Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/sam/re/810401.sam

Text File | 1993-08-01 | 13KB | 269 lines

This indenture is made on  _______________, between MIKE
MORTGAGOR, of 123 4TH STREET, ALBANY, the County of PEACH, State
of GEORGIA, grantor, and FIFTH NATIONAL BANK, 234 5TH STREET,
ALBANY, the County of PEACH , State of GEORGIA, grantee.

Witnesseth: that grantor, for the consideration hereinafter
mentioned, receipt of which is acknowledged, does hereby grant,
bargain, sell, and convey unto grantee, the following-described
property situated in the County of PEACH, State of Georgia: SEE
EXHIBIT 1

Together with the improvements, hereditaments, fixtures,
easements, rights, members, and appurtenances, and the rents,
issues, and profits thereunto belonging or in any manner
appertaining together with all buildings, structures, and other
improvements now or hereafter located on the property herein
described, or any part and parcel thereof with all rights, title,
and interest of grantor in and to the minerals, flowers, shrubs,
crops, trees, timber, and other emblements now or hereafter on the
property or under or above the same or any part or parcel thereof
all machinery, apparatus, equipment, fittings, and fixtures,
whether actually or constructively attached to the property and
including all trade, domestic, and ornamental fixtures now or
hereafter located in, on or under the property or any part thereof
and use or usable in connection with any present or future
operation or enjoyment of the property and now owned or hereafter
acquired by grantor.

To have and to hold the bargained land and premises, together with
the improvements, fixtures, easements, rights, members, and
appurtenances thereunto belonging or appertaining, unto grantee in
fee simple.


It is hereby expressly represented and covenanted that the
above-described property is free and clear of all taxes,
assessments, liens, and encumbrances of whatever kind whether
created by law or contract, and grantor will warrant and defend
the same to grantee against the claims of all persons whomsoever;
except for $10,000.00 TO SEVENTH NATIONAL BANK.

This conveyance passes the absolute title and is to be construed
as the deed passing title to the property and not as a a mortgage,
and is given to secure a loan in the principal amount of
$123,456.78 ( one hundred twenty three thousand four hundred fifty
six & 78/100 dollars) this day made by grantee to grantor
evidenced by a promissory note of even data herewith bearing
interest from date at the rate of 12.3% per annum payable as
follows:

360 MONTHLY INSTALLMENTS OF $950.00

Reconvyeance of the above-described property to grantor, at
grantor's cost will be made by grantee on full payment by grantor
of all indebtedness secured hereby, with interest thereon, and on
the performance by grantor of all covenants and obligations under
this deed at any time before the sale of the property under this
deed or under legal process based hereon.

Grantor hereby covenants and agrees with grantee that:

SECTION ONE
PAYMENT

So long as the indebtedness remains unpaid in whole or in part,
grantor shall promptly pay the principal and interest on the
indebtedness evidenced by the note, at the times and manner
therein provided, pay all taxes, water rentals, and all levies or
assessments that may be imposed on the property by any state,
county, municipal or other authority, or that may otherwise
accrue, and shall pay for all repairs that may be deemed necessary
by grantee, and shall make or cause to be made such repairs
whenever notified to do so by grantee. Grantor shall not remove or
substantially alter the improvements on the property without first
obtaining grantee's written consent. Grantor shall keep the
improvements now erected, or any that may hereafter be erected on
the premises, insured against loss or damage by fire or lighting
or by windstorm for the benefit of grantee and shall pay all
premiums of insurance thereon and assign all such policies of
insurance to grantee in such manner as thoroughly to protect
grantee, and grantee is hereby fully authorized and empowered and
is hereby appointed attorney in fact for grantor to make such
settlement for the full amount or for a less amount than the face
value of policy, as in its discretion may deem best and to that
end is authorized and empowered, if it desires to do so, to give
all notices, make proofs of loss, collect and receive all moneys
that may become due under the policies, indorse all checks, and do
any other act and thing, and sign all papers in the name of
grantor, or otherwise that may be necessary or proper in
connection with the adjustment or collection of any amount that
may become due under such policies. Grantee may apply whatever may
be received therefrom to the payment of amount secured by this
deed whether due or not, or may at grantees option on request to
grantor apply the proceeds of such insurance towards the expenses
of repairing or rebuilding as the same progresses. In the event of
default by grantor in the prompt payment of any sums herein agreed
to be paid, grantee may make payment thereof, and all such
payments, together with interest thereon, at the highest legal
rate shall be added to and become part of the debt secured by this
conveyance.

SECTION TWO
ACCELERATION ON DEFAULT


If grantor fails to pay the principal or any part thereof or any
of the interest as each severally becomes due, or fails to perform
any of the covenants herein agreed to be performed by grantor, the
entire remaining debt secured by this conveyance shall at once
become due and payable, if grantee so elects, and all notice of
such election is hereby waived and grantee may hereupon proceed to
collect the remaining balance of the indebtedness secured hereby
by any method provided by law or by the terms of this instrument.

SECTION THREE
FORBEARANCE NOT A WAIVER

Waiver of a breach of any of the terms and conditions of this
instrument in one or more instances shall not operate as a waiver
as to any subsequent breach in any particular. Time is of the
essence of this contract.

SECTION FOUR
INCREASE IN TAXES

If the amount of taxes payable by grantee on or in respect of this
security deed or the debt secured hereby shall be hereafter
increased by any of the laws of the State of Georgia or of the
United States, then grantee shall have the right on 10 days notice
to grantor to record the payment of the indebtedness hereunder,
and at the expiration of such 10 day period the indebtedness shall
become due, payable, and collectible.

SECTION FIVE
ATTORNEY IN FACT

Grantor, in consideration of the premises, hereby irrevocably
appoints and constitutes grantee attorney in fact for grantor, and
in grantor's name, place, and stead, on any default in the payment
of principal or interest, or in the payment of any sum due
hereunder, when the same becomes due, or on the breach by grantor
of any of the covenants herein, or should grantor be adjudicated a
bankrupt, then, or at any time thereafter, in grantees discretion,
to nominate and appoint a trustee who is hereby authorized,
without resort to any legal proceedings, to sell property at
public sale, either as a whole or in parcels, at which sale or at
any sale, under legal proceedings, grantee shall have the right to
purchase such sale to be advertised and conducted in the manner
and at the time and place prescribed by law for sheriffs sale. All
notice of the appointment of the trustee and of such sale other
than the advertisement is hereby waived by grantor. Grantor
authorizes such trustee to employ an auctioneer to conduct such
sale and the trustee is here empowered, on such sale being made,
to convey the property by deed to the purchaser, who shall thereby
become the owner thereof, and thereupon all equity of redemption
of grantor and all rights, title, interest, and estate of all
parties hereto, and into the same, shall cease and determine.

Trustee may recite the happenings of the default on which the
appointment and sale are fixed and the advertisement of sale as
herein required