluae to keep and perform each ~nd all 01 said reptesentations, warranties, coventints and agreementa, then the Mortqaqee. at its
option, may do and pedorm any or all of the matters ond thwga which Mertgagor has covenanted and ngreed to do; and all moniea, paid by the
Mortgagee for any such purpase, inctuding attorney's tees and other outof-pocket expenses, shaA be added to the indebtedaess sK.itred by this
moriqage; Cnd shall be payable on demand, with interest thereon at the highest legal contratt rate from the date of payment by Mortgaqee.
It is understood and agreed that time is lhe essence ot this mortgaqe: that the Mortqayor shall retain possession and use o! the property only so
long ass tbe Mostqaqor xhall not be in delavlt under the o}oresaid note pr in any ot the terms, tonditions, covenants, iepr9sentations and aqreements
herein coatained; thai the waiver and indulqence o! any default in any ot said terms, conditions, covenanta, representotions and aqreementa shall not
operate as a waiver of any subsequent defautt; that each and every remec}y herein contained shall be cumulative and in addition to every other
remedy qiven hereunder, or now or hereafter ezisting at ]dw or in equity; that if ihe Mortgagor is in delault on any of the terms, conditions, cova-
aanu, represantations and oqresmentn of thia mortgage; or shouid a petition in ban~ruptcy be lIIed by or against the Mortqaqor, or any appiirntian
mc~de; or ~ny proceedinq commenced ior lhe appointment ol a reteiver, trustee or liquidator for the Mortgaqor. ox any" or all oi the Mortgagor's
property; or i! aay execution, attacFiment, saquestration, ar any Writ shall be iasued or levied on the morigaged property, ot any pert thereof, or if
the Mortgagee ahaII at any time, in its sole judqmeat, Eeel itael! insecuze or unsaie or fear the diminution, removal or waate of fhe b~sid groperty,
or any part thereoi, then and in any such event, the Mortqagee may declare the whole sum remainiag unpaid and secured hereby, to be due and
payable forthwith, anything to the contrary thareo3, herein or Sn said note notwithstandinq; and the Mortgagee map take immediate' possession of
•aid property wherever situated, without notice or proceeding at law or in equity, and sell the same at public or private sale, with or without
havinq said property at the place ot aale, uptrn such terms and in xuch manner ae the Mortgagee may delermine, unlees the Sfate Iaw prescribes
a mandatory proceduso an such sale, in such cuse the sale shal] be held according to such requirer.tents. The Mortgcgee ahall have the right at
any auch sale, to purchase said property; but in the event o1 such aole, out of the proceeds thereot s:~a11 first be paid all coats, charqes and e:penses,
including reasonable attorneys fees, of faking poasession and keepinq stored and in repairinq and sellinq said praperty; and second, there shall be
paid all nums due and unpaid on aaid note; and thud, any balance remausing after deducting any other ornount or amounta due to the Mortqagee,
or its assiqna, lrem the Mortgagor, shal! be paid to the Morigago:; and it is agreed that in the event the sums reatized upoa the saie be truufficient
ta pay said ir.debtedneas, cost, tharges and e:penaes and any other amounts sesured by thia mortgage, the Mortgaqor shall pQy any such de-
ficiency on demand with interest. Said Mortgaqor does hereby expresaly waive any action or riqht oi action or any claima whatsoever that Mort-
gagor may have against the Mortgagee, its agents ar employees resultinq trom the zeposaessioa, removal or retention oi said property, or olherwise.
Mortqagor doea hareby constitute and appoint the Mortgaqee and the Mortgagee's successors and assiqns and their respective afficere, agenu
and u~torneys as n:torneys in fact to r.~ake any adjustment tnr any loss or losaea octutring under any policy or insurance covering said property and
siqn or ceceipt in the name of the Mortqaqer, as agent and attomey ia tatt, tor any premium, proofs of loss, making and acceptinq settlem¢nts or
tlaims; and each such agent and at!orney in fcsct is hereby authorized to collect any amount due thereby and to apply any amounl received thero-
ur.der and peyable to the Mortgagor to the liquidation o! the amount due under this mortgage, whelher past 3ue or not, or towards the replacement
o} the property, ai the option oi the Murtgqgee.
Martgagor covenants and a~rees that (on demand} Mortqaqor will 1) re-e:ecuta, re-aclrnowlev~ge, and re-record or refile this mortgage: or
~ 2) execu:e, acknowledge, deliver and record or tile a new mortqaqe, oz a ronlirmatory or supplemental mortgaga and such other instnunent or inntru-
ments aa Mortgagee may :equesl; and 3) do any and ail thinqs, when2ver nnd as otten as Maitqagee may deem the same necessary in oider to pre-
serve iunti: all the indebtedneas secured or to be secured hereby ahall ha~e been paid in lull) the validity and efficacy hereof as a mortgaqe and
contiauing lien upon all the property mortgaged or intended io be mortgaqed hereby, and whether now owned or hereafter acquired by Mottqagor,
its succesaors or asaiqns. The unentortibility or invalidity oi any provision or proviaions o! ths mortgage aha11 not render any other proviaion or
provisiona hereus contained unentorcible or invalid.
7h;s mortq¢ge is binding on the auctessors and aaaigns ot the Mor:gaqo:, and as to al! of its rights and privileges it ahall inure to the benefit
of the successor~ and aasigna of the Mortqaqee; and may be amended only by written agreemeni accepted and signed by an offiCer of Riortqagee.
This mortgaqe shall cover any and all tuture advances made by the Mortqagee to tho Mortqagor, but no! to ezcead the sum o! 5... ~0 f 000• o~
at any one time outstandinq. The Mortgaqee is nuthorized to corre~t erco:a in lhis mortgage and any note execut~ci in connection herewith.
IAI WI7NES5 WFiEREOF, the undersigned Mottgagor by order of its Baard of Birectora has caused these presents to be executed in triplieate
(ar_e cnpy oi which was retained and receipt whereof is hereby ucknowledged by Moriqagor) nnd delivered on its behalt, hy its Presidecrt,
attested by ita....__.._ ...............Secretary and caused ita corporate seal to be hezeunto affixed this ..~~ti,.. day oi ...October_ , lg b.5,
Ar~sr: R~ H MOTQRS , INC .
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Secretary
(Atiiu Gorporate seal) resident
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