This section is from the book "Real Estate Principles And Practices", by Philip A. Benson, Nelson L. North. Also available from Amazon: Real Estate Principles and Practices.
THIS INDENTURE, made the ........day of ...........in the year one thousand nine hundred and........
BETWEEN ......... party of the first part and ......... part.. of the second part;
WHEREAS, the said ........... justly indebted to the said part.. of the second part in the sum of........dollars, lawful money of the United States of America, secured to be paid by.........certain bond or obligation, bearing even date with these presents, in the penal sum of ...... dollars, lawful money as aforesaid, conditioned for the payment of the said first mentioned sum of ...... dollars, lawful money as aforesaid, to the said part.. of the second part,......or assigns, on the......day of........which will be in the year one thousand nine hundred and ....... and interest thereon, to be computed from the......day of.......one thousand nine hundred and......
at and after the rate of......per cent per annum, and to be paid...........
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AND IT IS HEREBY EXPRESSLY AGREED, that should any default be made in the payment of the said interest ........or of any part thereof, on any day whereon the same is made payable, as above expressed, or should any tax, assessment, water rent, or other municipal or governmental rate, charge, imposition or lien be hereafter imposed or acquired upon the premises described in this mortgage, and become due and payable, and should the said interest
........ remain unpaid and in arrear for the space of ........ or said tax, assessment, water rent, or other municipal or governmental rate, charge, imposition or lien, or any or either of them, remain unpaid and in arrear for the space of........ then and from thenceforth, that is to say, after the lapse or expiration of either of the said periods, as the case may be, the aforesaid principal sum of........with all arrearage of interest thereon, shall, at the option of the said part.. of the second part or ........ legal representatives, become and be due and payable immediately thereafter, although the period above limited for the payment thereof may not then have expired, anything therein before contained to the contrary thereof in anywise notwithstanding; as by said bond or obligation, and the condition thereof, reference being thereunto had, may more fully appear.
NOW THIS INDENTURE WITNESSETH, that the said part.. of the first part, for the better securing the payment of the said sum of money mentioned in the condition of the said bond or obligation, with interest thereon, according to the true intent and meaning thereof, and also for and in consideration of the sum of one dollar, to ........in hand paid by the said part.. of the second part, at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, ha.. granted, bargained, sold, aliened, released, conveyed and confirmed, and by these presents do.. grant, bargain, sell, alien, release, convey and confirm, unto the said part.. of the second part, and to .......... forever, ALL ...............................................
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TOGETHER with all and singular tenements, hereditaments and appurtenances thereunto belonging or in anywise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof:
AND ALSO all the estate, right, title, interest, property, possession, claim and demand whatsoever, as well in law as in equity, of the said part.. of the first part, of, in and to the same and every part and parcel thereof, with the appurtenances, TO HAVE AND TO HOLD the above granted and described premises, with the appurtenances, unto the said part.. of the second part,......
assigns to......own proper use, benefits and behoof forever.
PROVIDED ALWAYS, and these presents are upon this express condition, that if the said part. . of the first part,.. .heirs, executors or administrators, shall well and truly pay unto the said part. . of the second part,... .or assigns the said sum of money mentioned in the condition of the said bond or obligation, and the interest thereon, at the time and times and in the manner mentioned in the said condition, according to the true intent and meaning thereof, that then these presents, and the estate hereby granted, shall cease, determine and be void.
AND THE SAID ..........for......heirs, executors and administrators, do.. covenant and agree to pay unto the said part.. of the second part,......
or assigns, the said sum of money and interest, as mentioned above and expressed in the condition of the said bond.
AND IT IS ALSO AGREED by and between the parties to these presents, that the said part.. of the first part shall and will keep the buildings erected, and to be erected, upon the lands above conveyed, insured against loss or damage by fire, by insurers, and in an amount approved by the said part.. of the second part ...... or assigns, and assign the policy and certificates thereof to the said part.. of the second part; and in default thereof, it shall be lawful for the said part.. of the second part to effect such insurance, and the premium or premiums, paid for effecting the same shall be a lien on the said mortgaged premises, added to the amount of the said bond or obligation, and secured by these presents, payable on demand with interest at the rate of......per cent per annum, from time of payment of such premium or premiums.
AND THE SAID .......... the owner of the lands above described, for
......heirs and assigns, do.. further covenant and agree to and with the said part.. of the second part,......and assigns, that........they will not hereafter apply for any deduction by reason of any mortgage from the taxable value of the lands embraced in this mortgage. AND IT IS FURTHER
AGREED, that in case the said owner......heirs or assigns, shall claim any deduction from the taxable value of the said lands in violation of this agreement, then and in that case this mortgage shall become and be immediately due and payable, and the amount of tax paid by the mortgagee.. shall be added to the principal of the debt secured hereby and recoverable therewith, with interest thereon from the time of payment.
IN WITNESS WHEREOF, the said part.. of the first part ha.. hereto set ......hand and seal.. the day and year first above written.
SEALED AND DELIVERED IN THE PRESENCE OF
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