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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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810048.sam
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1993-08-01
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SOUTH DAKOTA MORTGAGE
This mortgage made ______________, 19___, by Miranda M. Mortgagor,
of 1234 56th Avenue Northwest, City of Fogartyville, County of
Lollapalooza, State of South Dakota, Mortgagor, to Fifth National
Bank, of 2345 67th Avenue Southeast, City of Fogartyville, County
of Lollapalooza, State of South Dakota, Mortgagee.
Witnesseth, that mortgagor hereby mortgages to mortgagee the
following described premises situated in the County of
Lollapalooza, State of South Dakota:
(see exhibit 1)
as security for the payment to mortgagee at Fogartyville, South
Dakota of the principal sum of $123,456.78 ( one hundred twenty
three thousand four hundred fifty six & 78/100 dollars) and
interest thereon at 11.1% per annum from date, according to that
certain promissory note bearing even date herewith, due
September 10, 2024.
Mortgagor further agrees to pay all taxes and assessments that
may be levied on the premises, before the same shall become
delinquent, and to keep the buildings, if any, on the premises
safely insured for the benefit of mortgagee in the sum of
$123,456.78 ( one hundred twenty three thousand four hundred
fifty six & 78/100 dollars) against loss by fire and deliver the
insurance policies to mortgagee.
In case of mortgagor's failure to pay such taxes or assessments
before the same become delinquent or to pay insurance premiums
for insurance on such buildings, mortgagee, or an assignee may do
so, and the amount so paid, with interest at 12.2% from the date
of payment, shall be added to and deemed a part of the money
secured by this mortgage. Mortgagor hereby relinquishes
mortgagor's rights of homestead in the premises and warrants that
mortgagor is the owner in fee of the premises, and that the same
are free from all encumbrances.
In case of default in the payment of such principal sum of money
or any part thereof, or interest thereon, at the time or times
above specified for payment thereof, or in case of nonpayment of
any taxes, assessments, or insurance as aforesaid, or of breach
of any covenant or agreement herein contained, then and in either
case, the whole principal and interest of such note shall at the
option of the holder thereof immediately become due and payable,
and this mortgage may be foreclosed by action or by advertisement
as provided by statue or the rules of practice relating thereto,
and this paragraph shall be deemed as authorizing and
constituting a power of sale as mentioned in such statues or
rules any amendatory thereof.
______________________________
Miranda M. Mortgagor
Witnesses as to Miranda M. Mortgagor
_____________________________________
_____________________________________
STATE OF ____________________
COUNTY OF ___________________
Miranda M. Mortgagor personally appeared before me and
acknowledged the execution of this instrument.
Dated: ________________________
________________________________________
My Commission Expires: