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MORTGAGE
The Mortgage is used in Kansas. The primary difference between it and a deed of trust is the lack of a trustee. The mortgage conveys along with all other rights, the right to sell the subject property in the event of a default by the borrower (mortgagor) as described in the note, loan or mortgage. In the event of default, a foreclosure suit will be filed and heard in court.
*The section headings and summaries are for convenience only and are not to be used to interpret or define the terms of this Security Instrument.
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DATES AND PARTIES
Defines the date of the agreement, Mortgagor (Borrower) and Lender.
Conveyance
1. CONVEYANCE
Mortgagor conveys to Lender, the property and all future improvements.
2. MAXIMUM OBLIGATION LIMIT
States the limit of the secured principal, not including accrued interest.
Secured Debts
3. SECURED DEBTS
Defines which debts are secured by the instrument (Promissory Note and Commercial Loan Agreement).
4. PAYMENTS
Mortgagor agrees to make all payments on-time as defined in the secured debts and the mortgage.
5. WARRANTY OF TITLE
Mortgagor warrants his/her/their right to convey the property.
6. PRIOR SECURITY INTERESTS
Mortgagor agrees to keep current all previously existing debts secured by liens on the property and not further encumber it.
7. CLAIMS AGAINST TITLE
Mortgagor agrees to pay payments relating to the property and defend the title from claims which would impair this lien.
8. DUE ON SALE OR ENCUMBRANCE
Defines the Lender's ability to declare the entire balance due immediately upon creation of any other liens or sale.
9. TRANSFER OF AN INTEREST IN THE MORTGAGOR
Defines Lender's ability to demand immediate payment if Mortgagor's LLC/Corp changes in certain ways.
10. WARRANTIES AND REPRESENTATIONS
Mortgagor warrants and represents to Lender his/her/their Power, Authority, Name and Place of Business.
11. PROPERTY CONDITION, ALTERATIONS AND INSPECTION
Mortgagor agrees to maintain and not adversely alter the property and to permit the Lender to inspect.
12. AUTHORITY TO PERFORM
Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name, pay for and manage completion of construction.
13. ASSIGNMENT OF LEASES AND RENTS
Mortgagor agrees to assign all leases and rents in association with the property to the Lender.
Default
14. DEFAULT
Defines all of the different types of default as recognized by the mortgage.
Remedies
15. REMEDIES
Defines all remedies and the process of foreclosure.
Collectios Expenses
16. COLLECTION EXPENSES AND ATTORNEYS' FEES
Mortgagor agrees to pay all attorneys' fees, court costs, and other legal expenses.
17. ENVIRONMENTAL LAWS AND HAZARDOUS SUBSTANCES
Mortgagor agrees to comply with all federal, state and local laws and regulations pertaining to environmental safety.
18. CONDEMNATION
Defines the way any pending or threatened private or public condemnation or eminent domain will be handled.
19. INSURANCE
Mortgagor agrees to insure the property in the amounts required by the Lender, with the Lender named as loss payee.
20. ESCROW FOR TAXES AND INSURANCE
Mortgagor agrees to pay to Lender's escrow account, funds for taxes and insurance if required by Lender.
21. CO-SIGNERS
Mortgagor agrees to convey his/her/their interest in the property even if they didn't sign the secured debts.
22. WAIVER OF REDEMPTION
Mortgagor waives all benefits of stay/valuation/homestead/appraisement laws of the State of KS and any redemption right.
23. OTHER TERMS
If the secured debt is paid to a $0 balance, this instrument is in effect until all underlying agreements have been terminated.
24. APPLICABLE LAW
The security instrument is governed by the laws of MO except as required by jurisdiction where property is located, and USA.
25. JOINT AND INDIVIDUAL LIABILITY AND SUCCESSORS
Mortgagors are individually liable. Duties/benefits will bind/benefit successors/assigns of Mortgagor/Lender.
26. AMENDMENT, INTEGRATION AND SEVERABILITY
The agreement is complete, changes must be made in writing, unenforceable provisions are severed and the rest are valid.
27. INTERPRETATION
Defines usage and meaning of singular and plural words. Section headings are for convenience only.
28. NOTICE, FINANCIAL REPORTS AND ADDITIONAL DOCUMENTS
Mortgagor agrees to notify Lender of any changes to pertinent documents and to provide any requested documents.
SIGNATURES
Mortgagor agrees to the terms and covenants contained within and acknowledges his/her/their receipt of a copy.
NOTARY ACKNOWLEDGMENT
Notary acknowledges witnessing both the Mortgagor and the Lender sign the mortgage.
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