Fill and Sign the Deed Secure Debt Georgia Form

RETURN TO: ____________________ ____________________ ____________________ ____________________ DEED TO SECURE DEBT WITH POWER OF SALE In consideration of One Dollar ($1.00) and other considerations, the receipt whereof is hereby acknowledged, ______________________, and _____________________ , hereinafter designated first parties, whether one or more, have this day bargained and sold and does hereby transfer and convey unto _____________________, her heirs, legal representatives, successors and assigns, as second party, the following described tract of land, to-wit: DESCRIPTION OF PROPERTY Subject to all restrictions, easements and rights of way of record. To Have and to Hold the same in fee simple; and said first parties warrant the title to the same unto said second party, her legal representatives, successors and assigns. This conveyance is made to secure a debt of $________________, and any other present or future indebtedness or liability of first to second party. The debt hereby secured is evidenced by one promissory note of even date herewith in the principal sum of $_______________, due and payable in 10 equal consecutive annual installments in the sum of $_________________ each, commencing on the ____ day of ________, ______, , and continuing on the ____ day of __________ of each and every year thereafter until paid in full. Said indebtedness bears interest at the rate of _________ (___%) per cent per annum. In case this debt is not paid promptly when due, first parties authorize second party, her legal representatives or assigns, to sell said described property at public outcry before the courthouse door in _____________, ______ County, Georgia, to the highest bidder for cash to pay said debt, with interest thereon and the expenses of the proceedings, including fifteen (15) per cent attorney's fees, if the claim be placed in the hands of an attorney for collection, after advertising the time, place and terms of sale in a newspaper of general circulation in said county once a week for four weeks. And said second party, her legal representatives or assigns, may make to the purchaser title in fee simple to the same, and said second party, her legal representatives or assigns, is hereby authorized to bid and to buy at said public sale. The proceeds of said sale are to be applied first to payment of said debt and interest, and expenses of this proceeding; the remainder, if any, paid to said first parties; said first parties agreeing to surrender possession of said property without let or hindrance of any kind. But the foregoing powers for realizing on this security are cumulative only, and coupled with an interest and are irrevocable by death or otherwise. First parties agree to maintain a sufficient amount of fire insurance on any building on this property with loss payable to the second party to protect the interest of the party of the second part, and first parties shall provide proof of such insurance to second party. First parties agrees to pay all State, County and City taxes owing on above property. Failure to keep adequate insurance on premises and provide proof of such insurance, or failure to pay any taxes on said property when same shall become due, shall constitute a default under the terms of this instrument. Said first parties hereby covenants that fee simple title to said property is veste d in them, and that there are no liens of any nature against them or said described property except as set out hereinabove. Witness our hands and seals, this ____ day of _______________, ________. ________________________________ (SEAL) _____________________ ________________________________ (SEAL) ____________________ SIGNED, SEALED AND DELIVERED on this ____ day of ______________, __________, , in the presence of: ________________________ WITNESS ________________________ NOTARY PUBLIC My Commission Expires: _____ THIS DOCUMENT PREPARED BY: _______________________ _______________________ _______________________ _______________________ _______________________