This Mortgage, Made the thirteenth day of April, in the year of our Lord, One Thousand Nine Hundred and Four, by M. C. Cuddeback, an unmarried man, of the City and County of Los Angeles, State of California, Mortgagor, to the Security Savings Bank, a corporation duly organized under the laws of the State of California, and having its place of business at the City of Los Angeles (which fact is hereby ex-pressly admitted), Mortgagee;
Witnesseth, That the Mortgagor hereby mortgages to the Mortgagee, all that certain real property situate in the City of Los Angeles, County of Los Angeles, State of California, and particularly described as follows:
Lot Three Hundred and Seventy-six (376), of the Alexandre Weill Tract, in the City of Los Angeles, County of Los Angeles, State of California, as per map recorded in Book 26, Page 85, Miscellaneous Records of said County, including all buildings and improvements thereon, or that may be erected thereon; together with all and singular the tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof; for the purpose of securing the promises and obligations of this mortgage and the payment of a promissory note in words and figures as follows: $2,000.00. Los Angeles, California, April 13, 1904.
Three (3) years after date, and for value received, I promise to pay to the Security Savings Bank, or order, at its office in the City of Los Angeles, the sum of Two Thousand ($2,000.00) Dollars, with interest from date until paid at the rate of nine (9%; per cent, per annum, payable quarterly. Should the interest not be so paid, it shall become a part of the principal and thereafter bear like interest as the principal. Should default be made in the payment of any installment of interest when due, then the whole sum of principal and interest shall become immediately due and payable at the option of the holder of this note. Principal and interest payable in gold coin of the United States. This note is secured by a mortgage of even date herewith.
M. C. CUDDEBACK.
The Mortgagor agrees to pay, as soon as due, all taxes, assessments and incumbrances whatsoever, which may be, or appear to be, liens upon said property or any part thereof (except taxes levied or assessed upon this mortgage or upon the money secured hereby), and to keep said buildings insured against fire, to the amount required by, and in such insurance companies as may be satisfactory to, the Mortgagee and to assign the policies therefor to the Mortgagee; and to promptly pay or settle (or cause to be removed by suit or otherwise) all adverse claims against said property.
In case said taxes, assessments or incumbrances be not so paid, or said buildings so insured and said policies so assigned, or said adverse claims so paid, settled or removed, then the Mortgagee, being hereby made the sole judge of the legality thereof, may without notice to the mortgagor, pay such taxes, assessments or incumbrances, obtain such policies of insurance in its own name as Mortgagee, and pay or settle any or all such adverse claims or cause the same to be removed by suit or otherwise. The Mortgagor agrees to keep said property in good condition and repair and to permit no waste thereof, and should said property, or any part thereof, require any inspection, repair, cultivation, irrigation or protection, other than that provided by the Mortgagor, then the Mortgagee, being hereby made the sole judge of the necessity therefor, and without notice to the Mortgagor, may enter, or cause entry to be made, upon said property, and inspect, repair, cultivate, irrigate or protect said property as it may deem necessary. All sums expended by the Mortgagee in doing any of the things above authorized, shall be secured hereby and shall be paid to the Mortgagee by the Mortgagor in said gold coin, on demand, together with interest from the date of payment, at the same rate of interest (compounded monthly, until repaid), as is provided to be paid in the note hereinbefore set out.
In the event of a loss under said policies of fire insurance, the amount collected thereon, if any, shall be credited first to the interest due, if any, on said indebtedness, and the remainder, if any, shall be credited on the principal sum, and interest shall thereupon cease on the amount so credited on said principal sum.
The Mortgagor promises to pay said note according to the terms and conditions thereof; and in case of default in the payment of the same, or of any installment of interest thereon when due, or in the performance of any of the covenants or agreements herein contained on the part of the Mortgagor, the whole sum of money then secured by this mortgage shall become immediately due and payable at the option of the holder of said note and this mortgage may thereupon, or at any time during such default, be foreclosed, and the filing of the complaint in foreclosure shall be conclusive of the exercise of such option by the Mortgagee without any other notice thereof to said Mortgagor.
In case any action be brought to foreclose this mortgage, the Mortgagor agrees to pay all costs and expenses thereof, including a reasonable sum to be fixed by the Court, as attorney's fees whether suit progress to judgment or not; also such sums as said Mortgagee may pay for searching the title to the mortgaged property subsequent to the date of record of this mortgage, or for surveying said property and said attorney's fees, and all sums so paid or expended shall become due upon filing of the complaint, shall be secured hereby and shall be repaid to the Mortgagee in said gold coin.
In any such action to foreclose this mortgage a Receiver shall, upon application of the plaintiff therein, and without notice to the Mortgagor, be appointed by the Court to take charge of said property, to receive and collect the rents, issues and profits thereof, and apply them to the payment of the taxes which may be due or become due during the pendency of the action and until sale be finally made, and to the costs and commissions of the Receiver, in a reasonable sum to be fixed by the Court, and to any deficiency which may remain after the property shall have been sold.
It is also agreed that should this mortgage be foreclosed, then in the decree of foreclosure entered in such action, the property described therein may be ordered sold en masse - or as one lot or parcel - and not as several parcels, at the option of the Mortgagee.
The Mortgagor also hereby mortgages the property hereinbefore described, to secure every promise and agreement herein contained, direct or conditional, and guarantees and affirms that said property is now free from any secret equities, trusts or incumbrances made or suffered by, or known to, said Mortgagor.
Every stipulation, agreement and appointment herein in favor of said Mortgagee, shall apply and inure to the benefit of its successors or assigns.
Witness the hand and seal of said Mortgagor the day and year first above written.
M. C. Cuddeback, (Seal)
PARTIAL RELEASE OF MORTGAGE.
In Consideration of the payment of Eight Hundred ($800.00) Dollars, Gold Coin, part of the money secured by a certain mortgage, dated April 13th, 1904, made by M. C. Cuddeback, of the City and County of Los Angeles, State of California, to the Security Savings Bank, a cornoration, duly organized under the laws of the State of California, and having its place of business in the City of Los Angeles, and recorded on the 21 st day of April, 1904, in Book 1010 of Mortgages, at page 234, Los Angeles County Records, the following described property is hereby released and discharged from the lien of said mortgage, to-wit: Lot Three Hundred and Seventy-six (376), of the Alexandre Weill Tract, in the City of Los Angeles, County of Los Angeles, State of California, as per map recorded in Book 26, page 85, Miscellaneous Records of said County. And the rest of said land in said mortgage specified remaining as security to the said Mortgagee as heretofore.
In Witness Whereof, The said SECURITY SAVINGS BANK has caused these presents to be duly signed by its Vice-President and its Secretary, and has caused its corporate seal to be hereunto affixed this 15th day of September, 1904.
(Corporate Seal) Security Savings Bank.
By ............................. Vice-President.
And ................................ Secretary.