THIS INDENTURE, made as of the _____________, by
and between ________________________________________,
of ______________________________________, hereinafter
called "Mortgagor", and ____________________________________________,
of ________________________________, hereinafter called
"Mortgagee".
W I T N E S S E T H :
AMOUNT OF LIEN: "NOTE"
WHEREAS, Mortgagor is justly indebted to Mortgagee
in the sum of __________________ DOLLARS ($_____________)
in lawful money of the United States, and has agreed
to pay the same, with interest thereon, according
to the terms of a certain note (the "Note")
given by Mortgagor to Mortgagee, bearing even date
herewith.
DESCRIPTION OF PROPERTY SUBJECT TO
LIEN: "PREMISES".
NOW, THEREFORE, in consideration of the premises
and the sum hereinabove set forth, and to secure the
payment of the Secured Indebtedness as defined herein,
Mortgagor has granted, bargained, sold and conveyed,
and by these presents does grant, bargain, sell and
convey unto Mortgagee property situate in __________
County, ______________, more particularly described
in Exhibit "A" attached hereto and by this
reference made a part hereof;
TOGETHER with all buildings, structures and other
improvements now or hereafter located on, above or
below the surface of the property hereinbefore described,
or any part and parcel thereof; and,
TOGETHER with all and singular the tenements, hereditaments,
easements, riparian and littoral rights, and appurtenances
thereunto belonging or in anywise appertaining, whether
now owned or hereafter acquired by Mortgagor, and
including all rights of ingress and egress to and
from adjoining property (whether such rights now exist
or subsequently arise) together with the reversion
or reversions, remainder and remainders, rents, issues
and profits thereof; and also all the estate, right,
title, interest, claim and demand whatsoever of Mortgagor
of, in and to the same and of, in and to every part
and parcel thereof; and,
TOGETHER with all machinery, apparatus, equipment,
fittings, fixtures, whether actually or constructively
attached to said property and including all trade,
domestic and ornamental fixtures, and articles of
personal property of every kind and nature whatsoever
(hereinafter collectively called "Equipment"),
now or hereafter located in, upon or under said property
or any part thereof and used or usable in connection
with any present or future operation of said property
and now owned or hereafter acquired by Mortgagor;
and,
TOGETHER with all the common elements appurtenant
to any parcel, unit or lot which is all or part of
the Premises; and, ALL the foregoing encumbered by
this Mortgage being collectively referred to herein
as the "Premises";
TO HAVE AND TO HOLD the Premises hereby granted
to the use, benefit
and behalf of the Mortgagee, forever.
U.C.C. SECURITY AGREEMENT
It is agreed that if any of the property herein
mortgaged is of a nature so that a security interest
therein can be perfected under the Uniform Commercial
Code, this instrument shall constitute a Security
Agreement and Mortgagor agrees to join with the Mortgagee
in the execution of any financing statements and to
execute any and all other instruments that may be
required for the perfection or renewal of such security
interest under the Uniform Commercial Code.
EQUITY OF REDEMPTION
Conditioned, however, that if Mortgagor shall promptly
pay or cause to be paid to Mortgagee, at its address
listed in the Note, or at such other place which may
hereafter be designated by Mortgagee, its or their
successors or assigns, with interest, the principal
sum of ________________ DOLLARS ($________) with final
maturity, if not sooner paid, as stated in said Note
unless amended or extended according to the terms
of the Note executed by Mortgagor and payable to the
order of Mortgagee, then these presents shall cease
and be void, otherwise these presents shall remain
in full force and effect.
ARTICLE ONE
COVENANTS OF MORTGAGOR
Mortgagor covenants and agrees with Mortgagee as
follows:
1.01 Secured Indebtedness.
This Mortgage is given as security for the Note
and also as security for any and all other sums, indebtedness,
obligations and liabilities of any and every kind
arising, under the Note or this Mortgage, as amended
or modified or supplemented from time to time, and
any and all renewals, modifications or extensions
of any or all of the foregoing (all of which are collectively
referred to herein as the "Secured Indebtedness"),
the entire Secured Indebtedness being equally secured
with and having the same priority as any amounts owed
at the date hereof.
1.02 Performance of Note, Mortgage, Etc..
Mortgagor shall perform, observe and comply with
all provisions hereof and of the Note and shall promptly
pay, in lawful money of the United States of America,
to Mortgagee the Secured Indebtedness with interest
thereon as provided in the Note, this Mortgage and
all other documents constituting the Secured Indebtedness.
1.03 Extent Of Payment Other Than Principal And
Interest.
Mortgagor shall pay, when due and payable, (1) all
taxes, assessments, general or special, and other
charges levied on, or assessed, placed or made against
the Premises, this instrument or the Secured Indebtedness
or any interest of the Mortgagee in the Premises or
the obligations secured hereby; (2) premiums on policies
of fire and other hazard insurance covering the Premises,
as required herein; (3) ground rents or other lease
rentals; and (4) other sums related to the Premises
or the indebtedness secured hereby, if any, payable
by Mortgagor.
1.04 Insurance.
Mortgagor shall, at its sole cost and expense, keep
the Premises insured against all hazards as is customary
and reasonable for properties of similar type and
nature located in
________________ County, ___________.
1.05 Care of Property.
Mortgagor shall maintain the Premises in good condition
and repair and shall not commit or suffer any material
waste to the Premises.
1.06 Prior Mortgage.
With regard to the Prior Mortgage, Mortgagor hereby
agrees to:
(i) Pay promptly, when due, all installments of
principal and interest and all other sums and charges
made payable by the Prior Mortgage;
(ii) Promptly perform and observe all of the terms,
covenants and conditions required to be performed
and observed by Mortgagor under the Prior Mortgage,
within the period provided in
said Prior Mortgage;
(iii) Promptly notify Mortgagee of any default,
or notice claiming any event of default by Mortgagor
in the performance or observance of any term, covenant
or condition to be performed or observed by Mortgagor
under any such Prior Mortgage.
(iv) Mortgagor will not request nor will it accept
any voluntary future advances under the Prior Mortgage
without Mortgagee's prior written consent, which consent
shall not be
unreasonably withheld.
ARTICLE TWO
DEFAULTS
2.01 Event of Default.
The occurrence of any one of the following events
which shall not be cured within _(16)_ days after
written notice of the occurrence of the event, if
the default is monetary, or which shall
not be cured within __(17)__ days after written notice
from Mortgagee, if the default is non-monetary, shall
constitute an "Event of Default":
(a) Mortgagor fails to pay the Secured Indebtedness,
or any part thereof, or the taxes, insurance and other
charges, as hereinbefore provided, when and as the
same shall become due and payable;
(b) Any material warranty of Mortgagor herein contained,
or contained in the Note, proves untrue or misleading
in any material respect;
(c) Mortgagor materially fails to keep, observe,
perform, carry out and execute the covenants, agreements,
obligations and conditions set out in this Mortgage,
or in the Note;
(d) Foreclosure proceedings (whether judicial or
otherwise) are instituted on any mortgage or any lien
of any kind secured by any portion of the Premises
and affecting the priority
of this Mortgage.
2.02 Options Of Mortgagee Upon Event Of Default.
Upon the occurrence of any Event of Default, the
Mortgagee may immediately do any one or more of the
following:
(a) Declare the total Secured Indebtedness, including
without limitation all payments for taxes, assessments,
insurance premiums, liens, costs, expenses and attorney's
fees herein
specified, without notice to Mortgagor (such notice
being hereby expressly waived), to be due and collectible
at once, by foreclosure or otherwise;
(b) Pursue any and all remedies available under
the Uniform Commercial Code; it being hereby agreed
that ten (10) days' notice as to the time, date and
place of any proposed sale shall be reasonable;
(c) In the event that Mortgagee elects to accelerate
the maturity of the Secured Indebtedness and declares
the Secured Indebtedness to be due and payable in
full at once as provided for in Paragraph 2.02(a)
hereinabove, or as may be provided for in the Note,
or any other provision or term of this Mortgage, then
Mortgagee shall have the right to pursue all of Mortgagee's
rights and remedies for the collection of such Secured
Indebtedness, whether such rights and remedies are
granted by this Mortgage, any other agreement, law,
equity or otherwise, to include, without limitation,
the institution of foreclosure proceedings against
the Premises under the terms of this Mortgage and
any applicable state or federal law.
ARTICLE THREE
MISCELLANEOUS PROVISIONS
3.01 Prior Liens.
Mortgagor shall keep the Premises free from all
prior liens (except for those consented to by Mortgagee).
3.02 Notice, Demand and Request.
Every provision for notice and demand or request
shall be deemed fulfilled by written notice and demand
or request delivered in accordance with the provisions
of the Note relating to notice
3.03 Meaning of Words.
The words "Mortgagor" and "Mortgagee"
whenever used herein shall include all individuals,
corporations (and if a corporation, its officers,
employees or agents), trusts and any and all other
persons or entities, and the respective heirs, executors,
administrators, legal representatives, successors
and assigns of the parties hereto, and all those holding
under either of them.
The pronouns used herein shall include, when appropriate,
either gender and both singular and plural. The word
"Note" shall also include one or more notes
and the grammatical construction of sentences shall
conform thereto.
3.04 Severability.
If any provision of this Mortgage or any other Loan
Document or the application thereof shall, for any
reason and to any extent, be invalid or unenforceable,
neither the remainder of the
instrument in which such provision is contained, nor
the application of the provision to other persons,
entities or circumstances, nor any other instrument
referred to hereinabove shall be affected thereby,
but instead shall be enforced to the maximum extent
permitted by law.
3.05 Governing Law.
The terms and provisions of this Mortgage are to
be governed by the laws of the State of ____(18)_____.
No payment of interest or in the nature of interest
for any debt secured in part by this Mortgage shall
exceed the maximum amount permitted by law. Any payment
in excess of the maximum amount shall be applied or
disbursed as provided in the Note in regard to such
amounts which are paid by the Mortgagor or received
by the Mortgagee.
3.06 Descriptive Headings.
The descriptive headings used herein are for convenience
of reference only, and they are not intended to have
any effect whatsoever in determining the rights or
obligations of the
Mortgagor or Mortgagee and they shall not be used
in the interpretation or construction hereof.
3.07 Attorney's Fees.
As used in this Mortgage, attorneys' fees shall
include, but not be limited to, fees incurred in all
matters of collection and enforcement, construction
and interpretation, before, during and after suit,
trial, proceedings and appeals. Attorneys' fees shall
also include hourly charges for paralegals, law clerks
and other staff members operating under the supervision
of an attorney.
IN WITNESS WHEREOF, the Mortgagor has caused this
instrument to be
duly executed as of the day and year first above written.
Witnesses:
______________________________ _________________________________
______________________________
STATE OF ____________________)
)
COUNTY OF ___________________)
THE FOREGOING instrument was acknowledged before
me this ______ day of _______, 20_____
______________________________ _______________________________
My Commission Expires: _____________________
NOTICE
The information in this document is designed to
provide an outline that you can follow when formulating
business or personal plans. Due to the variances by
many local, city, county and state laws, we recommend
that you seek professional legal counseling before
entering into any contract or agreement.
