HomeMy WebLinkAbout2403 manner and form written; and that the same are free fran all liens and encumbrances
vhatsoever, excepting only~the lien of general taxes not due and payable; and that
Hortg~gor does ~rarrant and will defind the said premises; with the privile~es and ~
appurt~nances thereunto belonging to Mortgagee, its successors and assigns, forever,
against all lawful claims and demands whatsoever.
PRO~VIDED, ALWAYS, that if the Mortgagor shall pay unto the Mortgagee the indebtedness
to Mortgagee in~ the principal sum of Four Million and NO/100ths
Dollars 4 00~ (l~0 On ) as evidenced by that certain Pramissory Note of
even date herewith; executed by Mortgagor and payable to the order of Mortgagee, with
interest and upon the terms as provided therein, which Note provides that all install-
ments of principal and interest are payable at the office of payee, 743 North Water
Street, Milvaukee, Wisconsin 53201, or at such other place as ehe holder may designate
in writing, together with any Note or Notes hereafter executed by the Mortgagor herein
by and in accordance with paragraph twenty-one of this mortgage, together with interest
as therein stated, and that each maker and endorser agrees to pay all costs of collec-
tion, including a reasonable attorne~s fee, upon default in the payment of said Note,
and that if default be made in the payment of any installment thereunder and that if
such default is not made good in accordance with the terms of said Note, that the entire
principal sum and accrued interest shall become due and payable without notice at the
option of the holder thereof. And shall duly, prcxnptly, and fully perform, discharge,
execute, effect, complete and camply with and abide by each and every the stipulations,
agreements, conditions, and covenants of said Prvmissory Note and this Mortgage, then
this Mortgage and the estate hereby created shall cease and be null and void.
AND, MORTGAG~t HEREBY COVENANTS AND AGREES 1~AT: .
1. Mortgagor will pay the principal of and interest on the indebtedness evidemced
by the said note, at the times and in the manner therein provided.
2. Mortgagor will pay all taxes, assessments, and other similar charges levied up-
on_the said premises before the same becames delinquent and will promptly de-
j liver to Mortgagee receipts of the proper officers, therefor. Yn default
j thereof, Mortgagee may pay such taxes, assessments, and other similar charges,
~ including any penalties, or interest thereon (of which payment, amount and vali-
i dity thereof, the receipt of the proper officer shall be conclusive evidence)
~ and any amount so paid by Mortgagee shall became immeciately due and payable by
Mortgagor With interest at the rate specified in the note seeured by this mort-
gage.
3. In order to more fully protect the security of this mortgage aind upon request
by Mortgagee, Mortgagor will pay to *iortgagee monthly, in addition to each
monthly payment required liereunder, or under the evidence of the debt secured
hereby, a sum equivalent to oae-twelfth (1/12th) of the amount estimated by
Mortgagee to be sufficient to enable Mortgagee to pay at least thirty (30) days
before they becane due all taxes, assessments, and other similar charges levied
against the said premises, and all insurance premiwns on any policy or policies
of insurance required hereunder. No interest shall be payable in respect
thereof. Dpon demand by Mortgagee, Mortgagor will deliver and pay over to
Mortgagee such additional sums as are necessary to make up any deficiency in
the amount necessary to enable Mortgagee to fully pay any of the items herein-
above mentioned. In the event of any crefault by Mortgagor in the performance
~5 of any af the terms, covenants, or conditions herein contained, or in the evi-
~ dence of the debt secured hereby, Mortgagee may apply against the indebtedr.ess
~ secured hereby, in such a manner as Mortgagee may determine, any funds of Mort-
gagor then held by Mortgagee under this paragraph.
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4. In the event of the passage, after the date of this mortgage, of any statute or
ordinance deducting from the value of real pro,erty for purposes of tasation,
any lien thereon, or changing in any way the laws now in force for th~e taxation ~
of mortgages or debts secured thereby, for state or local purposes, or thE man-
ner of the collection of any s~.:ch taxes, so as to affect this mortgage or the
interest of Mortgagee hereunde~, the :~hole of the principal sum secured by this
mortgage, r~ith interest and charges, if any, thereon, at tne option of mor*_aa-
gee, shall became i~nediately due, payzble and collectible without notfce of deiaar.d.
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