88100619 - Laserfiche WebLink

Browse

B8~100619 REAL ESTATE MORTGAGE MICHAEL and BRENDA NEUBERT, husband and wife, hereinafter called "Mortgagor", in consideration of Ten mortgage to OVERLAND NATIONAL BANK, hereinafter called thousand dollars ($10,000) received from Mortgagee, does "Mortgagee", the following described property: See Exhibit "A" Attached Mortgagor covenants with the Mortgagee, their heirs and assigns, that Mortgagor is lawfully seised of said premises, that it is free from encumbrances, except those of record, that Mortgagor has lawful authority to convey the same, and that Mortgagor warrants and will defend the title to said premises against the lawful claims of all persons. This Mortgage is given to secure the payment of the Promissory Note of this date made by the Mortgagor for $lO,OOO payable according to the terms thereof. Mortgagor shall pay all taxes and assessments levied upon said real property and all other taxes levied on this Mortgaqe or the Note which this Mortgage is given to secure before the same become delinquent and shall maintain fire, windstorm and extended coverage insurance with a mortgage clause on the buildings on said premises in the sum of not less than $6N.H~' If Mortgagor fails to pay su~h taxes and assessments or procure such insurance, Mortgagee may pay such taxes and purchase such insurance and the amount so advanced with interest at Twelve percent (12%) per annum shall be secured by this Mortgage. In case of default for more than thirty (30) days in the payment of the principal sum or any installment thereof or of any interest thereon when the same shall become due or in case of the non-payment of any taxes or assessments or of the failure to maintain insurance as herein provided, Mortgagee may, at the option of Mortgagee, give written notice by Certified Mail to Mortgagor, and after an additional fifteen (15) days declare the whole debt secured by this Mortgage to be immediately due and payable and may foreclose this Mortgage at any time during the continuance of such default or breach. An additional event of default shall be if all or any part of the premises or any interest therein is sold either outright or by land contract or otherwise transferred by Mortgagor without Mortgagee's prior written consent excluding (1) the creation of a lien or encumbrance subordinate to this Mortgage; (2) the creation of a purchase money security interest for household appliances; (3) a transfer by devise, descent or by operation of law upon the death of a joint tenant; or (4) the grant of any leasehold interest of three years or less not containing an option to purchase. ~ :1 M ~] ~ I~ ~ ~;.\l! t ~ . ~ ~ ~ ~ ~ L In the event of default in the performance of any of the terms and conditions of this Mortgage or the Note secured by it, all the rents, revenues and income derived therefrom during such time as the Mortgage indebtedness remains unpaid shall be applied by the Mortgagee to the payment of the Note and all other sums secured hereby after deduction of any necessary costs of collection. r----- i ,~ . ~ r. ~ ~ / ~..