HomeMy WebLinkAbout0352 TO HAVE A~TD TO IIOLD the same. together with the tenements.
hereditaments and a~purtenances thereunto belonging, and the rents and
issues thereof, unto the i~lortgagee, its succe5sors and assigns in fee simple,
forever, the whole free from all exemption and right of homestead.
And the said Mortgagor. for itself, its successors and assigns,
hereb,y covenant with the said Mortgagee, its successors and assigns, that the ~
said Mortgagor is indefeasibly seized of said land in fee simple; that the said
Mortgagor has full power and lawful right to convey the same in fee simple
as aforesaid; that it shall be lawful for the said Mortgagee, its successors and
assigns, at all times peaceably and quietly to enter upon, hold, occupy and
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enjoy said land and every part thereof; that the said land and every part ~
thereof is free from all encumbrances; that the said ?Viortgagor, its
successors and assigns, will make such further assurances to perfect the
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fee simple title to said land in said i~llortgagee, its successors and assigns, as
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may reasonably be required; and that the said Mortgagor does hereby fully ;
warrant the title to said land and every part thereof, and will defend the same _
against the lawful claims of all persons whomsoever. ~ s
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THE FOREGOING CONVEYANCE is intended to be, and is, a ;
mortgage to secure the pa~~ment of one promissory note of even date for the
' sum of $35, 000. 00, made by the said ASSOCIATED INNS, INC. , payable to
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r the order of LIFE INSL'RANCE COIIIPANY OF GEORGIA at its office within
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' five (5) years after date, with interest from date until ~aid, at the rate of
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~ 10-1/2% per annum, payable in monthly installments of ~??2.10, interest
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~ included, final balance to be paid in the last monthly installment when due,
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~ first installment due June 1, 1975, and on the first day of each month there-
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~ after, last payment due ,Vlarch 1, 1980; this indebtedness may not be prepaid ,
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~ in any amount nor at anytime prior to "the third (3rd1 anniversary date of the
= loan. Thereafter, the loan may be prepaid only if paid in full, and upon
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payment of a prepayment charge of 6% of the amount prepaid.
' The holder may* collect a"late charge" not to exceed an amount
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? equal to four percent (4%) of any installment which is not paid within fifteen ~
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~ (151 days of the due date thereoi, to cover the e~ctra expense involved in.
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~ handling delinquent payments. ~ ~ _
- 6~~x~39 351
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