Laserfiche WebLink
The sale is on the condition, that whereas , GRANTOR is justly <br /> indebted unto GRANTEE in the sum of Two Hundred Twenty-Five Thousand <br /> and No/100 Dollars ($225 , 000 . 00) , evidenced by one Promissory <br /> Note of even date , in the sum of $225 , 000 . 00 bearing six percent <br /> (6%) interest from date until due as provided in the Note , payable <br /> as follows : <br /> The City shall advance the total sum of $225 , 000 . 00 upon <br /> the presentation by the Company of appropriate documentation. <br /> Interest shall not accrue on any amount not advanced <br /> until such sum is advanced, and the first interest payment <br /> shall be adjusted accordingly. Such first payment of <br /> interest only shall be due April 1 , 1985 . The second <br /> interest only payment in the amount of $6 , 750 . 00 shall <br /> be due October 1 , 1985 . Successive semi-annual payments <br /> shall be principal and interest in the amount of $16 , 359 . 46 <br /> for the next eighteen (18) payments . <br /> This Mortgage shall also be security for any other indebtedness <br /> of whatsoever kind that GRANTEE or the holders or owners of this <br /> Mortgage may hold against GRANTOR by reason of future advances <br /> made hereunder , by purchase or otherwise, to the time of the <br /> satisfaction of this Mortgage. <br /> GRANTOR hereby warrants to and covenants with GRANTEE : <br /> 1 . That GRANTOR will , at GRANTOR' S expense , keep all <br /> improvements insured against fire and all perils <br /> normally included in "extended coverage" with a <br /> company and in a form approved by GRANTEE in an <br /> amount equal to the full insurable value of said <br /> improvements , and with loss payable clause naming <br /> GRANTEE . GRANTOR will furnish GRANTEE with evidence , <br /> satisfactory to GRANTEE , that such insurance is at <br /> all times in full force and effect . <br /> 2 . That GRANTOR will keep all improvements in a good <br /> state of repair and neither commit nor permit waste . <br /> 3 . That GRANTOR will pay all taxes , special assessments <br /> and other charges affecting the property when and <br /> as due and prior to delinquency and will furnish <br /> proof of such payment to GRANTEE . <br /> 4 . That GRANTOR will make all payments on the loan <br /> secured by the above described first mortgage when <br /> and as due and prior to delinquency and will not <br /> commit , permit or suffer to exist any event of default <br /> under said mortgage or the loan it secures . <br /> 5 . That GRANTOR will not sell , assign, mortgage , encumber, <br /> lease or otherwise convey the Mortgaged Property <br /> without first obtaining the expressed written consent <br /> of the GRANTEE . <br /> If the GRANTOR shall default in the payment of any tax, <br /> lien, assessment or charge levied or assessed against the <br /> Mortgaged Property ; in the payment of any utility charge, <br /> whether public or private ; in the payment of insurance premiums ; <br /> 4 n f-k- rr mo i-. ,-----+- --P 4 v..,.. ..,.__,.-- -__ -- '-t- - - ---r------ - <br />