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

WordStar Document | 1993-08-24 | 14KB | 283 lines

MORTGAGE by ______________, mortgagor, in favor of ______________
______________, mortgagee, State  of _____________, Parish of
____________. Be it known that on this  ___________ day of ______,
19____, before me, _____________________, notary public, duly
commissioned and qualified in and for  the Parish of ____________,
therein residing, and in the presence of the  named and
undersigned witnesses,


  Personally came and appeared ______________, herein called
mortgagor, who declared unto me, notary, that mortgagor is justly
and truly indebted unto ____________, herein called mortgagee, in the
full and true sum of  $__________ ( ______________________________
______________________ & ____/100 dollars) borrowed money
which mortgagee has this day  loaned and advanced to mortgagor and
for the reimbursement  whereof mortgagor has made and subscribed a
certain promissory  note in the principal sum of $_____________
________________________________ & ____/100 dollars) with the
following provisions:

_________________________________________________________________

which note after having been paraphed "Ne Varietur" by me,
notary, in order to identify it herewith, has been delivered to
mortgagee who is here present and who hereby acknowledges the
receipt thereof.

Now in order to secure the full and prompt payment of the
above-described note, at maturity, or when otherwise due
hereunder, together with all interest, attorneys' fees, insurance
premiums, costs, and expenses, mortgagor declares that mortgagor
does by these presents, mortgage, effect, and specially
hypothecate, in favor of mortgagee, and to inure to the use and
benefit of any future holders of the note, the
following-described property situated in the Parish of
____________,  State of Louisiana:


_________________________________________________________________

together with the hereditaments and appurtenances thereof, all
the buildings and improvements thereon and all of the estate,
right, title, and interest of mortgagor in and to the described
premises,or to the streets and alleys adjoining or adjacent
thereto,



  Being a part of the same property acquired by mortgagor herein
from ________________________________.


  The above-described property is to remain mortgaged and
hypothecated until the full and final payment of the indebtedness
in principal and interest,attorneys' fees, insurance premiums,
costs, and expenses, mortgagor hereby binding mortgagor,
mortgagor's heirs, successors, and assigns not to sell, mortgage,
alienate, or encumber the above-described property to the
prejudice of these presents. Mortgagee binds mortgagor to keep
the improvements on the above-described property constantly
insured against the loss by fire and to transfer such insurance
and deliver the policies with the proper mortgage clause attached
in favor of mortgagee, to mortgagee or any other holder of the
note up to the full amount of such note, mortgagor hereby
authorizing mortgagee or any holder of the note to cause the
insurance to be effected on mortgagor's default, at a premium not
exceeding ____% of the amount of the mortgage loan. Should
mortgagee or any other holder of the note by reason of any such
insurance receive any amount of money for any damage to the
buildings, such amount may be retained and applied by mortgagee
toward payment of the amount hereby secured, or the same may be
paid over, either wholly or in part to mortgagor,mortgagor's
heirs, executors, administrators, or assigns, to enable mortgagor
to repair the buildings or to erect new buildings in their place,
or for any other purpose or object satisfactory to the holder of
the note, without affecting the lien of this mortgage for the
full amount secured hereby before such damage took place.



  Mortgagor further binds and obligates mortgagor to pay, before
the same becomes delinquent, all taxes and assessments, whether
local or otherwise, that may be imposed on the property herein
mortgaged, or the failure to pay that may result in the filing of
a lien, privilege, or mortgage on the property herein mortgaged,
including all ad valorem taxes, franchise taxes, income taxes,
and license taxes. in default of the payment of any such tax or
taxes,mortgagee herein or any holder of the note shall be
authorized to pay the same, with full subrogation of all rights
of the taxing authorities by reason of such payment, and the
amount so paid with interest thereon shall be secured by this
mortgage. Mortgagor shall each year present to mortgagee or
holder of the note, official receipts from the taxing authorities
showing the payment in full of all taxes referred to herein, as
well as all other taxes or governmental charges, the failure to
pay which may result in the filing of a lien, privilege, or
mortgage on the property herein mortgaged.


  In the event of the passage, after the date of this mortgage,
of any law by the State of Louisiana, deducting any lien on land
from the value of such land for the purpose of taxation, or
changing in any way the laws now in force for the taxation of
mortgages or debts secured by mortgages for state or local
purposes or the manner of the collection of any such taxes so as
to affect this mortgage, or in any manner seeking to force the
payment of state or local taxes by mortgagee or any holder or
holders of the note, then mortgagor binds and obligates mortgagor
to pay all taxes that may be assessed against mortgagee or any
holder of the note by reason of this mortgage, to the complete
exoneration and discharge of mortgagee or any holder of the note.
in default of such payment by mortgagor, mortgagee or any holder
of the note may pay the tax and the amount so paid shall be
secured by the mortgage herein granted.


  Mortgagor further binds and obligates mortgagor to keep all
buildings and improvements on the premises or hereafter put
thereon in good condition and repair, and generally to do no act
by which the value of the mortgaged premises may be impaired.


  And mortgagor further declares that in the event of default as
herein provided, the entire amount due on the mortgage note shall
at the option of mortgagee or any other holder thereof become
immediately due and payable,and it shall be lawful for mortgagee
and mortgagor does hereby authorize mortgagee or any other holder
of the note to cause all and singular the property herein
described and mortgaged to be seized and sold under executory or
other legal process issued by any court of competent
jurisdiction, without appraisement, and to the highest bidder for
cash, mortgagor hereby confessing judgment in favor of mortgagee
or any other holder of the note, for the full sum thereof, in
principal, interest, attorneys' fees, insurance premiums, costs,
charges and expenses:


  1. If default is made in the payment of any installment of
principal or interest at the due date of such installment


  2. If default is made in the observance or performance of any
of the covenants, conditions, or agreements on the part of
mortgagor contained in this mortgage, and such default continues
for a period of 15 days after notice of such default is served
on mortgagor, by registered mail, sent to the last known place of
address of mortgagor.

  3. If mortgagor fails to keep insurance or to deliver insurance
policies, or to pay the insurance premiums due on such policies,
if mortgagor fails to pay any taxes, assessments, or governmental
charges, whether local or otherwise, including all ad valorem
taxes on the property herein mortgaged, income taxes, franchise
taxes, or license taxes, before they become delinquent, or
creates or suffers to be created any other lien or charge
superior in rank to the mortgage herein granted, and such
defaults, or any of them, continue for a period of 15 days
after notice of such default is served on mortgagor, by
registered mail, sent to his last known place of address.