|
85-.. 000941
<br />COLLATERAL MORTGAGE
<br />� #
<br />WHEREAS, Fred Cook _
<br />hereinafter referred to as Mortgagor, is now or will be principal, or has agreed or will agree to indemnify
<br />the mortgagee as surety on the following described bonds:
<br />Any and all bonds
<br />and WHEREAS, UNITED FIRE & CASUALTY COMPANY
<br />hereinafter referred to as Mortgagee, is now or will be the surety bon boi above
<br />described; I
<br />NOW, THEREFORE, as part of the consideration for the ortgagcc W01,11isig-surely on said bonds
<br />and on any other bonds as to which mortgagor may be either the principal or an indemnftor, and the mort-
<br />gagee is the surety, whether presently in force or to be executed in the future, the mortgagor (joined by
<br />Leona Cook his wife), does hereby convey unto the mortgagee, the following de-
<br />scribed real estate, to -wit:
<br />See Attachment A
<br />The Mortgagor does hereby covenant with the said Mortgagee and its successors in interest, that said
<br />Mortgagor holds said real estate by title in fee simple; that he has good and lawful authority to sell and
<br />convey the same; that said premises are free and clear of all liens and encumbrances whatsoever, except
<br />mortgages and other contract liens of record, if any, and said Mortgagor covenants to warrant and defend
<br />the said premises against the lawful claims of all persons whomsoever.
<br />Each of the undersigned hereby relinquish all rights of dower, homestead and distributive share in
<br />and to the above 'described premises.
<br />This conveyance is given as collateral security to secure the mortgagee for any and all sums which
<br />are now or may in the future be due to the mortgagee from the mortgagor by reason of the fact that mort-
<br />gagee has executed or may in the future execute certain bonds as surety to which the mortgagor is or will
<br />be either the principal, or has agreed or will agree to indemnify the mortgagee as surety, including but
<br />not limited to the bonds specifically described in this instrument, and specifically including any bonds to bL
<br />executed by it as surety in the future, wherein mortgagor is either the principal on the bond or has agreed
<br />to indemnify the mortgagee as the surety on the bond. It is understo,;d that this instrument secures all
<br />sums due or which may become due to mortgagee pursuant to the terms of all applications, indemnity agree-
<br />ments and other instruments now executed or which may be executed in the future by the mortgagor in
<br />connection with any such bonds, and also all sums due or which may become due to the mortgagee from the
<br />mortgagor by operation of law, statutory or otherwise, in connection with any such bonds.
<br />This conveyance shall be in addition to any other security which the mortgagee now has or may in the
<br />future require from the mortgagor, and is not intended to in any manner limit any other or additional rights
<br />and remedies that mortgagee now has or may have in the future against the mortgagor, and in the event the
<br />mortgagor fails to pay any indebtedness which this mortgage secures promptly when due, then the mortga-
<br />gee may without demand or notice, proceed to foreclose this mortgage or take any other action it deems
<br />proper at law or equity to enforce the terms hereof.
<br />Mortgagor agrees to pay all taxes and special assessments against the real estate herein conveyed be-
<br />fore the same become delinquent, and if not so paid, mortgagee may at its option pay the same, and all
<br />such payments with interest thereon at the highest legal rate from time of payment, shall be a lien against
<br />said premises.
<br />In case of any action, or in any proceedings in any court, to collect any sums payable or secured by
<br />this mortgage, or to protect the lien or title herein of the mortgagee, or in any other case permitted by law
<br />in which attorney fees may be collected from mortgagor, or charged upon the above described property, they
<br />agree to pay reasonable attorney fees.
<br />In event of any default herein by mortgagors, mortgagee may, at the expense of mortgagors, procure
<br />an abstract of title, or continuation thereof, for said premises, and charge and add to the mortgage debt the
<br />cost of such abstract or continuation with interest upon such expense at the highest legal rate.
<br />At any time after the commencement of an action in foreclosure, or during the period of redemption,
<br />the court having jurisdiction of the case shall. at the rerlurst of the Mortgagee, appoint a receiver to take
<br />immediate possession of said property, and of the rents and profits accruing therefrom, and to rent or
<br />cultivate the same as he may deem best for the interest of all parties concerned, and shall be liable to
<br />account to said Mortgagor only for the net profits. after application of rents, issues and profits upon the
<br />costs and expenses of the receivership and foreclosure and the indebtedw•ss, charges and expenses hereby
<br />secured and herein mentioned. And it is hereby agreed, ti;at after any default in the payment of either prin-
<br />cipal or interest, such sums in default secured by this mortgage shall draw interest at the highest legal rate:.
<br />This mortgage shall remain in full force and'ef7ect so long as any indebtedness which it secures, whether
<br />liquidated or unhquidated, or whether certain or contingent, remains unsatisfied.
<br />Unless otherwise expressly stated, the word "Mortgage r" as used herein, inc hides heirs, executors, ad-
<br />ministrators, assigns and successors in interest of Such ";Mortgagor the cc._>rd "Nortgagee" as used herein,
<br />unless otherwise expressly stated, includes the heirs, executors, adminktratar assign` and successors
<br />in interest of such "Mortgagee". All words referring to "Mortgagor" or "Mortgagee" shall be construed to
<br />be of the appropriate ender and cumber, according to the context. This cnn+truction shall include the
<br />acknowledgment hereof.
<br />Wherever this instrument refers to bonds presently executed or to 1.r executed in the future by the
<br />Mortgagec as surety for the ,Mortgagor, it shall be deemed to include ail renewals and rnoditications tin-
<br />eluding increases or decreases in amounts) of presently existing bond's or bowls to he executed in the future.
<br />Dated this �ith a day of _� February 1y NS� ._.
<br />UNt'1- 307'f t. ti9w(aasor
<br />Mot tgrrkt•�°
<br />
|