Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/sam/re/810054.sam

Text File | 1993-08-01 | 11KB | 235 lines

Wisconsin--Mortgage

This mortgage is made on __________________, 19 __________,
between Miranda Mortgagor, of 1234 56th Avenue Northwest, City of
Fogartyville, County of Lollapalooza, State of  Wisconsin, herein
called mortgagor, and Fifth National Bank, of 2345 67th Avenue
Southwest, City of Fogartyville,  County of Lollapalooza, State of
Wisconsin, herein called mortgagee.

Witnesseth;  For consideration paid and to secure the repayment
to mortgagee of the sum of $123,456.78 ( one hundred twenty three
thousand four hundred fifty six & 78/100 dollars) according to the
terms of that certain promissory note of mortgagor to mortgagee
of even date herewith, and any extensions or renewals thereof,
and any additional sums that may hereafter be loaned by mortgagee
to mortgagor and evidenced by a note reciting that it is secured
by this mortgage (all of the foregoing herein called note) and
also to secure the performance of all covenants and agreements
contained herein, mortgagor hereby grants, bargains, sells, and
conveys to mortgagee, its successors and assigns, that real
estate in the County of Lollapalooza, State of Wisconsin,
described in  Exhibit A attached hereto, together with all
hereditaments,  privileges, and appurtenances thereto, the rents,
issues, and  profits therefrom, the buildings and improvements now
or  hereafter located thereon, all awards and payments, including
interest thereon, made as a result of the exercise of the right
of eminent domain, all fixtures now or hereafter attached to or
used in connection therewith including without limitation
screens, storm doors and windows, awnings, shades, attached
mirrors and floor coverings, lighting, heating, air-conditioning
and plumbing fixtures and equipment (all of the foregoing,
including the real estate herein called premises).

To have and to hold the premises to mortgagee, its successors and
assigns, forever. Provided always, and these presents are on this
express condition, that if mortgagee shall pay or cause to be
paid to mortgagee its successors and assigns, the entire unpaid
amount of the note, in accordance with the terms of the note, and
shall further pay and discharge, when due, all other indebtedness
and liabilities of mortgagor hereunder, and shall perform and
observe all of the other terms, conditions, covenants, and
warranties herein contained, then these presents shall cease and
be null and void. Mortgagor warrants to and covenants with
mortgagee as follows:

SECTION ONE TITLE TO PREMISES

Mortgagor is seized of good title to the premises in fee simple,
free and clear of all liens and encumbrances except municipal and
zoning ordinances easements and building restrictions of record
and current taxes and special assessments not yet due and payable
and mortgagor will forever warrant and defend the premises
against the claims of all persons whomsoever. All improvements on
the premises and mortgagor s use of the premises comply and will
continue to comply with all applicable building restrictions and
codes and ail zoning and other ordinances.

SECTION TWO TAXES AND ASSESSMENTS

Mortgagor agrees to pay before they become delinquent all taxes
and assessments that may be levied or assessed against the
premises including sewer and water charges as well as all taxes
or assessments that may be levied or assessed against mortgagee
on this mortgage or the note and other indebtedness secured
hereby or on mortgagee s interest in the premises and to procure
and deliver to mortgagee on or before the day on which such taxes
and assessments become delinquent receipts from the proper
officer showing the payment thereof provided that until further
notice from mortgagee mortgagor will deposit with mortgagee on
each monthly payment date of the note a sum equal to not less
than one-twelfth of the estimated real estate taxes and
assessments on the premises. Mortgagee shall apply such sums
against such taxes and assessments when due and mortgagor agrees
to pay any deficiency immediately on demand of mortgagee.

SECTION THREE INSURANCE

Mortgagor agrees to maintain and to pay the premiums for fire and
extended coverage insurance on the premises in an amount without
coinsurance not less than the entire indebtedness secured hereby
such policies to contain the standard mortgage clause naming
mortgagee as an insured and to be deposited with and held by
mortgagee. All proceeds from such insurance shall be applied at
mortgagee s option and in such manner as it determines to the
installments of the note in the inverse order of their maturities
or to the restoration of the improvements on the premises.

SECTION FOUR MAINTENANCE OF PROPERTY

Mortgagor agrees to keep the premises in good tenantable
condition and repair including the repair or replacement of
damaged or destroyed buildings or other improvements not to
commit waste or suffer waste to be committed on the premises: not
to remove demolish or materially alter any building or other
improvement on the premises and not to do any act that will
impair the value of the premises.

SECTION FIVE COMPLIANCE WITH LAW

Mortgagor agrees to comply with all laws, ordinances and
regulations affecting the premises.

SECTION SIX CONDEMNATION

Notwithstanding any taking by eminent domain alteration of the
grade of any street or other decrease in value of the premises
mortgagor shall continue to make the payments provided in the
note. Any award resulting from any such taking of the premises or
any pan thereof shall be paid to mortgagee and shall be applied
at mortgagee s option and in such a manner as it determines to
the rebuilding of the premises or to the installments of the note
in the inverse order of their maturities.

SECTION SEVEN NO SUPERIOR LIENS

Mortgagor agrees to keep the premises free and clear of all liens
and encumbrances superior to the lien of this mortgage and not to
sell transfer or otherwise dispose of the premises or mortgagor's
interest therein.

SECTION EIGHT INSPECTION

Mortgagee its employees and agents shall have the right at all
reasonable times to enter on the premises to inspect and at
mortgagee's option to repair the same.

SECTION NINE LATE CHARGES

Mortgagor agrees to pay a late charge on any installment of the
note that is not paid within 10 days from the date due at the
highest legal rate of such installment per month from the date
due until paid.

SECTION TEN CHARGES LIENS

In the event mortgagor fails to timely perform any covenant or
agreement of mortgagor herein mortgagee may at its option but
without obligation to do so perform the same and the costs
thereof with interest thereon at the highest legal rate of per
annum shall be immediately due from mortgagor to mortgagee and
shall be secured by this mortgage.

SECTION ELEVEN ACCELERATION

Mortgagor agrees that in the event of the commencement of
foreclosure proceedings, mortgagee may elect to proceed according
to the procedures set forth in the applicable Wisconsin statutes,
as the same may be amended or renumbered from time to time. in the
event of default under the note, or in the event mortgagor  fails
to perform and observe any of the covenants and agreements  herein
contained or contained in any instrument collateral  hereto, and
such default shall continue for a period at 10 days,  or in the
event any warranty heroin or any written statement  delivered by
mortgagor to mortgagee in connection with this  mortgage proves
untrue then and on the happening of any of such events, all
indebtedness secured hereby shall, at the option of  mortgagee,
and without notice, notice thereof being hereby  expressly waived,
become immediately due and payable, and  mortgagee may proceed to
protect and enforce its rights hereunder  and under the note by
foreclosure of this mortgage by action, or  advertisement, or suit
in equity or at law, or other appropriate  proceeding.

if legal proceedings are instituted b