MORTGAGE
Exhibit
10.4
This
mortgage made this 4th day of
June, 2003,
is given by XXXXX X. XXXXXXX hereinafter BORROWER, of Chimney Rock, North
Carolina to XXXXXXXX XXXXXXXXXXX hereinafter LENDER, of 000 Xxxxx Xxxxxx,
Xxxxxxxxxx, Xxxxxxxxxxxxx to secure the payment of the principal sum of FORTY
THOUSAND AND 00/100 ($40,000.00) DOLLARS, all as provided in a Note having
the
same date as this Mortgage, due and payable on or before June 4, 2008, and
also
to secure the performance of all the terms, covenants, agreements, conditions
and extensions of the Note and this Mortgage.
In
consideration of the loan made by LENDER to BORROWER and for the purpose
expressed above, the BORROWER does hereby grant and convey to LENDER, with
MORTGAGE COVENANTS, the land with the buildings situated thereon and all
the
improvements and fixtures now and hereafter a part thereof, being more
particularly described in Exhibit A attached hereto and made a part thereof
and
having a street address of 80 and 00-00 Xxxxxxx Xxxxxx, Xxxxxxxx,
Xxxxxxxxxxxxx.
BORROWER
further covenants and agrees that:
1. No
superior mortgage or the note secured by it will be modified without the
written
consent of LENDER hereunder.
2. BORROWER
will pay when due all real estate taxes, betterment assessments and other
municipal charges, which can become a lien against the mortgage
premises.
3. In
the event that BORROWER fails to carry out the covenants and agreements as
set
forth herein, the LENDER may do and pay for whatever action is necessary
to
protect the value of and the LENDER’s rights in the mortgaged property and any
amounts so paid shall be added to the Principal Sum due the LENDER
hereunder.
4. As
additional security hereunder, BORROWER hereby assigns to LENDER, BORROWER’s
rents and leases from the mortgaged property, and upon default the rents
may be
collected by LENDER without the necessity of making entry upon the mortgaged
premises.
5. In
the event that any condition of this Mortgage or any senior mortgage should
be
in default for fifteen (15) days, the entire debt shall become immediately
due
and payable at the option of the LENDER. LENDER shall be entitled to
collect all collection costs and expenses, including reasonable attorney’s fees
incurred.
6. In
the event that the BORROWER transfers ownership in the mortgaged property,
whether in full or part, the LENDER may at her option declare the entire
debt
due and payable.
7. BORROWER
shall maintain adequate insurance on the mortgaged property in amounts and
form
of coverage acceptable to LENDER and LENDER shall be a named insured as her
interests may appear.
8. BORROWER
shall not commit waste or permit others to commit actual, permissive or
constructive waste on the mortgaged property.
9. BORROWER
shall be entitled to a release of the real estate knows as 00 Xxxxxxx Xxxxxx,
Xxxxxxxx upon the pre-payment of TWENTY-FIVE THOUSAND AND 00/100 ($25,000.00)
DOLLARS to the LENDER and also shall be entitled to a release of the real
estate
known as 00-00 Xxxxxxx Xxxxxx, Xxxxxxxx upon the pre-payment of FIFTEEN THOUSAND
AND 00/100 ($15,000.00) DOLLARS to the LENDER.
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This
Mortgage is upon the STATUTORY CONDITION and the other conditions stated
herein,
for breach of which LENDER shall have and may invoke the STATUTORY POWER
OF SALE
and any other remedies permitted by applicable law.
IN
WITNESS THEREOF, BORROWER has executed this Mortgage under seal this 4th day of
June,
2003.
WITNESS
/s/
Xxxxxxx X.
Xxxxxxx /s/
Xxxxx X. Xxxxxxx
Xxxxxxx
X. Xxxxxxx,
Witness Xxxxx
X. Xxxxxxx
COMMONWEALTH
OF MASSACHUSETTS
Hampden,
ss June
4, 2003
Then
personally appeared to the above-named XXXXX X. XXXXXXX and acknowledged
the
foregoing instrument to be his free act and deed, before me
/s/
Xxxxxxx X.
Xxxxxxx
Xxxxxxx
X. Xxxxxxx
Notary
Public
My
Commission Expires:
05.27.05
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EXHIBIT
A
Parcel
I:
The
land
in Chicopee, Hampden County, Massachusetts, being known and designated as
Lot
#19 (nineteen) as shown on a plan of lots of C.C. Abbey recorded in Hampden
County Registry of Deeds, Book 474, Page 601 said lot being more particularly
bounded and described as follows:
NORTHERLY by
Xxxxxxx Street, fifty-three (53) feet;
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EASTERLY
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by
Lot #21 (twenty-one) as shown on said plan, one hundred twenty
(120)
feet;
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SOUTHERLY
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by
Lot #18 (eighteen) as shown on said plan, fifty-three (53) feet;
and
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WESTERLY
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by
Lot #17 (seventeen) as shown on said plan, one hundred twenty (120)
feet.
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Parcel
II:
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The
land in Chicopee, Hampden County, Massachusetts, described as
follows:
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Certain
real estate situated in that part of Chicopee, Hampden County, Massachusetts,
known as Chicopee Falls, being known and designated as Lot #21 (twenty-one)
as
shown on a plan of lots recorded in Hampden County Registry of Deeds in book
474, Page 601, said lot being more particularly bounded and described as
follows:
NOTHERLY by
Xxxxxxx Street, fifty-three (53) feet;
|
EASTERLY
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by
Lot #23 (twenty-three) as shown on said plan, one hundred twenty
(120)
feet;
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SOUTHERLY
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by
Lot #20 (twenty) as shown on said plan, fifty-three (53) feet;
and
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WESTERLY
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by
Lot #19 (nineteen) as shown on said plan, one hundred twenty (120)
feet.
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BEING
the
same premises as conveyed to the mortgagor by deed of Xxxxxxxx Xxxxxxxxxxx
recorded in the Hampden County Registry of Deeds herewith.
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