HomeMy WebLinkAbout2782 Mortgagor will make such further assurances to perfect the fee
simple title to said land in the Mortgagee as may reasonably be
required; and that said Mortgagor does hereby warrant the title
to said land and will defend the same against the lawful claims
of all persons, whomsoever.
WITNESSETH THAT, WHEREAS, the Mortgagor ~as received a
loan from the Mortgagee and is justly indebted to the
Mortgagee, which indebtedness is hereby acknowledged and is
evidenced by a certain promissory note dated the a 2~ day of
January, 1990, made by the Mortgagor and payable to the
Mortgagee in the principal sum of FORTY TWO THOUSAND FOUR
HUNDRED AND NO/100 DOLLARS (~42,400.00), together with interest
as stated therein, said note beinq in standard form and
providing, among other things, for amortized payments ir~cluding
interest upon the principal thereof beginning on the oGoL.day
of February, 1990, with the balance of principal and accrued
interest due and payable on the ~ day of January, 1994,
provision for prepayment, acceleration of principal in the
event of default together with a clause providing for the
payment by the Mortgagor of attorney's fees, ezpenses and costs
of collection. The provisions of such note, to which ref.erence
is hereby made are by reference made a part of this instrument
as though the same were fully set forth herein. The Mortgagor
shall pay all other sums provided to be paid by this mortgage,
and shall perform, comply with and abide by each and every the
stipulations, agreements, conditions and covenants of said
promissory note and of this mortgage, then this mortgage and
the lien hereby created shall cease and be null and void.
AND THE MORTGAGOR does hereby further covenant and agree
as follews:
1. To pay all and singular the principal and interest
and other sums of money payable by virtue of said promissory
note and this mortgage, or either, promptly on the days
respectively the same severally come due.
2. To pay all and s~ngular taaes, assessments, levies,
liabilities, obligations and encumbrances of every nature on
said described property, each and every, within the time
specified in Paragraph 6 below, and if the same shall not be
promptly paid, the Mortgagee may, at any time either before or
~ after delinquency, pay the same without waiving or affecting
i the aption to foreclose, or any right hereunder and every
( payment so made shall bear interest from the date thereof at
' the highest rate permitted by law.
! 3. To keep the buildings now or hereafter on said land
E and the fixtures and personal property therein contained
~ insured, in a company or companies approved by the Mortgagee,
against loss by fire and windstorm, for the highest insurable
r value so that the Mortgagee's interest is not subject to
~ co-insurance, and the policy or policies shall be heZd by and
~ be payable to said Mortgagee, and the Mortgagee shall have the
~ option to receive and apply said payment on account of the
~ indebtedness hereby secured, or permit the Mortgagor to receive
~ or use it, or any part thereof, for any purposes without
~ thereby waiving or impairing the equity, lien or right under
and by virtue of this mortgage and may place and pay for such
~ insurance or any part thereof without waiving or affecting the
option to foreclose or any right hereunder and each such
payment shall bear interest from date at the highest rate
-permitted by law.
~ 4. To permit, commit, or suffer no waste, impairment,
abandonment, or deterioration of said prop~rty, or any part
` thereof, and upon the failure of the Mortgagor to keep the
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~ buildings and personal property on said property in good
~ condition or repair, the Mortgagee may demand the immediate
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