HomeMy WebLinkAbout1455The Mortgagors further covenant that they are lawfully seized of t~~operty ~iivi~e+~ {(onveyed ; that they
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have full right and power to mortgage same; and that same is free of all encumbrances except ..................................
PItO~'IDEn, that this com•eyance is nklde upon the fullu~~•ing terms and cunditiuns:
.......... ......
That the 1ortgagors have this day borrowed from the l~tortgagcc the sum of ... FIFTY-SEVEN
THOUSAND FIVE HUNDRED AND NO 100 ------------ 57 500.00
-- --------•----------------------------------------------------------------------------------------- ---- ------------------- - -- ($-............_~.--------------...........---) Dollars.
evicknced by a note (hereafter called the "Dote") payable to the order of the Mortgagee, H•ith interest thereon
from elate at the rate ~s set forth in the Note. said Note and interest being payable to the Mortgagee at an office to be
designated in ...LeXin~ton ~ Kentucky, and tl~e 1lfortgagors hereby promise to pay same as follows:
In monthly installments of $526.13 per month, the
first of said installments being due and payable
on the 1st day of January, 1981, and a like amount
on the same day in each and every month thereafter
to and including the 1st day of December, 2010, at
which time, the entire unpaid balanGe~of principal and
interest shall be due and payable in full. From each
payment above, there shall first be deducted interest
to the date of said payment and the balance applied to
principal.
Li any event, the debt secured hereby shall mature and be fully payable ~ J .._...360---------------• (~ months
after the date hereof, or [ ~ on .__._.__December.__1_x__.2010___________________ __
IN ADDITION to being a default under the terms of the \ote and Mortgage, in the event any installment
of interest and/or principle due under the ATote is not received in the home office of the holder of the Note on the
date that said installment is due, the holder hereof shall charge, and the :1ortgagors shall pay, a late charge of 5~ for
each $1.00 of said installment due as provided in the \ote secured by this ~tortgage_
Until said debt and interest are fully paid, the Mortgagors [jointly and severally if more than one] further
covenant and agree that:
1. The Mortgagors will promptly pay all taxes. assessments or other governmental levies that are now, or may
hereafter become, a lien upon the Property, and will keep the improvements on tine Property insured against loss by
fire or windstorm in a sum commensurate with the value of the Property, at least to the extent of protecting the equity
of the Mortgagee in the Property, or to the insurable value of said improvements, in some good and solvent insur-
ance company to be approved by the Mortgagee, and kill cause the policy or policies therefor to be assigned or made
payable to the Mortgagee by Standard Zortgage Clause attached thereto, anct deliver same, with all premiums fully
paid, to the Mortgagee to be held as additional collateral for this loan.
2. The Mortgagors will maintain the improvements on the Property in goal repair; they will not commit or
permit any dan~.•tge to or waste of the improvements on the Property herein mortgaged ; they will not alter, destroy
or remove any improvements now on the Property without the written consent of tl~e ;tortgagee ;and they will make
any repairs demanded by the ;Mortgagee.
3. Upon a default in the plyment of any installment on said \ote, or the breach of any covenant or condition
of this \lrtgage, the Mortgagee shall have the rents, issues and profits of the Property herein nx~rtgaged, have the
right, at its option, to apply for and have appointed by a court of competent jurisdiction, a receiver to take-charge of the
Property and to collect the rents, issues and profits therefrom ;and to apply same to the payment of the cost of such
receivership, to the payment of any superior liens that may nave accrued against the Property, and any delinquent
payment or payments as have accrued or that may become due under the terms of this Mortgage. The application by
the Mortgagee for a receiver shall in no way impair its rights to payments, rents, issues and profits, or thereafter
impair its right to accelerate the collection of the debt herein secured by enforcement of this Mortgage.
4. The Mortgagors will not, either directly or indirectly, convey or contract to convey the Property, or any
interest therein, to any other party, or further encumber the Property, or any interest therein, in any manner with-
; out first obtaining the written consent of the Mortgagee. Should a creditor, receiver or trustee in bankruptcy obtain
Z any interest in the Property, or should any party obtain an interest by levy, execution, attachment, or any means
~ other than inheritance or devise, the entire principal balance of the \ote secured by this Mortgage, together with inter-
! est and service charge accruing thereon, shall become immediately due and payable at tt~e option of tl~e Mortgagee.
5. Should the Mortgagors fail to promptly pay any taxes, assessments, or governmental levies, or effect insur
ante as provided under Paragraph I_ hereof, the Mortgagee mac pa} said taxes, assessments or levies and eflect in-
surance thereon, and any monies so expended by it shall bear interest at the rate as set forth in the Dote, from the
first day of the month in which any such payment is made; and shall be'added to and deemed a part of the debt
hereby secured; or the Mortgagee, upon such failure upon the rt of the iiortgagvts, or upon their fai'.ure to pay
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