Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/sam/re/810003.sam

Text File | 1993-08-01 | 6KB | 127 lines

ARKANSAS SECOND MORTGAGE

KNOW ALL MEN BY THESE PRESENTS: that the undersigned, Mary M.
Mortgagor,  herein referred to as the mortgagor, for and in
consideration of  the sum of One Dollar ($1.00), together with
other good and  valuable consideration, cash in hand paid by First
International Bank, herein  referred to as mortgagee, the receipt
of which consideration is  acknowledged, does hereby grant,
bargain, sell, and convey to  mortgagee, and to its successors and
assigns forever, the  following property, situated in the County
of Example County, State of  Arkansas:
see attached legal description, exhibit 1
to have and to hold the same unto mortgagee, and unto its
successors and assigns forever, with all the appurtenances
thereunto belonging; forever warrant and defend the title to the
property against any and all claims of any nature or kind
whatsoever, except for that certain prior lien:
$20,000.00, Third National Bank of Arkansas

SECTION ONE- CONDITION
This sale is on the condition that since mortgagor is justly
indebted to mortgagee in the sum of $123,456.78 ( one hundred
twenty three thousand four hundred fifty six & 78/100 dollars)
together  with interest thereon from the date until maturity or
default at  the rate of 10.3% per annum, and thereafter at the
rate of 15.5%  percent per annum, due and payable as follows:

360 monthly installments of $950.00 each

if mortgagor pays all the indebtedness secured by this mortgage,
at the times and in the manner set forth herein, and fully does
and performs all of the other obligations herein assumed by
mortgagor, the above conveyance shall be null and void;
otherwise, to remain in full force and effect.

SECTION TWO- FUTURE ADVANCES

In addition to securing the payment of the indebtedness herein
mentioned, this instrument shall also secure the payment of any
and all renewals of the obligation, or any portion thereof,
together with any and all additional amounts that mortgagor now
owes or may owe mortgagee, either directly or by indorsement, at
any time between this date and the satisfaction of record of the
lien of this instrument, including any and all future advances
and/or loans that may be made by mortgagee to mortgagor, jointly
and/or severally, either directly or by indorsement.

SECTION THREE TAXES AND INSURANCE

Mortgagor hereby covenants and agrees to pay all taxes, both
general and special, as the same may be assesses and become due
and payable, and also to keep the buildings located on the
premises insured against loss or damage from fire, and/or tornado
in a company and in the amount acceptable to mortgagee, with a
standard mortgage clause in favor of mortgage clause in favor or
mortgage as its interest appears, and to pay the premiums
thereon. If mortgagor shall fail in this, then mortgagee, payee,
or the holders of the indebtedness shall have the right to pay
the taxes  and/or insurance premiums and the amount so paid shall
constitute a charge against mortgagor, bear interest from the
date of payment at the rate of 10.3% per annum, and the lien of
this instrument shall also secure the payment thereof.

SECTION FOUR- RENTS AND PROFITS

In addition to pledging the properties herein, mortgagor also
hereby pledges all profits, rents, and income accruing in
connection with the property. However, right is reserved to
mortgagor to collect the profits, rents, and/or income as the
same mature and become due and payable, but in the event of
default as to any of the covenants herein contained, then at the
option of mortgagee, its assigns, or the holders of the
indebtedness, it or they are hereby given the right of taking
over the properties,, managing and renting the same, and
collecting the rents thereon, and the net income so collected
shall be passed as a credit on the indebtedness and/or covenants
in connection herein.

SECTION FIVE- DEFAULT

If mortgagor fails or refuse to make any of the payments herein
recited, either principal, interest, taxes, or insurance
premiums, as the same mature and become due and payable, then at
the option of mortgagee, payee, or the holder of the
indebtedness, without notice, all remaining unpaid portion
thereon shall become due and payable, and then the lien of this
instrument shall become subject to foreclosure by suit filed in
nay court with proper jurisdiction in the county in which the
property is situated. The failure to exercise the option herein
granted to declare the entire unpaid balance due and payable on
any default or the failure to exercise the option of taking over
the property or properties in the event of the default by
mortgagor as to any covenants herein contained shall not be a
waiver to exercise the option at any subsequent default.
Mortgagor hereby waives all rights of sale, appraisement, and/or
redemption accorded under the laws of the state of Arkansas now
in force or hereafter enacted.

On default, mortgagor agrees to payment of reasonable attorney's
fees, not to exceed 5% of the amount of principal due, plus
accrued interest.

In testimony whereof, the signature of mortgagor is hereunto
affixed on ____________, 19___.



______________________________________
Mary M. Mortgagor

Witnesses as to Mary M. Mortgagor:


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Sworn to and subscribed to before me on the date above stated.



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