Complete Home & Office Legal Guide/Complete Home and Office Legal Guide (Chestnut) (1993).ISO/ex/sam/re/810413.sam

Text File | 1993-08-01 | 9KB | 198 lines

To all whom these presents may concern:

MILLICENT MORTGAGOR, of 1234 56TH AVENUE WEST, address; City of
CHARLESTON, County of SHERMAN, State of SOUTH CAROLINA, mortgagor,
send greetings:

Whereas MILLICENT MORTGAGOR, mortgagor, in and by a certain
promissory note in writing, of even date with these presents, am
well and truly indebted to FIFTH NATIONAL BANK; 2345 67TH STREET
NORTH, City of CHARLESTON, County of SHERMAN, State of SOUTH
CAROLINA, in the full and just sum of $123456.78 ( one hundred
twenty three thousand four hundred fifty six & 78/100 dollars):

Now, MILLICENT MORTGAGOR, mortgagor, in consideration of the debt
and sum of money above mentioned, and for better securing the
payment thereof to mortgagee according to the terms of the note,
and also in consideration of the further sum of $1.00, to me in
hand well and truly paid by mortgagee at and before the signing of
these presents, the receipt of which is acknowledged, have
granted, bargained, sold, and released, and by these presents
grant, bargain, sell, and release to mortgagor, its successors and
assigns, the following described real estate situated in the
County of FLORENTINO, State of South Carolina: SEE EXHIBIT 1

Together with all and singular the rights, members, hereditaments,
and appurtenances to the premises belonging or in any manner
incident or appertaining.

To have and to hold all and singular the premises above mentioned
to mortgagee, its successors and assigns, forever. And MILLICENT
MORTGAGOR, mortgagor, hereby covenant to warrant and forever
defend all and singular the premises to mortgagee, its successors
and assigns, from and against myself and my heirs, and against any
person whomsoever lawfully claiming or to claim the same or any
part thereof.
Provided however that this conveyance is subject to the following:

$20,000.00 TO FOURTH NATIONAL BANK


SECTION ONE
INSURANCE

And MILLICENT MORTGAGOR, mortgagor, my heirs, executors,
administrators, or assigns will keep the buildings and
improvements now standing or hereafter erected on the mortgaged
premises and any and all apparatus, fixtures, and appurtenances
now or hereafter in or attached to the buildings or improvements
insured  against loss or damage by fire, windstorm, and such other
hazards as mortgagee may require, all such insurance to be in
forms, companies, and sum (not less than sufficient to avoid any
claim on the part of the insurers for coinsurance) satisfactory to
mortgagee that all insurance policies shall be held by, and shall
be for the benefit of and first payable in case of loss
to,mortgagee, and that at least 10 days before the expiration of
each such policy, a new and sufficient policy to take the place of
the one so expiring shall be delivered to mortgagee. MILLICENT
MORTGAGOR, mortgagor, assign to mortgagee all moneys recoverable
under each such policy and agree that in the event of loss the
amount collected under any policy of insurance on the property
may, at the option of mortgagee, be applied by mortgagee on any
indebtedness and or obligation secured hereby and in such order as
mortgagee may determine: or that such amount or any portion
thereof may, at the option of mortgagee, either be used in
replacing, repairing, or restoring the improvements partially or
totally destroyed to a condition satisfactory to mortgagee or be
released to mortgagor, in either of which events mortgagee shall
not be obligated to see to the proper application thereof: nor
shall the amount so released or used be deemed a payment on any
indebtedness secured hereby. MILLICENT MORTGAGOR, mortgagor,
hereby appoint mortgagee my attorney, irrevocable, to assign each
such policy in the event of foreclosure of this mortgage. In the
event MILLICENT MORTGAGOR shall at any time fail to keep the
buildings and improvements on the property so insured, mortgagee
may cause the same to be insured and reimburse itself for the
premium, with interest, under this mortgage or mortgagee at its
election may on such failure declare the debt due and institute
foreclosure proceedings.

Section TWO

TAXES AND ASSESSMENTS

MILLICENT MORTGAGOR, mortgagor, my heirs, executors,
administrators, and assigns, shall promptly pay all taxes assessed
and chargeable against the property. In default thereof, the
holder of this mortgage may pay the same, and such payment shall
become a part of the debt secured by this mortgage, whereupon the
entire debt secured by this mortgage shall become immediately due
and payable, if mortgagee shall so elect.

SECTION THREE
Acceleration

In case of default in the payment of any part of the principal
indebtedness or of any part of the interest at the time the same
becomes due, or in the case of failure to keep insured for the
benefit of mortgagee the buildings and improvements on the
premises against fire and tornado risk and other casualties and
contingencies as herein provided, or in case of failure to pay any
taxes or assessments to become due on the property within the time
required by law, mortgagee shall be entitled to declare the entire
debt due and to institute foreclosure proceedings.

SECTION FOUR
MAINTENANCE OF PROPERTY

MILLICENT MORTGAGOR, mortgagor, will keep and maintain the
premises and every part thereof with buildings, fixtures,
machinery, and appurtenances in thorough repair and condition and
make all necessary and proper replacements so that the buildings,
fixtures, machinery, and appurtenances will at all times be in
good condition, fit and proper for the respective purposes for
which they were originally erected or installed.

SECTION FIVE
CHANGE IN TAX LAW

In the event of the passage, after the date of this mortgage, of
any law of the State of South Carolina deducting from the value of
land, for the purpose of taxing any lien thereon, or changing in
any way the laws now in force for the taxation of mortgages or
debts secured by mortgage for state or local purposes, or in the
manner of the collection of any such taxes, so as to affect this
mortgage, the whole of the principal sum secured by this mortgage,
together with the interest due thereon shall, at the option of
mortgagee, without notice to any party, become immediately due and
payable.

Section SIX
RENTS AND PROFITS

And in case proceedings for foreclosure are instituted, MILLICENT
MORTGAGOR, mortgagor, agree to and hereby assign the rents and
profits arising or to arise from the mortgaged premises whether
occupied by the owner or any person, firm, or corporation holding
under or through the owner as additional security for this loan,
and agree that any judge of jurisdiction may, in chambers or
otherwise, appoint a receiver of the mortgaged premises, with full
authority to take possession of the premises and collect the rents
and profits and apply the net proceeds (after paying costs of
receivership) on the debt, interest, costs, and expenses, without
liability to account for anything more than the rents and profits
actually received.

Provided always, nevertheless, and it is the true intent and
meaning of the parties to these presents, that if MILLICENT
MORTGAGOR, mortgagor, my heirs, executors, administrators, or
assigns, do and shall well and truly pay or cause to be paid to
mortgagee the debt or sum of money above mentioned with interest
thereon,if any is due according to true intent and meaning of the
note, and any and all other sums that may become due and payable
hereunder, the estate hereby granted shall cease, determine and be
utterly null and void otherwise to remain in full force and
virtue.

And it is agreed by the parties that mortgagor shall be entitled
to hold and enjoy the premises until default shall be made as
herein provided.


Witness my hand and seal on _________________________.




____________________________________
MILLICENT MORTGAGOR


____________________________________________
MILLICENT MORTGAGOR

Witnesses as to MILLICENT MORTGAGOR:


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