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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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810412.sam
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1993-08-01
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SOUTH DAKOTA MORTGAGE
This mortgage made ______________, 19___, by MILDRED MORTGAGOR, of
1234 56TH STREET City of LAFAYETTE, County of KIRKLAND, State of
SOUTH DAKOTA, Mortgagor, to FIFTH NATIONAL BANK, of 2345 67TH
AVENUE SOUTH, City of FRANKLIN, County of COOK, State of NORTH
DAKOTA, Mortgagee.
Witnesseth, that mortgagor hereby mortgages to mortgagee the
following described premises situated in the County of WASHINGTON,
State of South Dakota:
SEE EXIBIT 1
as security for the payment to mortgagee at GLENDALE, SOUTH DAKOTA
of the principal sum of $123456.78 ( one hundred twenty three
thousand four hundred fifty six & 78/100 dollars) and interest
thereon at 12% per annum from date, according to that certain
promissory note bearing even date herewith, due 12.
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 15% 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.
Provided, however, that this conveyance is subject to the
following:
$20,000.00 TO FOURTH NATIONAL BANK
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.
______________________________
MILDRED MORTGAGOR
Witnesses as to MILDRED MORTGAGOR
_____________________________________
_____________________________________
STATE OF ____________________
COUNTY OF ___________________
MILDRED MORTGAGOR personally appeared before me and acknowledged
the execution of this instrument.
Dated: ________________________
________________________________________
My Commission Expires: