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

Text File | 1993-08-01 | 11KB | 251 lines

HAWAII MORTGAGE
This mortgage, made on _______________, by Miranda M. Mortgagor,
of 1234 56th Avenue North, City  of Honolulu, County of
Lollapalooza, State of Hawaii, mortgagor, and Fifth National Bank
of  2345 67th Avenue South, City of Honolulu, County of
Lollapalooza, State of Hawaii, as mortgagee.


  Witnesseth: that mortgagor, in consideration of the sum of $
123,456.78 (one hundred twenty three thousand four hundred
fifty six & 78/100 Dollars) to mortgagor paid by mortgagee,
the receipt  of which is acknowledged, and also in consideration
of any other  sum or sums that may hereafter be advanced or paid
to or on  account of or become owing by mortgagor to mortgagee,
does hereby  grant, bargain, sell, assign, and convey unto
mortgagee, its  successors and assigns the property situated on
the Island of  Molokai, State of Hawaii, described as follows:

(see exhibit 1)

together with the buildings, improvements, tenements, rights,
easements, privileges, and appurtenances to the same belonging or
appertaining or held and enjoyed therewith the reversion,
remainders, rents, issues, and profits thereof (provided,
however, that mortgagor shall be entitled to collect and retain
such rents, issues, and profits until default hereunder) all of
the estate, right, title, and interest of mortgagor both at law
and in equity, therein and thereto and all fixtures now or
hereafter attached to or used in connection with the premises
herein described.


  To have and to hold the same unto mortgagee, its successors and
assigns forever as to all property conveyed in fee simple, and as
to leasehold interests in real property for the unexpired residue
of the term of the lease provided that if mortgagor pays to
mortgagee the above sum with interest thereon at the rate of
1.23% per annum according to the tenor of that certain promissory

which note are incorporated herein by reference, discharges all
obligations hereunder that are secured as an additional charge
against the property hereby mortgaged, and observes and performs
all the covenants and agreements herein contained and pays the
costs of release, then these presents shall be void.

  But on failure to make any payment provided under the
promissory note, on the breach of any covenant or agreement
hereof or in any promissory note or terms of any other obligation
hereby secured, or if mortgagor's interest in the real property
hereby mortgaged is a leasehold estate and mortgagor fails to
observe and perform any covenant or agreement contained in the
lease, then the whole amount of all indebtedness owing by or
chargeable to mortgagor under any provision of this mortgage or
intended to be secured hereby shall at the option of mortgagee
and without notice at once become due and payable, and with or
without foreclosure, mortgagee shall have the immediate right to
receive and collect all rents and profits due, accrued, or to
become due. Such rents and profits are hereby assigned to
mortgagee and mortgagee is irrevocably appointed the attorney in
fact of mortgagor in the name of mortgagor or in its own name to
demand, sue for, collect, recover, and receive all such rents and
profits, to compromise and settle claims for rents or profits on
such terms and conditions as to it may seem proper, and to enter
into, renew, or terminate leases or tenancies. Mortgagee may
foreclose this mortgage by suit in equity with the immediate
right to a receivership upon ex parte order and without bond
pending foreclosure, or as now provided by law by entry and
possession, or, with or without entry and possession, may sell
the property or any part thereof either as a whole or in parcels,
together with all improvements that may be on the property so
sold, at public auction, and may in its own name or as the
attorney in fact of mortgagor, for such purpose hereby
irrevocably appointed, effectually convey the property so sold to
the purchaser or purchasers absolutely and forever. Any
foreclosure shall forever bar mortgagor and all persons claiming
under mortgagor from all right and interest in the property at
law and in equity. Out of the proceeds of any foreclosure sale
mortgagee may deduct all expenses of sale, foreclosure, or suit,
including an attorney's fee, and retain or be awarded all sums
then payable or chargeable to mortgagor on every account. The
amount by which such sums exceed the indebtedness payable by or
chargeable to mortgagor, if any, shall be rendered to mortgagor.
If such proceeds are insufficient to discharge the same in full,
mortgagee may have any other legal recourse against mortgagor for
the deficiency. Mortgagee may be the purchaser at any foreclosure
sale, and no other purchaser shall be answerable for the
application of the purchase money.


  Mortgagee shall have the right to enforce one or more remedies
hereunder or any other remedy it may have, successively or
concurrently.


  Mortgagor hereby covenants with mortgagee as follows:

SECTION ONE
PAYMENT OF PRINCIPAL AND INTEREST


  Mortgagor will pay the principal of and interest on the
indebtedness evidenced by the note secured hereby at the times
and in the manner therein provided.

SECTION TWO
CONTINUING EFFECT OF LIEN

The lien of this instrument shall remain in full force and effect
during any postponement or extension of the time of payment of
the indebtedness or any part thereof secured hereby.
SECTION THREE
TAXES AND ASSESSMENTS

Mortgagor will pay and discharge the obligations secured hereby,
and will pay all taxes, rates, assessments, rents, impositions,
duties, and charges of every kind and nature, that are now or may
hereafter be levied or assessed or become a charge on or against
the premises and improvements described in these presents, and
will promptly deliver the official receipts therefor to mortgagee
and in default of any such payment or on failure to observe or
perform any covenant or condition of this mortgage, or if any
suit, proceeding, or other contingency shall also with respect to
any of the mortgaged property, mortgagee may make such advances
as may reasonably be deemed proper or necessary to protect its
security and recover any such advances made and all expenses,
including reasonable attorneys' fees, paid or incurred by it,
even though any such charge or claim is invalid, 10 days after
demand, together with interest thereon to the date of payment at
the rate provided for in the principal indebtedness, and the same
shall be secured hereby.
SECTION FOUR
MAINTENANCE OF PROPERTY

Mortgagor will keep the mortgage property in good condition and
repair, and will comply with all laws and governmental rules and
regulations applicable thereto, and not commit or suffer any
strip or waste, and mortgagee may enter and inspect premises and
may cause reasonable maintenance work to be performed, and the
cost thereof shall constitute an advance under the preceding
paragraph hereof.

SECTION FIVE
HAZARD INSURANCE

Mortgagor will continuously maintain hazard insurance, of such
type or types and amounts as mortgagee may require on the
improvements now or hereafter on the premises, and mortgagor will
promptly pay when due any premiums therefor. All insurance shall
be carried in companies approved by mortgagee and the policies
and renewals thereof shall be held by and have attached thereto
loss payable clauses in favor of and in form acceptable to
mortgagee. In event of loss, mortgagor will give immediate notice
by mail to mortgagee, who may make proof of loss if not made
promptly by mortgagor. Each insurance company concerned is hereby
authorized and directed to make payment for such loss directly to
mortgagee instead of to mortgagor and mortgagee jointly. The
insurance proceeds or any part thereof may be applied by
mortgagee at its option either to the reduction of the
indebtedness hereby secured or to the restoration or repair of
the property damaged. In even