HomeMy WebLinkAbout88-0726 Davis Mortgage a V
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MORTGAGE
THIS INDENTURE made _ - ally_ 26 19 88 , between-.. -„
__L azialL_1L_Q.aa ._a.n d_S h a r o n K . Davis
herein referred tows "Mortgagors" , and the City of Elgin, Illinois , a
Municipal Corporation , herein referred to as "Mortgagee" , witnesseth :
THAT, WHEREAS , the mortgagors are justly indebted to the
Mortgagee upon the note of even date herewith, in the principal sum of
Fl..f.t.een ..th.Q.t.t.a.an.d....a.n..d ...xx/100.._...._...____._._..._...._.._......__._.__._.__._.._...---._...--.--._--- Dollars
payable to the order of and delivered to the
Mortgagee, in and by which note the Mortgagors promise to pay the said
principal sum as specified therein .
NOW, THEREFORE, the Mortgagors to secure the payment of the said
principal sum of money and such other amounts as may be due and owing
under said note, in accordance with the terms , provisions and
limitations of this mortgage , and the performance of the covenants and
agreements herein contained, by the Mortgagors to be performed, and
also in consideration of the sum of One Dollar in hand paid, the
receipt whereof is hereby acknowledged, due by these presents CONVEY
AND WARRANT. unto the Mortgagee, and the Mortgagee ' s successors and
assigns , the following described real estate and all of their estate ,
right , title and interest therein, situate, lying and being in the
City of Elgin, County of Kane and State of Illinois , to wit :
That part of Lot 2 in Block .6 of P. J. Kimball's Jr. Third Addition to
Elgin described as follows: Commencing at the Northwest corner of said lot;
thence South 4 rods; thence East parallel with the South line of Ann Street
115 1/2 feet; thence Northwesterly to a point on the North line of said lot
which is 6 rods 13 feet East of the Northwest corner thereof; thence West
along said North line 6 rods and 13 feet to the point of beginning, in the
City of Elgin, Kane County, Illinois. _
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which, with the property hereinafter described , is referred to herein
as the "premises" ,
TOGETHER with al .t improvements , tenements , easements , f.i:Lures ,
and appurtenances thereto belonging , and all rents , issues and profits ‘H:
thereof for so long and during all such times as Mortgagors may be
entitled thereto (which are pledged primarily and on a parity with
said real estate and not secondarily) and all apparatus, equipment or
articles now or hereafter therein or thereon used to supply heat, gas ,
air conditioning, water, light , power', refrigeration (whether single
units or centrally controlled) , and ventilation, including (without
. restricting the foregoing) , screens , window shades , storm doors and
windows, floor coverings, inador beds , awnings , stoves and water
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heaters . All of the foregoing are declared to be a part of said real
estate whether physically attached thereto or not , and it is agreed
that al]. similar apparatus , equipment or articles hereafter placed in
the premises by Mortgagors or their successors or assigns shall be
considered as constituting part of the real estate .
TO HAVE AND TO HOLD the premises unto the Mortagee , and the
Mor:'gagee ' s successors and assigns , forever , for the purposes , and upon
the uses herein set: :forth , free from all t rights and benefits under and
by virtue of the Homestead Exemption 1:,aws of the State of Illinois ,
which h ,n.icl rights and benefits the Mortgagors ors do hereby expressly
release anad waive .
THE MORTGAGORS HEREBY COVENANT WITH THE MORTGAGEE AS FOLLOWS :
1 . Mortgagors shall ( 1 ) promptly repair , restore or rebuild any
buildings or improvements now or hereafter on the premises which may
become damaged or be destroyed ; ( 2 ) keep said premises in good
condition and repair , without: waste , and free from mechanic ' s or other
liens or claims for lien not expressly subordinated to the .lien
thereof : ( :1 ) pay when due any indebtedness which may be secured by a
lien or charge on the premises superior to the lien hereof , and upon
request exhibit satisfactory evidence of the discharge of such prior
lien to the Mortgagee ; ( 4 ) complete within a reasonable time any
building , or buildings now or at: any time in process of erection upon
said premises ; ( 5 ) comply with all requirements of law or municipal
ordinances with respect to the premises and the use hereof ; ( 6 ) make
no material alternations in said premises except as required by law or
municipal ordinance .
2 . Mortgagors d ma.1 .l pay before any penalty attaches all general
t:;;r'r:ce. , and shall pay special speciai taxes , .;pecial assessments , water
charges , sower service charges; , and other charges against the premises
when d.u.o•:r, rasa:t. shall , upon written request , furnish to the Mortgagee
duplicate receipts therefor . ''Co prevent default hereunder Mortgagors;
shall pay in fu..11 under protest , in the manner provided by statute ,
any taxes or assessments which Mortgagors may desire to contest .
1 . Mortgagors sha1. l keep all buildings or improvements now or
hereafter situated on said premises insured against loss or damages by
fire , lightning and windstorm under policies providing for payment by
►:he insurance companies of moneys sufficient either to pay the cost of
replacing or repairing the same c:;r to pay in full the indebtedness
secured hereby , all in companies satisfactory to the Mortgagee , under
insurance policies payable , in case of loss or damage , to Mortgagee ,
such rights to be evidenced by the standard mortgage clause to be
attached l:o each policy, and shall deliver all policies , including
additional and renewal policies , to the Mortgagee , and in case of
insurance about to expire, shall deliver renewal policies not less
than ten clays prior 'to the respective dates of expiration .
4 . When the indebtedness hereby secured shall become due whether
by acceleration or otherwise , Mortgagee shall have the right to
foreclose the lien hereof . In any suit to foreclose the lien hereof ,
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there shall be allowed and included as additional indebtedness in the
decree for sale all expenditures and expenses which may be paid or
incurred by or on behalf of Mortgagee for attorney ' s fees , appraiser ' s
fees , outlays for documentary and expert evidence , stenographers '
charges , publication costs and costs ( which may be estimated as to
items to be expended after entry of the decree ) of procuring all such
abstracts of title, title searches , and examinations , title insurance
policies , Torrence certificates , and similar data and assurances with
respect to title as Mortgagee may deem to be reasonably necessary
either to prosecute such suit or to evidence to bidders at any sale
which may be had pursuant: to such decree the true condition of the
title to or the value of the premises . All expenditures and expenses
of the nature in this paragraph mentioned shall become so much
additional indebtedness secured hereby and immediately due and
payable, with interest thereon at the highest rate now permitted by
Illinois law, when paid or incurred by Mortgagee in connection with
( a) any proceeding, including probate and bankruptcy proceedings , to
which the Mortgagee shall he a party , either as plaintiff , claimant or
defendant , by reason of this mortgage or any indebtedness hereby
secured; or (b ) preparations for the commencement of any suit for the
foreclosure hereof after accrual of such right to foreclose whether or
not actually commenced ; or ( c ) preparations for the defense of any
actual or threatened suit or proceeding which may affect the premises
or the security thereof .
5 . Upon or at any time after the filing of a complaint to
foreclose this mortgage the court in which such complaint is filed may
appoint a receiver of said premises . Such appointment may be made
either before or after sale , without notice, without regard to the
solvency or insolvency of Mortgagors at the time of application for
such receiver and without regard to the then value of the premises or
whether the same shall the them occupied as a homestead or not , and the
Mortgagee may he appointed as such receiver . Such receiver shall have
power to collect the rents , issues and profits of said premises during
the pendency of such foreclosure suit and. , in case of a sale and a
deficiency , during the full statutory period of redemption , whether
there be redemption or not , as we]. l as during any further times when
Mortgagors , except: for the intervention of such receiver , would be
entitled to co.l .lec:t: such tents , issues and.. profits , and all other
powers which may be necessary or are usual itt such cases for the
protection, control , management: and operation of the premises during
the whole or said period .
G . The Mortgagee shall have the right to .inspect the premises at
all reasonable times and access thereto sha.l. l be permitted for that
purpose .
7 . Mortgagee shall have the right to declare the full balance
due and owing under the note and shall have the right to foreclose
hereunder in the event Mortgagors are in default under any terms
contained in said note .
8 . Further , in the event Mortgagors shall place said premises
for sale and shall sell the same prior to the expiration of 10 years
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from the date hereof , the remaining balance due and owing under said
note may be accelerated at the option of the Mortgagee and the same
shall constitute an event of default hereunder thereby permitting
Mortgagee to foreclose upon said premises .
9 . Mortgagors agree that this mortgage shall remain a lien upon
the title to said premises for a period of 10 years from the date
hereof .
10 . Mortgagors further covenant and agree that they shal.l . comply
with and perform all terms and conditions of the certain Elgin Rental
Rehabilitation Program Agreement entered into between Mortgagors and
Neighborhood Housing Services of Elgin on or about: this date . In the
event Mortgagors shall fall to comply with or perform any of the
obligations required of them to be performed under said Agreement ,
then the remaining balance due and owing under said Note may be
accelerated at the option of t:he Mortgagee and the same shall
constitute an event of default hereunder thereby permitting Mortgagee
to foreclose upon said premises .
IN WITNESS WIIEREO[' , this mortgage has been duly executed the day
and year first above written.
•
State of Illinois)
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County of
I , the undersigned , a Notary Public 4n and for said County in the
Stat,,e, aforesaid, po HEREBY CERTIFY that � _e �J� bA '1� Avid
d_''-si_.K._b!c'!S _. personally known to be the
same person]_ whose name__ /��� subscribed to the foregoing
instrument , appeared before me th:is clay in person , and acknowledged
that ]hA signed, sealed and delivered the said instrument: as
Pr "•ree and voluntary act , for thn uses and purposes therein set
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Ccorth, including t:he release and waiver of the right of homestead .
ftivPn under my hand and official seal this �� clay of
C:o m»l l:' . ' :iai• 1
"OFFICIAL SEAL" Nq •a r y Public
Gary M.Vanek
My
PublicCommission
State es 1 fnoi9 Dennis Sienko, Interim Executive Director
My Commission Expires 1J6/89
This erred by 326 E. Chi..cago St. , Elgin, I1 60120 M_
(Name and Address)
Mail this instrument to NQichbarhood Housing Services of Elgin, Inc.
326 E. Chicago St.(Name and Address)
Elgin, Illirois 60120
( City) ( State)
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RECORDER