Fill and Sign the Mortgage to Secure Future Advances Louisiana Form

MORTGAGE TO SECURE UNITED STATES OF AMERICA FUTURE ADVANCES STATE OF LOUISIANA BY [_BORROWER_1_] AND [_BORROWER_2_] PARISH OF [_PARISH_] BEFORE the undersigned Notary Public, and in the presence of the subscribing witnesses, there personally appeared: [_BORROWER_1_] , whose Tax Identification Number is [_TIN_1_] , and [_BORROWER_2_] , whose Tax Identification Number is [_TIN_2_] , husband and wife domiciled in [_Borrower_Parish_] , whose present mailing address is [_Borrower_Address_] ; (herein referred to jointly as "Borrower") who declared to me, Notary, that as security and collateral for any present and future indebtedness of Borrower (or either of them separately) to [_LENDER_] , whose Tax Identification Number is [_TIN_3_] , [_Lender_Address_] , including any and all present obligations and future advances, loans, extensions of credit and/or other financial accommodations obtained and/or to be obtained by Borrower or either of them from Lender, as well as from the successors and assigns of the Lender, from time to time, one or more times, now or in the future whether represented by promissory notes or otherwise, including interest, attorney's fees, insurance premiums, assessments, taxes and costs, advanced under the terms of this mortgage, and any other advances or expenditures made by the Lender for expenses incurred by the Lender in protection or in furtherance of its rights under this Mortgage; the maximum amount to be secured hereunder at any one time to be [_$Maximum_] ; Borrower does hereby specially mortgage, affect and hypothecate unto and in favor of Lender, the property described more fully below, together with all buildings or improvements thereon or to be placed thereon, and all rights, ways, privileges, servitudes and appurtenances thereunto belonging, and together with all cooling, heating, plumbing and lighting fixtures and equipment now or hereafter attached to or used in connection with the real estate so described. Borrower further declared that this mortgage is granted for the equal benefit and security of all indebtedness of Borrower to Lender as described above, whether arising now or hereafter, and as to all of such indebtedness secured by this mortgage, preference and priority shall rank from the execution of this instrument by Borrower, and this mortgage shall remain in effect, notwithstanding the payment of any or all of the indebtedness by Borrower, and its rank and priority shall be maintained and shall continue as to third persons, until this mortgage is terminated and released of record. Borrower warrants that record title to the mortgaged property stands in Borrower's name and is free of liens and encumbrances. Borrower acknowledges the obligations secured hereby, whether now existing or to arise hereafter, and confesses judgment thereon if the obligations are not paid in accordance with their terms. Should Borrower fail to comply with the obligations herein undertaken, or any obligation secured by this mortgage, or breach this contract in any way, Lender shall have the option to - 1 - accelerate the maturity of the obligations secured herein, whether represented by promissory notes or otherwise, and any other amounts due under this contract and the same shall be due and payable immediately. Upon Borrower's default Lender may, without making a demand and without putting in default, seize all or part of the mortgaged property and have it sold by executory process or any other legal process. Borrower hereby expressly waives: (a) the benefit of appraisement as provided in LSA - C.C.P. Articles 2332, 2336, 2723 and 2724 and all other laws conferring the same; (b) the demand for payment and the delay of three days accorded by LSA - C.C.P. Articles 2639 and 2721; (c) the delay of three days accorded by LSA - C.C.P. Articles 2331 and 2722 and (d) the benefit of any other articles of the Louisiana Code of Civil Procedure or laws relating to the rights of appraisement, notice, or delay; and Borrower expressly agrees to the immediate seizure of the property in the event of suit hereon. Borrower further agrees that in the event any proceedings are instituted to enforce this mortgage either by executory process or by ordinary suit, any and all declarations of fact made by authentic act by a person declaring such facts lie within his knowledge shall constitute authentic evidence of such facts for the purpose of the proceeding. In the event of foreclosure, Lender may elect to serve as keeper or to designate the keeper and if Lender so elects, Borrower hereby expressly authorizes and appoints the Lender or its designee as the keeper of the property pursuant to LSA - R.S. 9:5136, et seq . The compensation of the keeper is hereby fixed at 1% of the amount due or sued for, or claimed or sought to be protected or enforced, and shall be secured by the lien of this mortgage. Borrower agrees: 1. To observe and abide by all lawful rules and regulations of legally constituted authorities from time to time in force and effect bearing upon and affecting the mortgaged property. 2. Not to abandon the property. 3. To allow Lender access to and the right to inspect the property, at all reasonable times. 4. That the mortgaged property shall not be sold, alienated or encumbered to the prejudice of the Lender or of this mortgage, without the Lender's prior written consent. Borrower agrees that, unless prior written approval has been obtained from Lender, any sale, alienation or encumbrance, whether with or without assumption of the obligations secured hereby, shall constitute a breach of this mortgage and shall constitute default on the part of Borrower. 5. That in the event that Borrower (or any one of them if more than one) should become insolvent, file a petition in bankruptcy, or should proceedings be instituted to put Borrower (or any one of them if more than one) in involuntary bankruptcy, or should proceedings be taken against Borrower (or any one of them if more than one) - 2 - looking to the appointment of a receiver, or syndic, or should Borrower (or any one of them if more than one) make an assignment for benefit of creditors, or should any order be issued by any court for the appointment of a receiver or for the sequestration, seizure or attachment of the herein described property or should there be created any other lien or charges superior in rank to the lien and mortgage herein granted, save a governmental assessment or levy, then and in any such event, the obligations secured hereby in principal and interest and all other indebtedness secured hereby shall, at the option of the Lender, immediately become due and payable. Any failure on the part of the Lender to exercise said option shall not constitute a waiver of the right to exercise the same at any other time. 6. To keep the improvements now existing or hereafter placed on the mortgaged property insured as may be required from time to time by Lender against loss by fire and other hazards, casualties and contingencies in such amounts and for such periods as may be required by Lender and to promptly pay any premiums due on such insurance. If Borrower should fail to pay same then Lender may, but is not obligated to, pay such premiums as it deems necessary with full right to repayment and interest as provided below. All insurance shall be carried in companies approved by Lender and the policies and renewals thereof shall be held by Lender and have attached thereto loss payable clauses in favor of and in form acceptable to Lender. In the event of loss, Borrower will give immediate notice by mail to Lender who may make proof of loss if not made promptly by Borrower, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Lender instead of to Borrower and Lender jointly, and the insurance proceeds, or any part thereof, may be applied by Lender at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damage. In the event of foreclosure of this mortgage or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, titles and interest of Borrower in and to any insurance policies then in force shall pass to the purchaser or grantee. 7. To pay and discharge promptly when due all taxes, local and special assessments and governmental or utility charges of every description which shall be imposed, assessed or levied upon the property, or any part thereof, so that the priority of this mortgage shall at all times be maintained and preserved, and to furnish to Lender evidence of the payment of same. If Borrower should fail to pay same then Lender may, but is not obligated to, pay them with full subrogation to all rights of taxing authorities by reason of such payment. 8. To maintain, preserve and keep at all times all of the property in thorough repair, good order and condition and to make all necessary repairs and improvements thereto so that the security of this mortgage shall at no time become impaired; provided, however, that the Borrower shall make no repairs, additions or alterations to the property or allow any work to be done thereon whereby any lien or privilege could result against the property hereby - 3 - mortgaged, without previously obtaining the written consent of the Lender. Upon any failure to maintain said premises, Lender at its option, may cause reasonable maintenance work to be performed at the cost of Borrower. 9. To execute and deliver or cause to be executed and delivered to Lender such further documents and statements as Lender may require to perfect and protect the lien of this mortgage, and pay all cost of recording such documents in such public offices as may be required by law. 10. That any amount paid by Lender on Borrower's behalf as authorized by this mortgage, together with interest thereon at [_rate_] interest per annum from the date of such payment until Borrower reimburses Lender therefor, shall be added to the indebtedness secured by this mortgage, and such additional debt in principal and interest shall be collectible by Lender on demand. Lender may release, at any time, without notice, any part of the property from the effect of this mortgage or grant an extension or deferment of time for the discharge of any obligation hereunder, or release any one or more of the parties bound therefor from any or all of his or their obligation hereunder without affecting the personal liability of any other party then bound for the payment of the indebtedness due hereunder. Borrower and each of them waives all homestead exemptions to which Borrower is or may be entitled under the Constitution and laws of the State of Louisiana. The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective heirs, executors, administrators, successors and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all genders. Whenever the Borrower herein is more than one person, the term "Borrower" as used herein shall be deemed to be plural and to refer to each or every such person as the context may indicate, and all obligations, duties, liabilities, responsibilities and covenants of each and every one of such persons hereunder are and shall be solidary. The property referred to herein and mortgaged hereby is described as follows: [_Property_Description_] AND NOW, to these presents appeared [_LENDER_AGENT_] , [_Lender_Office_] of [_LENDER_] , appearing for the Lender herein to acknowledge and accept this act. THUS DONE, READ AND SIGNED on [_Date_] , at [_City_Parish_], Louisiana. WITNESSES: ____________________ _________________________ [_BORROWER_1_] ____________________ _________________________ - 4 - [_BORROWER_2_] [_LENDER_] By: ________________________ [_LENDER_AGENT_] [_Lender_Office_] _______________________________ [_NOTARY_] , NOTARY PUBLIC - 5 - MORTGAGE TO SECURE FUTURE ADVANCES - F1BSEC14 : Act 652 of 1991 allows a borrower to mortgage immovable property as collateral for present and future obligations to a lender, whether those obligations are represented by paraphed promissory notes or otherwise. See R.C.C. Article 3298 as amended. In accordance with R.C.C. Article 3288, an aggregate limit is indicated. As the mortgage itself does not specify the amounts, terms, maturity and conditions of default for the particular obligations contemplated, and does not contain agreements to lend, these matters must be carefully documented within additional unrecorded agreements. WORD KEY EXPLANATION [_BORROWER_1_] Name of first borrower. Name should be consistent with name in borrower's acquisition of the mortgaged property. For alternate appearances, see document Appearances - F1AAPP1. [_BORROWER_2_] Name of second borrower. [_PARISH_] Parish in which mortgage executed. [_TIN_1_] Tax identification number of first borrower. [_TIN_2_] Tax identification number of second borrower. [_Borrower_Parish_] Parish of borrowers' domicile. [_Borrower_Address_] Mailing address of borrowers. [_LENDER_] Name of lender. [_TIN_3_] Tax identification number of lender. [_Lender_Address_] Address of lender. [_$Maximum_] Maximum amount to be secured by mortgage. [_rate_] Interest rate to be paid on advances specified. [_Property_Description_] Description, with acquisition, of mortgaged property. Indicate the municipal number or street address. [_LENDER_AGENT_] Name of person appearing for the lender. [_Lender_Office_] Office held by lender's agent. [_Date_] Date mortgage executed. [_City_Parish_] City and parish in which mortgage is executed. [_NOTARY_] Notary before whom mortgage is executed. - 6 -