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.
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of ........ County, Massachusetts, being unmarried, for consideration paid, grant to........of........ with mortgage covenants, to secure the payment of ........ dollars ........ in ......years with ...... per centum interest per annum payable semi-annually ......... as provided in ....... note.. of even date,........the land in ..........................................
(Description and encumbrances, if any)
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THIS MORTGAGE IS UPON THE STATUTORY CONDITION,
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for any breach of which the mortgagee shall have the statutory power of sale.
...........wife of said mortgagor ........... release to the mortgagee all rights of dower and homestead and other interests in the mortgaged premises.
WITNESS ......hand.. and seal.. this....... day of ......... 19.....
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(The following is not a part of the mortgage, and is not to be recorded.)
EXTRACT FROM CHAPTER 502, SECTION 6, ACTS OF 1912. Every mortgage in substance in the above form, when duly executed, shall have the force and effect of a mortgage deed to the use of the mortgagee and his heirs and assigns, with mortgage covenants as defined in section eighteen of this act, to secure the payment of the money or the performance of any obligation therein specified;
(condition)
Provided, nevertheless, except as otherwise specifically stated in the mortgage, that if the mortgagor, or his heirs, executors, administrators, or assigns shall pay unto the mortgagee or his executors, administrators or assigns the principal and interest secured by the mortgage, and shall perform any obligation secured, at the time provided in the note, mortgage or other instrument or any extension thereof, and shall perform the condition of any prior mortgage, and until such payment and performance shall pay when due and payable all taxes, charges and assessments, to whomsoever and whenever laid or assessed, whether on the mortgaged premises or on any interest therein, or on the debt or obligation secured thereby; shall keep the buildings on said premises insured against fire in a sum not less than the amount secured by the mortgage, or as otherwise provided therein for insurance, for the benefit of the mortgagee and his executors, administrators and assigns in such form and at such insurance offices as they shall approve, and at least two days before the expiration of any policy on said premises, shall deliver to him or them, a new and sufficient policy to take the place of the one so expiring; and shall not commit or suffer any strip or waste of the mortgaged premises, or any breach of any covenant contained in the mortgage or in any prior mortgage; then the mortgage deed, as also the mortgage note or notes, shall be void.
(power)
But upon any default in the performance or observance of the foregoing or other condition, the mortgagee or his executors, administrators, successors or assigns may sell the mortgaged premises or such portion thereof as may remain subject to the mortgage in case of any partial release thereof, either as a whole or in parcels, together with all improvements that may be thereon, by public auction on or near the premises, or at such place as may be designated for that purpose in the mortgage, first complying with the terms of the mortgage and with the statutes relating to the foreclosure of mortgages by the exercise of a power of sale, and may convey the same by proper deed or deeds to the purchaser or purchasers absolutely and in fee-simple; and such sale shall forever bar the mortgagor and all persons claiming under him from all right and interest in the mortgaged premises, whether at law or in equity.
The foregoing "condition" shall be known as the Statutory Condition, and may be incorporated in any mortgage by reference.
The foregoing "power" shall be known as the Statutory Power of Sale, and may be incorporated in any mortgage by reference.
The parties may insert in such mortgage any lawful agreement or condition.
 
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