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Mortgage Agreement Form
THIS INDENTURE, made as of the _(1)_ day of _____(2)______,
19_(3)_, by and between _______________(4)______________________,
of _____________(5)______________________, hereinafter called
"Mortgagor", and ________________(6)_________________________,
of ______________(7)_______________, 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 ______(8)_________ DOLLARS ($_____(9)_____) 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
___(10)___ County, _____(11)_____, 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
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
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 _____(12)_______ DOLLARS ($__(13)__)
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.
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
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
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
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 ______(14)______
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
1.06 Prior Mortgage.
With regard to the Prior Mortgage, Mortgagor hereby agrees
(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
(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
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
(b) Any material warranty of Mortgagor herein contained,
or contained in the Note, proves untrue or misleading in any
(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.
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
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.
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: ___________(19)_______________ ______________(21)_______________
STATE OF _______(22)_________) ) COUNTY OF ______(23)_________)
THE FOREGOING instrument was acknowledged before me this
_(24)_ day of _____(25)____, 19_(26)_,by _________(27)___________.
My Commission Expires: _________(29)_________
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.
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