Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/sam/re/810117.sam

Text File | 1993-08-01 | 20KB | 394 lines

This deed of trust, made on _______________, by and between
MICHELLE MORTGAGOR of 123 4TH STREET, City of HANNIBAL, County of
FLAGLER, State of MISSOURI, herein called trustor, FIFTH NATIONAL
BANK, 234 5TH STREET, City of FOGARTYVILLE, County of FOGARTY,
State of MISSOURYI, herein called trustee, and SIXTH NATIONAL
BANK, 345 67TH AVENUE, City of GRADYVILLE, County of GRADY, State
of MISSOURI, herein called beneficiary.

Witnesseth, that trustor in consideration of the debt and trust
hereinafter described and created, and the sum of One Dollar
($1.00), to trustor in hand paid by trustee, the receipt of which
is hereby acknowledged, does by these presents grant, bargain and
sell, convey and confirm, to trustee, forever, all of the real
estate situated in the City of LINCOLN, County of HARRIS, State of
Missouri, described as follows:

SEE EXHIBIT 1

Together with all buildings, improvements, garages, and fixtures
now or hereafter at any time erected or situated thereon, known as
together with the rents, revenues, income, and profits therefrom
which are hereby specifically assigned, and all rights,
privileges, easements, hereditaments, appendages, and
appurtenances thereunto belonging or in any manner appertaining,
and ail right, title, interest, and estate of trustor in and to
streets, roads, ways, sidewalks, curbs, alleys,vacated whether
conditionally or otherwise, and all areas adjoining the premises.
It ia mutually covenanted and agreed. specifically but not by way
of limitation, that all of the following are and shall be deemed
to be fixture and accessions to the freehold and a part of the
realty and a portion of the security for the indebtedness
hereinafter described, all of which is herein called mortgaged
property:

To have and to hold the same unto trustee, and to trustee's
successor in this trust, forever, and possession of the premises
is now delivered unto trustee, in trust, however, for the
following uses and purposes:

Whereas, trustor on JULY 1, 1994, borrowed from beneficiary
$123,456.78 ( one hundred twenty three thousand four hundred fifty
six & 78/100 dollars)  for which sum trustor has executed and
delivered to beneficiary trustor's promissory note of even date,
bearing interest at the rate of 12.1% per annum on the unpaid
balance until paid and payable as follows:

360 MONTHLY INSTALLMENTS OF $950.00 EACH

For the purpose of better securing the indebtedness, trustor
covenants and agrees with beneficiary and beneficiary's assigns as
follows:

SECTION ONE
TITLE TO PREMISES

Trustor is lawfully seised of an indefeasible estate in fee simple
subject only to conditions excepted above, is the owner of and has
full power to convey the mortgaged property, and will forever
warrant and agree to defend title to the same against the lawful
claims and demands of all persons whomsoever the mortgaged
property is free and clear from all liens and encumbrances of all
kinds and nature, including liens for general and special taxes or
assessments, except general taxes for the year hereafter all
taxes, levies, or assessments on the mortgaged property shall be
promptly paid as and when the same, respectively, become due and
payable, and in case there should be any taxes or assessments,
general or special, now in arrears, or in case there should be any
default in the punctual payment of the same hereafter, beneficiary
at its option may pay such taxes or as assessments or redeem the
property if any lien of equal rank with or having any preference
or priority over the lien of this deed of trust should hereafter
be filed against the property, trustor will discharge the same on
demand, and in event of failure to discharge the same on demand
then the filing of same shall have the same effect as if there had
been a default on the payment of the note. Provided,  however,
that the conveyance is subject to the following:

$10,000.00 TO SEVENTH NATIONAL BANK


Section TWO
HAZARD INSURANCE

All of the mortgaged property of an insurable nature will be kept
constantly insured against loss or damage by fire, lightning,
tornado, windstorm, and such other risks as beneficiary may
reasonably require in order to protect beneficiary's interest in
the mortgaged property, in a sum not less than the indebtedness
hereby secured at any time outstanding and unpaid, in companies
satisfactory to beneficiary, which policy shall contain standard
mortgage clause providing that any loss shall be payable to
beneficiary, as its interest may appear, irrespective of any act
or default by trustor, and shall be assigned and delivered to
beneficiary, and to be so held while this deed of trust is in
force. in event of any payment thereunder, beneficiary shall apply
the same towards the payment of the note, to be credited on the
instalment payments payable thereunder, whether due or not, as
beneficiary so elects. Trustee may assign policies to purchaser at
foreclosure sale, and trustor shall not be entitled to unearned
premiums. Beneficiary is hereby given power and authority to make
proof of loss and adjust and collect insurance and, if default
shall occur, to collect any unearned premiums, to be applied on
the debt.

SECTION THREE
MAINTENANCE OF PROPERTY

Trustor will keep all the mortgaged property in good repair and
tenantable condition and will not commit or permit waste, without
any liability of trustee or beneficiary to any person for damage
or failure to repair, or for any mechanic's lien therefor, and on
the actual or threatened demolition or removal of any of the
buildings on the mortgaged property or the complete condemnation
of lot or buildings for streets or otherwise, the whole principal
sum shall at the holder's option at once become due and payable.
Any amounts awarded in condemnation proceedings for taking the
mortgaged property or any part thereof, are hereby assigned and
shall be paid to beneficiary, to be applied on the indebtedness
hereby secured, as beneficiary may elect.

Section FOUR
TRANSFER OF INTEREST


Except as prohibited by law, in the event the mortgaged property
is sold, transferred, assigned, or in any manner conveyed without
the written consent of beneficiary, beneficiary at its option may
accelerate the payment of and demand immediate payment of the
balance then due on the note secured by this instrument, together
with interest thereon to date of payment, and any and all other
sums due to beneficiary.

SECTION FIVE
NO SECURITY INTERESTS

Without the written consent of beneficiary, no security interest
will be created or suffered to be created under the provisions of
the Missouri Uniform Commercial Code, as the same, together with
any amendments or supplements thereto, may be in effect, with
respect to any goods, fixtures, equipment, appliances, or articles
of personal property now attached to or used or hereafter attached
to or used in connection with the premises.

SECTION SIX
PAYMENTS BY BENEFICIARY OR TRUSTEE

If beneficiary, or trustee or trustee's successor, shall expend
any money to protect the title or possession of the mortgaged
property, to discharge any liens, to pay any general or special
taxes or assessments as above provided, to effect the above
insurance, or to remedy or cure any default hereunder, because of
failure of trustor to do so, all of which at their option trustee
and beneficiary are hereby authorized to do, then all monies so
expended shall be a further debt due, secured by these presents,
and on demand shall be repaid by trustor, with interest at the
highest legal rate of from date of payment.

SECTION SEVEN
CHANGES IN TAX LAW

In the event of the enactment after the date hereof of any law of
the State of Missouri or of the United States of America deducting
from the value of the land for the purpose of taxation any lien
thereon or imposing a specific tax on notes, bonds, or other
evidence of indebtedness secured by mortgage on real estate, or in
the event the laws now in force relating to taxes on notes,
mortgages, bonds, or