SC Mortgage 1

STATE OF SOUTH CAROLINA

MORTGAGE

COUNTY OF

WHEREAS, _______________________,(hereinafter called the Mortgagor), in and by their certain Note of even date, stands firmly held and bound unto

(hereinafter called Mortgagees) for the payment of the full and just sum of ________________________($ __________) DOLLARS payable per terms of Note, with the entire balance, if not sooner paid, being due per terms of Note, with interest, if any, as in and by the Note, reference being had thereto, will more fully appear.

KNOW ALL MEN BY THESE PRESENTS: That the Mortgagor, for and in consideration of the debt or sum of money aforesaid, and to better secure its payment to the Mortgagee according to the conditions of the Note, and also in consideration of the further sum of Three ($3.00) Dollars to the Mortgagor in hand well and truly paid by the Mortgagee at and before the sealing and delivery of these presents, the receipt of which is hereby acknowledged, has granted, bargained, sold and released, and by these presents does grant, bargain, sell and release unto the Mortgagee, his heirs and assigns, the real property described as follows:

SEE EXHIBIT "A" ATTACHED HERETO

MORTGAGEE'S ADDRESS:  ______________________________________

TOGETHER with all and singular the rights, members, hereditaments and appurtenances to the premises belonging, or in anywise appertaining.

TO HAVE AND TO HOLD, all and singular the premises unto the mortgagee, his heirs and assigns, forever.

AND THE MORTGAGOR does hereby bind himself and his heirs and successors to warrant and forever defend all and singular the premises unto the mortgagee, his heirs and assigns, from and against himself and his heirs and successors, lawfully claiming, or to claim the same, or any part thereof.

AND IT IS AGREED by and between the parties that the Mortgagor, his heirs and assigns, shall keep any building erected on the premises insured against loss and damage by fire for the benefit of the Mortgagee, for an amount not less than the sum shown above, with such company as shall be approved by the Mortgagee, his successors, heirs and assigns, and shall deliver the policy to the Mortgagee; and in default thereof, the Mortgagee, his successors, heirs and assigns may effect such insurance and reimburse themselves under this Mortgage to the expense thereof, together with interest thereon at the rate provided in the Note from the date of its payment.

AND IT IS FURTHER AGREED in the event of other insurance and contribution between the insurers that the Mortgagee, his successors, heirs and assigns, shall be entitled to receive from the aggregate of the insurance monies to be paid a sum equal to the amount of the debt secured by this Mortgage.

AND IT IS AGREED by and between the parties, that if the Mortgagor, his heirs and successors or assigns, shall fail to pay all taxes and assessments upon the premises when they shall first become payable, then the Mortgagee, his heirs or assigns, may cause the same to be paid, together with all penalties and costs incurred thereon, and reimburse herself under this Mortgage for the sum so paid, with interest thereon at the rate provided in the Note from the date of such payment.

AND IT IS AGREED by and between the parties that upon any default being made in the payment of the Note or of the insurance premiums, or of the taxes, or of the assessments hereinabove mentioned, or failure to pay any other indebtedness which constitutes a lien upon the real property when the same shall severally become payable, then the entire amount of the debt secured or intended to be secured hereby shall become due, at the option of the Mortgagee, his successors, heirs or assigns, although the period for the payment thereof may not then have expired.

AND IT IS AGREED by and between the parties that should legal proceedings be instituted for the collection of the debt secured hereby, then the Mortgagee, his successors, heirs or assigns, shall have the right to have a receiver appointed of the rents and profits of the premises, who, after deducting all charges and expenses attending such proceedings, and the execution of the trust as receiver, shall apply the residue of the rents and profits towards the payment of the debt secured hereby.

AND IT IS FURTHER AGREED by and between the parties that should legal proceedings be instituted for the foreclosure of this Mortgage, or should the Mortgagees become a party to any action by reason of this Mortgage, or should the debt secured hereby be placed in the hands of an attorney at law for collection, by suit or otherwise, all costs and expenses incurred by the Mortgagee, including a reasonable attorney's fee, shall thereupon become due and payable as a part of the debt secured hereby, and may be recovered and collected hereunder.

PROVIDED ALWAYS, NEVERTHELESS and it is the true intent and meaning of the parties, that if the Mortgagor does and shall well and truly pay, or cause to be paid, unto the Mortgagees, their successors, heirs and assigns, the debt or sum of money aforesaid, with interest thereon, and if any shall be due, according to the true intent and meaning of the Note and this Mortgage, then this Mortgage shall cease, determine and be utterly null and void; otherwise it shall remain in full force and virtue.

IN THE EVENT of sale of the mortgaged property or the transfer of any interest therein to any transferee, excepting only the creation of lien or encumbrance junior to the lien of this Mortgage, Mortgagor agrees that the Mortgagees may, at their sole option, declare all sums secured by this Mortgage immediately due and payable in full. If the Mortgagee exercises it's option to declare the entire amounts so secured to be paid in full, its shall give written notice to Mortgagor who shall have a period of thirty(30) days after the date such notice is mailed to pay the amount declared to be due. If' Mortgagor fails to pay such sum prior to the expiration of such period, Mortgagees may without further notice or demand invoke all remedies permitted by this Mortgage.

AND IT IS AGREED by and between the said parties, that the Mortgagor should hold and enjoy the premises until default of payment shall be made.

ANY REFERENCE in this instrument to the plural shall include the singular, and any reference to the neuter shall include the male and female, the male shall include the female and vice versa.

WITNESS the hand and seal of the Mortgagor this ____ day of _______, ____.

IN THE PRESENCE OF:

_____________________________       __________________________
(Witness # 1)

_____________________________       __________________________
(Witness # 2)

 

STATE OF _________________   )

                                                            )                       PROBATE

COUNTY OF _______________  )

PERSONALLY APPEARED before me the undersigned witness and made oath that she saw the within named Mortgagor, sign, seal, and as his act and deed deliver the within written Mortgage, and that she with the other witness whose signature appears above, witnessed the execution thereof.

_____________________________
(Witness # 1 signature)

SWORN to before me this _____

day of _______, _____.

_______________________________(L.S.)

Notary Public for _____________

My Comm. Exp.:  ­__________________


No guidelines are available for this form at this time.

No guidelines are available for this form at this time.