Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/fib/re/810499.fib

Text File | 1993-08-23 | 8KB | 199 lines

This mortgage made ______________, between
________________________, of _________________________,
__________________________ address, City of
______________________, County of ______________________-, State
of Pennsylvania, herein called mortgagor, and
_______________________, of __________________________, City of
___________________________, County of _______________________,
State of _______________________, herein called mortgagee.


Whereas, mortgagor has executed and delivered to mortgagee a
certain mortgage note of even date herewith, payable to the order
of mortgagee in the principal sum of $ ( dollars) and has provided
therein for payment of any additional moneys loaned or advanced
thereunder by mortgagee, together with interest thereon at the
rate provided in the note, in the manner and at the times therein
set forth, and containing certain other terms and conditions all
of which are specifically incorporated herein by reference;

Now therefore, mortgagor, in consideration of the debt or
principal sum and as security for the payment of the same and
interest as aforesaid, together with all other sums payable
hereunder or under the terms of the note, grants and conveys to
mortgagee, its successors and assigns all the lots or pieces of
ground situated in  ______________________ County,  Pennsylvania,
more specifically described as follows:




__________________________________________________________________

Together with the buildings and improvements erected thereon, the
appurtenances thereunto belonging, and the reversions, remainders,
rents, issues, and profits thereof.

To have and to hold the same unto mortgagee, its successors and
assigns forever.


Provided, however, that if mortgagor pays to mortgagee the debt or
principal sum, including additional loans or advances, and all
other sums payable by mortgagor to mortgagee hereunder and under
the terms of the note, together with interest thereon, and keeps
and performs each of the other covenants, conditions, and
agreements set forth herein, then this mortgage and the estate
hereby granted and conveyed shall become void.

This mortgage is executed and delivered subject to the following
covenants, conditions and agreements:

SECTION ONE
FUTURE ADVANCES

The note secured hereby shall evidence, and this mortgage shall
cover and be security for any future loans or advance that may be
made by mortgagee to mortgagor at any time or times hereafter or
intended by mortgage and mortgagee to be so evidenced and
secured, and such loans and advances shall be added to the
principal debt.

SECTION TWO
TAXES AND ASSESSMENTS
For time to time until the debt and interest are fully paid,
mortgagor shall:
(A) pay and discharge, when and as the same become due and
payable, all taxes, assessments, sewer and water rents and all
other charges, claims and liens assessed levied, imposed or
created from time to time on the mortgaged premises or any part
thereof that shall or might have priority in lien, payment or
distribution to the debt secured by;

(B) pay all ground rents reserved from the mortgaged premises and
pay and discharge all mechanics' liens that may be filed against
the premises and that shall or might have priority in lien, or
payment to the debt secured thereby;

(C) pay and discharge any documentary stamp or other tax,
including interest and penalties herein, if any, now or hereafter
becoming payable on the note evidencing the debt secured hereby;

(D) provide, renew, and keep alive by paying the necessary
premiums or charges thereon such policies of hazard and liability
insurance as mortgagee may from time to time require on the
building and improvements now or hereafter erected on the
mortgaged premises, with loss payable clauses in favor of
mortgagor and mortgagee as their respective interests may appear;

(E) promptly submit to mortgagee evidence of the due and punctual
payment of all the foregoing charges. Mortgagee may at its
options require that a sum sufficient to discharge the forgoing
charges be paid installments to mortgagee.

SECTION 3 MAINTENANCE OF PROPERTY

Mortgagor shall maintain all buildings and improvements subject
to this mortgage in good and substantial repair as determined by
mortgagee. Mortgagee shall have the right to enter on the
mortgage premises at any reasonable hour to inspect the order,
condition, and repair of the buildings and improvements protected
thereon.

SECTION 4 RIGHT OF MORTGAGEE TO PAY CHARGES

In the event that mortgagor neglects or refuses to pay the
charges mentioned above, or fails to maintain the buildings or
improvements as stated above, mortgagee add the cost of the
principal debt secured hereby and collect the same as a part of
the principal debt.

SECTION FIVE
PRIOR LIENS

Mortgagor covenants and agrees not to create, nor permit to
accrue, on all or any part of the mortgaged premises, any debt,
lien, or charge that would be prior to, or on a parity with, the
lien of this mortgage.

SECTION SIX
ACCELERATION
In case default is made for 15 days in the payment of any
installment of principal or interest pursuant to the terms of the
note or in the performance by mortgagor of any of the other
obligations of the note or this mortgage, the entire unpaid
balance of the principal sum, additional loans or advances and
all other sums paid by mortgagee pursuant to the terms of the
note or this mortgage, together with unpaid interest thereon,
shall at the option of mortgagee and without notice become
immediately due and payable, and foreclosure proceedings may be
brought promptly on this mortgage and prosecuted to judgment,
execution, and sale for the collection of the same, together with
costs of suit and attorneys' commission for collection of ______
    percent  of the total indebtedness or $_________, whichever is
 the larger amount. Mortgagor hereby forever waives and releases
all errors in the proceedings, waives stay of execution, the
right of inquisition and extension of time of payment, agrees to
condemnation of any property levied on by virtue of any such
execution, and waives all exemptions from levy and sale of any
property that now is, or here after may be, exempted by law.

SECTION SEVEN
DEFAULT


  In the event of any default under this mortgage or under the
note, mortgagor hereby empowers any attorney of any court of
record to appear for mortgagor and for any and all parties
claiming under or through mortgagor and to confess a judgment or
series of judgments against mortgagor and any such party or
parties, in favor of mortgagee, in an amicable action of
ejectment for possession of the mortgage premises and authorizes
the entry of such action, confession of judgment therein for
possession, and for attorneys' fees not to exceed $ ____________
   Dollars. Mortgagee may bring such action before or after the
institution of foreclosure proceedings on this mortgage or after
judgment thereon or on the note, or after a sale of the mortgaged
premises by the sheriff. The covenants, conditions, and
agreements contained in this mortgage shall bind, and the
benefits thereof shall inure to, the parties hereto and their
respective heirs, executors, administrators, successors, and
assigns, and if this mortgage is executed by more than one
person, the undertakings and liability of each shall be joint and
several.

Witness the due execution hereof the day and year first above
written.



____________________________________________
________________________

Witnesses as to ________________________:



____________________________________________


____________________________________________


STATE OF ____________________

COUNTY OF ___________________

________________________ personally appeared before me and
acknowledged the execution  of this instrument.

Dated: ________________________


________________________________________


My Com