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HomeMy WebLinkAbout0721 PROMISSORY NOTE $10,000.00 Columbus, Ohio April 5, 1974 Six months after date, and for value received, I promise to pay to the order of M M Corporation, at its offices located at 1620 East Broad Street, Columbus, Ohio 43203, Ten Thousand Dollars with interest from date until due at the rate of eight per cent (8$) per annum, together with a reasonable sum for attorney's fees if this note is placed in the hands of an attorney for collection after maturity. ; f The undersigned hereby waives presentment, demand for pay- ; ment, notice of dishonor, and all other notices or demands in con- ; nection with the delivery, acceptance, performance, default, or in- ~ dorsement of this note. ~ ~ 4 To secure payment of this note, and of any liability or i liabilities of the Maker to the holder hereof, due or to become due, or that may hereafter be contxacted or existing, however acquired by the holder, the Maker has transferred, by mortgage deed of even date herewith, to the Payee the real property set forth in Schedule A annexed hereto, hereafter called collateral, the market value of which at the date hereof is estimated to be $25.000. ; In case of a decline in the market value of the collateral or any part thereof, the holder may demand that additional collateral of a quality and value satisfactory to him be delivered, pledged and ; transferred to him, and that the Maker create a security interest in the additionally delivered collateral in favor of the holder. Failure on the part of the Maker to deliver such additional collateral on demand shall cause this note to beco~qe due d payable on demand. : c ; Rob rt A. Gill - Maker and shall duly, prompUy and fully perform, discharge, execute, effect, complete, comply with and abide by each and everv the stipulations. agreements, condit~ons and covenants of said prom~ssory note and ot this mortgage.. then this mortgnge and the estate hereby cteated shall cease and be nuli and void. It is understood that each of the wonis, "note," "mortgagor" and "mortgagee" respectively and the pron- ouns re[erring thereto, whether in the singular or piurat anywhere in this mortgage, shall be singular it one only - and shall be plural joinUy and severally, if more than one, and shall be masculine, feminine and/or neuter. wher- ever the context so implies or admits. And said Mortgagor for himseif and his heira, legal representativea, successots and assigns~ hereby oovea- ants ana agrees to and with said Mortg~gee. his legal repre9enta4ves, successors and assigns: 1. To pay sll end eingular the princtpat and lntereat and the variou9 and ~sundry aums ot money psyable by ' virtue of said promissory note. and tlus mortgage, each and every. pmropUy on the days respectively the eame ~ aeverally becoma'dGe. 2. To pay all and aingular the taxes, assessments. leviea, liabflities, obligations and incumbrances of every nature and kind now on said descnbed properly, and/or that hereafter may be imposed, auffered, placed. Ievied or assesaed thereupon, and/or that hereafter may be levied or assessed upon this mortgage and/or the indebted- ~ ness secured hereby, each and every, when due and payable according to law, before they become delinquent„ and before any interest attaches ~or ~y ~n~cy is incurred; and in so far as any thereof is ot record the same shall be prompUy satisfied and discharged of record and the original ofticial document (such as, tor instance. :he tax receipt or the satisfaction paper officially endorsed or certified 1 shall be placed in the hands of said ~iortgagee within ten days neat atter payment; and in the event that any thereot is not so paid, satisfied and discharged, sald 111ortgagee may at any time pay the same or any part thereot v?~ithout wai~ing or affecting any optiDn, lien, equity or right under or by ~irtue of this morigage, and the full amount ot each and every such payment shall be immediately due and payab;e and shall bear interest from the date thereot until paid at the rate of ten per centurn per annum and tugether wilh such interest shall be secured by the lien of thie mortgage. S. To place and continuously keep on the buildin~a now or hereafter ettuate on said land fire and windstorm insurance in the u.4ual standard policy form, in a sum not less than s......._ in such com- pany or comp^nies as may be approved by said DTort~a~ce: und nll such insurance policies on any of said build- ings, any interest therein nr part thereof, in the aR~regate sum aforesaid or in excess thereoi, shall contain the usual standard mori~agee dause makinR the lu~s ur.d~r said policies, each and every, payable to said 1ltortga. gee as his interest may appear, and each ar.d e~~ery su~•h policy shall be promptly delivered to and held by said Mortgagee; and, not less than ten days in nd.•anre of the expiration ot each policy, to deliver to snid Mortgagee a renewal thereof, to~ether Kith a receipt for thP premium of qurh rPnewal• and there shall be no such insur- - ance placed on an~ of ~aid buildin~s, any interest therein or part thereof, unless in the focm and wlth the lose payable as aforesaid: t?nd in the e~•Pnt any sum o[ money becomes payable under such policy or policies said Mort~agee shall have the optinn to receive and apply the same on account ot the indebtednes~ secured hereby or to permit said :biortgagor to receive and uee it or any pnrt thereot for other purpo~es without thereby wai~~ing or impairing any equity, lien or riRht under ~r by ~•irtue of this mortgage; and in the event said Mortgagor shall for any re.lson fail to keep the said premises so insur~d, or fail to deliver prompUy any ot said policies ot _ insurance to said DtortgaRee, or fail prompU,v to paV h~lly :iny premium iherefor. or in any reapect fail lo per- z torm, dischar~e, execute, e[fect, complete, comply ~~-ith and abide by•this eovenant, or an~ part hereof, said Rtortg- ageP may place and pay for such insurance or any part thereo[ ~vithout waiving or affecting' any option, lien, equity or right under or by v9rtue ot this mortgage, and the full amount of each and every such payment shall be immediately due and pa~•abie and shall bear intPrest trom the date thereof untfl paid at the rate of ten per centum per annum t?nd together with such interest shall be aecured by the lien ol t2?ia mortgage. 4. To permlt, commit or sutter no Ka+te, impairment or deterioraUon of safd property or any part thereof. - 6. To pay all and aingular the costs, charges and expenses, including reasonable lawye~s fees and coet o! ~ abstracts ot title, incurred or paid at any time by said Mortgagee because and/or in the event ot the failure on the part ot the said Mortgagor to duly, promptiy and fully pertorm, dlacharge, execute, etfec~ campiete, - comply a~ith and abide by each and every the stipulationa, agreements, condiUona and covenanta of said promis- ~ eory note, and thl~ mortgage, any or either, and sald costs, charg~a and eapenae~, each and every. ahall be Im- ; mediately due and payable, whether or not there be notice, demand, attempt to collect or sult pending: and the : full amount of each and every ~uch payment ahal) bear interest trom tha date thereoi until pald at the rate of ~ ten per centum per annum: and all eaid co~ta, chargea and expeneer so Incure+ed or paid, together with auch in- ~ terest, ahall be eecured by the lfen of thls moctgage. • - s ao~ 226 P~ 721 ~ 4~~ ~ . _ . . _ , ~ . ~ . _ . ~t"_