MORTGAGE
(To be used for loans over $25,000; loans $25,000 or less
Document Number and first lien; or other non-consumer act transactions)
GENROCO, INC., A WISCONSIN CORPORATION ("Mortgagor," whether
one or more) mortgages to XXXXXXX CENTER PARTNERSHIP, A
WISCONSIN PARTNERSHIP ("Mortgagee," whether one or more) to
secure payment of Two Hundred Thousand and no/100's dollars
($200,000.00) evidenced by a note or notes bearing an even date
executed by GENROCO, INC to Mortgagee, and any extensions, and
renewals and modifications of the note(s) and refinancings of any such
indebtedness on any terms whatsoever (including increases in interest)
and the payment of all other sums, with interest, advanced to protect the
security of this Mortgage, the following property, together with the rents,
profits, fixtures and other appurtenant interest (all called "Property"), in
Washington County, State of Wisconsin:
Recording Area
Name and Return Address
Xxx Xxxxx
000 Xxxxxxxxxx Xxxxx
Xxxxxxx, XX 00000
V5-0650-00G
(Parcel Identification Number)
SEE ATTACHED EXHIBIT A
1. This is not homestead property.
2. This is a purchase money mortgage.
3. MORTGAGOR'S COVENANTS.
(a) COVENANT OF TITLE. Mortgagor warrants title to the Property, except
municipal and zoning ordinances, recorded easements for public utilities
located adjacent to side and rear lot lines, recorded building and use
restrictions and covenants, and general taxes levied in the year of closing.
(b) TAXES. Xxxxxxxxx promises to pay when due all taxes and assessments
levied on the Property or upon Mortgagee's interest in it and to deliver to
Mortgagee on demand receipts showing such payment.
(c) INSURANCE. Mortgagor shall keep the improvements on the Property
insured against a loss or damage occasioned by fire, extended coverage perils
and such other hazards as Mortgagee may require, through insurers approved by
Mortgagee in such amounts as Mortgagee shall require, but Mortgagee shall not
require coverage in an amount more than the balance of the debt without co-
insurance, and Mortgagor shall pay the premiums when due. The policies shall
contain the standard mortgage clause in favor of Mortgagee and, unless
Mortgagee otherwise agrees in writing, the original of all policies covering
the property shall be deposited with Mortgagee. Mortgagor shall promptly give
notice of loss to insurance companies and Mortgagee. Unless Mortgagor and
Mortgagee otherwise agree in writing, insurance proceeds shall be applied to
restoration or repair of the Property damages, provided the Mortgagee deems
the restoration or repair to be economically feasible.
(d) OTHER COVENANTS. Mortgagor covenants not to commit waste nor suffer
waste to be committed on the Property, to keep the Property in good condition
and repair, to keep the Property free from liens superior to the lien of this
Mortgage, and to comply with all laws ordinances and regulations affecting the
Property. Mortgagor shall pay when due all indebtedness which may be or become
secured at any time by a mortgage or other lien on the Property superior to
this Mortgage and any failure to do so shall constitute a default under this
Mortgage.
4. DEFAULT AND REMEDIES. Xxxxxxxxx agrees that time is of the essence with
respect to payment of principal and interest when due and in the performance
of any of the covenants and promises of the Mortgagor contained herein or in
the note(s) secured hereby. In the event of default, Mortgagee may, at his
option and subject to the notice provisions of this Mortgage, declare the
whole amount of the unpaid principal and accrued interest due and payable and
collect it in a suit at law or by foreclosure of this Mortgage by action or
advertisement or by the exercise of any other remedy available at law or
equity, and Mortgagee may sell the Property at public sale and give deeds of
conveyance to the purchasers pursuant to the statutes.
5. NOTICE. Unless otherwise provided in the note(s) secured by this
Mortgage, prior to any acceleration (other than under paragraph 12) Mortgagee
shall mail notice to Mortgagor specifying: (a)the default; (b)the action
required to cure the default; (c)a date, not less than 15 days from the date
the notice is mailed to Mortgagor by which date the default must be cured; and
(d)that failure to cure the default on or before the date specified in the
notice may result in acceleration.
6. EXPENSES AND ATTORNEY'S FEES. In case of default, whether abated or not,
all costs and expenses including reasonable attorneys' fees and expenses of
title evidence to the extent not prohibited by law shall be added to the
principal, become due as incurred, and in the event of foreclosure, be
included in the judgment.
7. FORECLOSURE WITHOUT DEFICIENCY. Xxxxxxxxx agrees to the provisions of
Section 846.101 and 846.103(2) of the Wisconsin Statutes, as may apply to the
property and as may be amended, permitting Mortgagee in the event of
foreclosure to waive the right to judgment for deficiency and to hold the
foreclosure sale within the time provided in such applicable Section.
8. LIMITATION ON PERSONAL LIABILITY. Unless a Mortgagor is obligated on the
note or notes secured by this Mortgage, the Mortgagor shall not be liable for
any breach of covenants contained in this Mortgage.
9. RECEIVER. Upon default or during the pendency of any action to foreclose
this Mortgage, Xxxxxxxxx consents to the appointment of a receiver of the
Property, including homestead interest, to collect the rents, issues, and
profits of the Property, during the pendency of such an action, and such
rents, issues, and profits when so collected, shall be held and applied as the
court shall direct.
10. WAIVER. Mortgagee may waive any default without waiving any other
subsequent or prior default by Xxxxxxxxx.
11. MORTGAGEE MAY CURE DEFAULTS. In the event of any default by Mortgagor
of any kind under this Mortgage or any note(s) secured by this Mortgage,
Mortgagee may cure the default and all sums paid by Mortgagee for such purpose
shall immediately be repaid by Mortgagor with interest at the rate then in
effect under the note secured by this Mortgagee and shall constitute a lien
upon the Property.
12. CONSENT REQUIRED FOR TRANSFER. Mortgagor shall not transfer sell or
convey any legal or equitable interest in the Property (by deed, land
contract, option, long-term lease or in any other way) without the prior
written consent of Mortgagee, unless either the indebtedness secured by this
Mortgage is first paid in full or the interest conveyed is a mortgage or other
security interest in the Property, subordinate to the lien of this Mortgage.
The entire indebtedness under the note(s) secured by this Mortgage shall
become due and payable in full, at the option of Mortgagee without notice,
upon any transfer, sale or conveyance made in violation of this paragraph,
13. ASSIGNMENT OF RENTS. Mortgagor hereby transfers and assigns absolutely
to Mortgagee, as additional security, all rents, issues and profits which
become or remain due (under any form of agreement for use or occupancy of the
Property or any portion thereof), or which were previously collected and
remain subject to Mortgagor's control, following any default under this
Mortgage or the note(s) secured hereby and delivery of notice of exercise of
this assignment by Mortgagee to the tenant or other user(s) of the Property.
This assignment shall be enforceable with or without appointment of a receiver
and regardless of Mortgagee's lack of possession of the Property.
14. SUBORDINATION. This mortgage shall be subordinate to a certain mortgage
of even date herewith in favor of M & I Bank of Menomonee Falls which is
secured by the same real estate.
Dated this 7 day of October, 1999.
Xxxxxxx Xxxx - Pres. Xxxxx Xxxx, CFO
/s/ Xxxxxxx X. Xxxx - Pres. /s/ Xxxxx Xxxx, VP-CFO
AUTHENTICATION
Signature(s)------------------------------------------
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authenticated this ------- day of ------------,------.
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signature
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type or print name
TITLE: MEMBER STATE BAR OF WISCONSIN
(If not,----------------------------------------------
authorized by ss 706.06, Wis. Stats.)
THIS INSTRUMENT WAS DRAFTED BY
Atty. Xxxx X. Xxxx
P.O. Box 270455, Hartford, WI 53027
ACKNOWLEDGMENT
STATE OF WISCONSIN
WASHINGTON COUNTY
Personally came before me this 7th day of October
1999 the above named Xxxxxxx X. Xxxx
and Xxxxx Xxxx to me known to be the
persons and officers who executed the foregoing instrument
and acknowledge the same.
/s/ Xxxxx X. Xxxxxxxxx
----------------------
Signature
type or print name /s/ Xxxxx X. Xxxxxxxxx
----------------------
Notary Public Washington County, Wisconsin
My commission is permanent. (If not, state expiration date:
December 14, 1999.)
Names of persons signing in any capacity should be typed or
printed below their signatures.
EXHIBIT A
Lot Seven (7) of Certified Survey Map No. 3994, recorded in the Washington
County Registry on December 4, 1992 in Volume 25 of Certified Survey Maps,
pages 277-279 as Document No. 619618, being a redivision of Lot 6 of Certified
Survey Map No. 3885 recorded in Volume 24 of Certified Survey Maps, pages 306-
308 and Lot 3 of Certified Survey Map No. 3713, recorded in Volume 23 of
Certified Survey Maps, pages 156-158, and being a part of the NE 1/4 and NW
1/4 of the NW 1/4 of Section 20, T 10 N, R 19 E, Village of Slinger,
Washington County, Wisconsin.
FOR INFORMATIONAL PURPOSES ONLY
Tax Key No. V5-0650-00G.
