MORTGAGE
THIS INDENTURE, Made this 6th day of August, 1999, between XXXXXXX X.
XXXXXXX and XXXXX X. XXXXXXX, husband and wife, Mortgagor, and CIRCLE GROUP
INTERNET, INC., a corporation organized and existing wider the laws of the state
of Illinois Mortgagee.
WITNESSETH: That whereas the Mortgagor is justly indebted to the
Mortgagee, as is evidenced by a certain promissory note bearing even date
herewith, in the principal sum of
NINE HUNDRED AND THIRTY FIVE THOUSAND
______________________________________________________Dollars
($ 935,000.00)
payable with interest at the rate of EIGHT per centum ( 8.00 %)
per annum on the unpaid balance until paid, and made payable to the order of the
Mortgagee at its office in Mundelein, IL or at such other place as the holder
may designate in writing, and delivered; the said principal and interest being
payable in monthly installments of n/a Dollars
( O.00 ) on the first day of _______n/a_______, 19__, and a like sum on the
first day of each and every month thereafter until the note is fully paid,
except that the final payment of principal and interest, if not sooner paid,
shall be due and payable on August 6, 2000.
NOW, THEREFORE, the said Mortgagor, for the better securing of the
payment of the said principal sum of money and interest and the performance of
the covenants and agreements herein contained, does by these presents MORTGAGE
and WARRANT unto the Mortgagee, its successors or assigns, the following
described Real Estate situate, lying, and being in the county of
Lake and the State of Illinois, to wit:
Lot 31 in Pebble Beach Subdivision, being a resubdivision of Lot 11 in Xxxxx'x
Landing North Subdivision, in Xxxxxxx 00, Xxxxxxxx 00 Xxxxx, Xxxxx 00, Xxxx of
the Third Principal Meridian, according to the Plat of Resubdivision recorded
April 30, 1997 as Document 3961809, in Lake County, Illinois.
P.I.N. 00-00-000-000
Commonly known as 0000 Xxxxxx Xxxxx Xxxxxx Xxxxx, XX 00000
TOGETHER with all and singular the tenements, hereditaments and
appurtenances thereunto belonging, and the rents, issues, and profits thereof,
and all apparatus and fixtures of every kind for the purpose of supplying or
distributing heat, light, water, or power, and all plumbing and other fixtures
that may be placed in, any building now or hereafter standing on said land, and
also all the estate, right, title, and interest of the said Mortgagor in and to
said premises.
TO HAVE AND TO HOLD the above-described premises, with the
appurtenances and fixtures, unto the said Mortgagee, its successors and assigns,
forever, for the purposes and uses herein set forth, free from all rights and
benefits under and by virtue of the Homestead Exemption Laws of the State of
Illinois, which said rights and benefits the said Mortgagor does hereby
expressly release and waive.
AND SAID MORTGAGOR covenants and agrees:
not to do, or permit to be done, upon said premises, anything that may
impair the value thereof, or of the security intended to be effected by virtue
of this instrument; not to suffer any lien of mechanics men or material men to
attach to said premises; to pay to the Mortgagee as hereinafter provided, until
said note is fully paid, (1) a sum sufficient to pay all taxes and assessments
on said premises, or any tax or assessment that may be levied by authority of
the State of Illinois, or of the county, town, village, or city in which the
said land is situate, upon the Mortgagor on account of the ownership thereof;
(2) a sum sufficient to keep all buildings that may at any time be on said
premises, during the continuance of said indebtedness, insured for the benefit
of the Mortgagee in such forms of insurance, and in such amounts, as may be
required by the Mortgagee.
In case of the refusal or neglect of the Mortgagor to make such
payments, or to satisfy any prior lien or encumbrance other than that for taxes
or assessments on said premises, or to keep said premises in good repair, the
Mortgagee may pay such taxes, assessments, And insurance premiums, when due, and
may make such repairs to the property herein mortgaged as in its discretion it
may deem necessary for the proper thereof, and any moneys so paid or expended
shall become so much additional indebtedness, secured by this mortgage, to be
paid out of proceeds of the sale of the mortgaged premises, if not otherwise
paid by the Mortgagor.
It is expressly provided, however (all other provisions of this
mortgage to the contrary notwithstanding), that the Mortgagee shall not be
required nor shall it have the right to pay, discharge, or remove any tax,
assessment, or tax lien upon or against the premises described herein or any
part thereof or the improvements situated thereon, so long as the Mortgagor
shall, in good faith, contest the same or the validity thereof by appropriate
legal proceedings brought in an court of competent jurisdiction, which shall
operate to prevent the collection of the tax, assessment, or lien so contested
and the sale or forfeiture of the said premises or any part thereof to satisfy
the same.
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AND the said Mortgagor further covenants arid agrees as follows:
That privilege is reserved to pay the debt in whole, or in an amount
equal to one or more monthly payments on the principal that are next due on the
note, on the first day of any month prior to maturity; provided, however, that
written notice of an intention to exercise such privilege is given at least
thirty (30) days prior to prepayment.
Any deficiency in the amount of any such aggregate monthly payment
shall, unless made good by the Mortgagor prior to the date due of the
next such payment, constitute an event of default under this mortgage.
The Mortgagee may collect a "late charge" not to exceed four cents for
each dollar for each payment more than fifteen (15 ) days in arrears,
to cover the extra expense involved in handling delinquent payments.
AND AS ADDITIONAL SECURITY for the payment of the indebtedness
aforesaid the Mortgagor does hereby assign to the Mortgagee all the rents,
issues, and profits now due or which may hereafter become due for the use of the
premises hereinabove described.
THAT HE WILL KEEP the improvements now existing or hereafter erected on
the mortgaged properly, insured as may be required from time to time by the
Mortgagee against loss by fire arid other hazards, casualties and contingencies
in such amounts arid for such periods as may be required by the Mortgagee and
will pay promptly, when due, any premiums on such insurance provision for
payment of which has not been previously made.
All insurance shall be carried in companies approved by the Mortgagee
and the policies and renewals thereof shall be held by the Mortgagee and have
attached thereto loss payable clauses in favor of and in favor of and in form
acceptable to the Mortgagee. In event of loss Mortgagor will give immediate
notice by mail to the Mortgagee, who may make proof of loss if not made promptly
by Mortgagor, and each insurance company concerned is hereby authorized and
directed to make payment for such loss directly to the Mortgagee instead of the
Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part
thereof, may be applied by the Mortgagee at its option either to the reduction
of the indebtedness hereby secured or to the restoration or repair of the
property damaged. In event of foreclosure of this mortgage or other transfer of
title to the mortgaged property to extinguish the indebtedness secured hereby,
all right, title and interest of the Mortgagor in and to any insurance policies
then in force shall pass to the purchaser or grantee.
THAT if the premises, or any part thereof, be condemned under any power
of eminent domain, or acquired for a public use, the damages, proceeds, and the
consideration for such acquisition, to the extent of the full amount of
indebtedness upon
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this mortgage, and the Note secured hereby remaining unpaid, are hereby assigned
by the Mortgagor to the Mortgagee and shall be paid forthwith to the Mortgagee
to be applied by it on account of the indebtedness secured hereby, whether due
or not.
IN THE EVENT of default in making any monthly payment provided for
herein and in the note secured hereby for a period of thirty ( 30 ) days after
the due date thereof, or in case of a breach of any other covenant or agreement
herein stipulated, then the whole of said principal sum remaining unpaid
together with accrued interest thereon, shall, at the election of the Mortgagee,
without notice, become immediately due and payable.
AND IN THE EVENT that the whole of said debt is declared to be due, the
Mortgagee shall have the right immediately to foreclose this mortgage, and upon
the filing of any xxxx for that purpose, the count in which such xxxx is filed
may in any time thereafter, either before or after sale, and without notice to
the said Mortgagor, or any party claiming under said Mortgagor, and without
regard to the solvency or insolvency at the time of such applications for
appointment of a receiver, or for an order to place Mortgagee in possession of
the premises of the person or persons liable for the payment of the indebtedness
secured hereby, and without regard to the value of said premises or whether the
same shall then be occupied by the owner of the equity of redemption, as a
homestead, enter an order placing the Mortgagee in possession of the premises,
or appoint a receiver for the benefit of the Mortgagee with power to collect the
rents, issues, and profits of the said premises during the pendency of such
foreclosure suit and, in case of sale and a deficiency, during the full
statutory period of redemption, and such rents, issues, and profits when
collected may be applied toward the payment of the indebtedness, costs, taxes,
insurance, and other items necessary for the protection and preservation of the
property.
Whenever the said Mortgagee shall be placed in possession of the above
described premises under an order of a court in which an action is pending to
foreclose this mortgage or a subsequent mortgage, the said Mortgagee, in its
discretion, may: keep the said premises in good repair; pay such current or back
taxes and assessments as may be due on the said premises; pay for and maintain
such insurance in such amounts as shall have been required by the Mortgagee;
lease the said premises to the Mortgagor or others upon such terms and
conditions, either within or beyond any period of redemption, as are approved by
the court; collect and receive the rents, issues, and profits for the use of the
premises hereinabove described; and employ other persons and expend itself such
amounts as are reasonably necessary to carry out the provisions of this
paragraph.
AND IN CASE OF FORECLOSURE of this mortgage by said Mortgagee in any
court of law or equity, a reasonable sum shall be allowed for the attorney's
fees, and stenographers' fees of the complainant in Such proceeding and also for
all outlays for documentary evidence and the cost of a complete abstract of
title for the purpose of such foreclosure; and in case of any other suit, or
legal proceeding, wherein the Mortgagee shall be made a party thereto by reason
of this mortgage, its costs and expenses, and the
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reasonable fees and charges of the attorneys of the Mortgagee, so made parties,
for services in such suit or proceedings, shall be a further lien and charge
upon the said premises under this mortgage, and all such expenses shall become
so much additional indebtedness secured hereby and be allowed on any decree
foreclosing this mortgage.
AND THERE SHALL BE INCLUDED in any decree foreclosing this mortgage and
be paid out of the proceeds of any sale made in pursuance of any such decree:
(1) All the costs of such suit or suits, advertising, sale, and conveyance,
including attorneys' and stenographers' fees, outlays for documentary evidence
and cost of said abstract and examination of title; (2) all the moneys advanced
by the Mortgagee, if any, for the purpose authorized in the mortgage with
interest on such advances at the rate set forth in the note secured hereby, from
the time such advances are made; (3) all the accrued interest remaining unpaid
on the indebtedness hereby secured; (4) all the said principal money remaining
unpaid. The surplus of the proceeds of sale, in any, shall then be paid to the
Mortgagor.
If Mortgagor shall pay said note at the time and in the manner
aforesaid and shall abide by, comply with, and duly perform all the covenants
and agreements herein, then this conveyance shall be null and void and Mortgagee
will, within thirty (30) days after written demand therefor by Mortgagor,
execute a release or satisfaction of this mortgage, and Mortgagor hereby waives
the benefits of all statutes or laws which require the earlier execution or
delivery of such release or satisfaction by Mortgagee.
IT IS EXPRESSLY AGREED that no extension of the time for payment of the
debt hereby secured given by the Mortgagee to any successor in interest of the
Mortgagor shall operate to release, in any manner, the original liability of the
Mortgagor.
THE COVENANTS HEREIN CONTAINED shall bind, and the benefits and
advantages shall inure, to the respective heirs, executors, administrators,
successors, and assigns of the parties hereto. Whenever used, the singular
number shall include the plural, the plural the singular, and the masculine
gender shall include the feminine.
WITNESS the hand and seal of the Mortgagor, the day and year first
written.
/s/ Xxxxxxx X. Xxxxxxx (SEAL) /s/ Xxxxx X. Xxxxxxx (SEAL)
--------------------------- ---------------------------
XXXXXXX X. XXXXXXX XXXXX X. XXXXXXX
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STATE OF ILLINOIS
COUNTY OF LAKE
I, THE UNDERSIGNED notary public, in and for the County and State
aforesaid, do hereby certify that XXXXXXX X. XXXXXXX, and XXXXX X. XXXXXXX,
husband and wife, personally known to me to be the same persons whose names are
subscribed to the foregoing instrument, appeared before me this day in person
and acknowledged that they signed, scaled, and delivered the said instrument as
their free and voluntary act for the uses and purposes therein set forth,
including the release and waiver of the right of homestead.
Given under my hand and Notary Seal this 6th day of August, 1999.
My commission expires11/17/2002 /s/ E. Xxxxxxx Xxxxxx
---------------------------
Notary Public
DOC. NO. ___________________ Filed for record in the Recorder's Office of
__________ _____________________ County, Illinois, on the ______ day of
_______________, A.D. _____________ at _______________ o'clock ______m., and
duly recorded in Book _____ of __________ Page ______________
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TAX IDENTIFICATION NUMBER:
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MORTGAGE NOTE
$ 935,000.00 Mundelein, Illinois.
August 6, 1999
FOR VALUE RECEIVED, The undersigned promise(s) to pay to the order of
CIRCLE GROUP INTERNET, INC.
the principal sum of NINE HUNDRED AND THIRTY FIVE THOUSAND DOLLARS
-----------------------------------------
with interest from date, at the rate of EIGHT per centum (8.00 %) per annum on
the unpaid balance until paid. The said principal and interest to be payable in
monthly installments as follows:
The final payment of principal and interest, if not sooner paid, shall be due
and payable on August 6, 2000.
Both principal and interest shall be payable at the office of CIRCLE GROUP
INTERNET, INC., 0000 Xxxxxx Xxxxx, Xxxxxxxxx, XX 00000, or at such other place
as may from time to time be designated in writing.
Upon default in the payment of any such installment of principal and interest
for a period of thirty (3 0) days after the due date thereof, the holder of this
note may, at its option, and without notice, declare all the unpaid principal
and accrued interest of said note immediately due and payable. Failure to
exercise this option shall not constitute a waiver of the right to exercise the
same in the event of any subsequent default.
Presentment, protest, and notice are hereby waived.
This mortgage note is secured by a mortgage dated August 6, 1999 on real estate
commonly known as 0000 Xxxxxx Xx., Xxxxxx Xxxxx, XX 00000
/s/ Xxxxxxx X. Xxxxxxx /s/ Xxxxx X. Xxxxxxx
---------------------- --------------------
Signature Signature
0000 X. Xxxxxx Xxxxx 0000 X. Xxxxxx Xxxxx
Xxxxxx Xxxxx, XX 00000 Xxxxxx Xxxxx, XX 00000
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