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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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810417.ws
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1993-08-24
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157 lines
This mortgage, made on _________________, between
______________________, of ___________________, City of
___________________, County of ____________________, State of
_____________________, herein called mortgagor, and
____________________, of ______________________, City of
_____________________, County of ___________________, State
of ____________________, herein called mortgagee.
Witnesseth, that in consideration of the loan mentioned below,
mortgagor hereby conveys to mortgagee, in fee simple with general
warranty, the property in the County of __________________, State
of Kentucky, herein described, and the improvements and
appurentances thereunto belonging, together with the rents and
profits thereof further covenanting lawful seisin of the estate
hereby conveyed, and that it is free of all encumbrances.
Provided that this conveyance is made for the following purposes
and on the following conditions:
Mortgagee has loaned to mortgagor $_____________ (____________
_____________________________________________& ____/100
Dollars) for which mortgagor has executed a note of even date
herewith, payable __________________.
Mortgagor covenants and agrees:
SECTION ONE
INSURANCE
To keep the mortgaged premises insured at all times against loss
by fire, windstorm, or other casualty, in a sum equal to the
amount due mortgagee, its successors or assigns, under the terms
hereof, in an insurance company or companies approved by
mortgagee, its successors or assigns, and to deliver all
insurance policies on the premises to mortgagee, its successors
or assigns, properly assigned and made payable to it, in such a
manner as is acceptable to it, to be held by it as collateral
security until the debt secured is fully satisfied. if mortgagor
fails to keep the mortgaged premises insured in accordance
herewith, then mortgagee, its successors or assigns, may obtain
the required insurance and pay the premiums therefor, and all
amounts so paid shall bear interest at the highest legal rate
until paid, and shall become part of the debt secured hereby. Any
money becoming due and payable under the terms of any such policy
of insurance may be paid at the option of mortgagee, its
successors or assigns, to the extent of any sums due under and
covered by this mortgage at the time of payment, direct to
mortgagee, its successors or assigns, free of any interest of and
without notice to mortgagor and without the insurer's obtaining
mortgagor's indorsement or consent therefor.
SECTION TWO
TAXES AND ASSESSMENTS
To promptly pay all taxes and assessments now levied or
hereafter levied against the premises. If mortgagor fails to pay
any such tax or assessment, mortgagee, its successors or assigns,
may pay such tax or assessment. Any sum so paid shall be repaid
by mortgagor on demand, with interest at the highest legal rate,
payable semiannually; until paid, and shall be added to and
deemed a part of the debt secured hereby.
SECTION THREE
MAINTENANCE OF PROPERTY
To keep the improvements in good repair and condition and safe
from depredation by insects or vermin, not suffer waste thereto
until the debt secured is fully paid, and promptly repair or
replace any of such improvements. Should mortgagor fail to comply
with this covenant, mortgagee may cause the repairs or
replacements to be effected, and any costs so incurred shall be
repaid by mortgagor on demand, with interest at the highest legal
rate of, payable semiannually until paid, and shall be added to
and deemed part of the secured debt. On failure to fully perform
any particular of this covenant, payment of the whole debt
secured may be precipitated by the holder thereof with every
remedy provided by law or this instrument.
SECTION FOUR
ACCELERATION
If mortgagor fails to pay the note or any part thereof according
to the terms thereof, fails to pay any tax or assessment for 15
days after the same becomes due, fails on demand of mortgagee,
its successors or assigns, to effect insurance and cause the
policy to be assigned and deposited, fails on demand to repay all
sums paid for taxes, assessments, or insurance with interest
thereon, or fails to pay any installment of interest when the
same falls due, then mortgagee, its successors or assigns, may
declare the entire debt hereby secured to be immediately due and
may enforce the lien of this instrument therefor. In such case,
mortgagee, its successors or assigns, may enter on the premises
and collect and apply the rents and profits thereof to the
satisfaction of the debt and demands hereby secured.
SECTION FIVE
SALE OR TRANSFER OF PROPERTY
Except as prohibited by law, during the existence of the debt
herein secured, sale or transfer of the property herein described
without the assent of mortgagee, its successors or assigns,
evidenced by its uniting in the deed, shall render it optional
with mortgagee, its successors or assigns, to declare the entire
debt immediately due, and to proceed to enforce the lien securing
it.
Now, should mortgagor pay the note according to its terms,
interest and other demands hereby secured and perform all the
covenants and agreements herein contained, according to the tenor
hereof, then this conveyance shall be void, and mortgagee, its
successors or assigns, shall at the request and cost of mortgagor
release this mortgage. The production of the note by mortgagor
shall be sufficient warrant to it for making such release.
The property conveyed is thus described:
_________________________________________________________
In witness whereof, mortgagor has signed this mortgage the day
and year first above written.
Witness my hand this ___________ day of ________, 19_______.
____________________________________________
______________________
Witnesses as to ______________________:
____________________________________________
____________________________________________
STATE OF ____________________
COUNTY OF ___________________
______________________ personally appeared before me and
acknowledged the execution of this instrument.
Dated: ________________________
________________________________________
My Commission Expires: