1/17/1953 · RELEASE · book 2 page 57 doc 154@2/57

478 KNOW ALL MEN BY THESE PRESENTS: That we, GEORGE D. BABCOCK and JEAN B. BABCOCK, husband and wife, both of the Town of Charlestown, in the County of Washington and State of Rhode Island, (hereinafter called the mortgagors) in consideration of Seven thousand ($7,000.00) Dollars to us paid by the WESTERY SAVINGS FUND AND LOAN ASSOCIATION, a corporation legally incorporated, and established and transacting business in the Town of Westerly, in the County of Washington, and State of Rhode Island, the receipt whereof is acknowledged, do hereby grant, bargain, sell, and convey unto the said WESTERY SAVINGS FUND AND LOAN ASSOCIATION (hereinafter called the mortgagee), its successors and assigns, forever. A certain lot of land, with all the buildings thereon, at Quonochontaug East Beach, said land being in Charlestown, County of Washington and State of Rhode Island, shown and delineated on a plat map, Twenty-seven (27) squares of a plan entitled "Westray Field Lot of Cottage Sites, on property of H. N. Burdick's Survey, Quonochontaug East Beach, Rhode Island" Scale 1" equals 80', July 1926, Rexel & Lewis, Engrs.," which plan is on file or to be filed in the Office of the Town of Charlestown, said lot 1 bounded easterly one hundred (100) feet by Powset Avenue; southerly one hundred ninety-three (193) feet (twenty-five 1/2 feet Lot no 26 on said plan); westerly one hundred (100) feet by Lot no 41; and northerly one hundred ninety-three (193) feet (twenty-five 1/2 feet) Lot no 26 on said plan. This conveyance includes a right-of-way forever, in common with others, for egress and ingress and utilities on a strip of land from and to said premises over Powset Avenue and Burdick Street to the East Beach road, and to Charlestown Pound over Powset Avenue leading to a direct right-of-way leading easterly to Lot No. 32 as shown on said plan. Being the same land which was conveyed to said George D. and Jean B. Babcock by Lucy Plunkett et al., by a deed dated June 5, 1952, recorded in Book 33 at page 386 of the Land Evidence Records of the Town of Charlestown. This is a construction loan mortgage, the mortgagors having applied to the mortgagee for a loan of $7,000.00 to be secured by a mortgage on the above described premises upon which a house and other improvements are in the process of being constructed, and of said sum, $3500.00 has been and is hereby paid over to said mortgagors at the time of the delivery of this deed, the receipt whereof is hereby acknowledged, and the balance of $3500.00 shall be paid over to the said mortgagors in installments under the rules and regulations of the mortgagee, as the work on said buildings is progressed. TOGETHER with all buildings and improvements now or hereafter erected thereon, all the appurtenances, remnants and appurtenances thereunto belonging or in any wise now or hereafter appertaining, the rents, issues and profits thereof, and all plumbing, heating, lighting and other fixtures, equipment and articles not or hereafter attached thereto. TO HAVE AND TO HOLD the aforementioned premises, with their appurtenances, unto and to the use of the said mortgagee, and its successors and assigns, forever. And the said mortgagors do hereby, for themselves and for their heirs, executors and administrators, covenant with the said mortgagee, and its successors and assigns, that they are lawfully seized in fee of the said mortgaged premises; that the same are free from all incumbrances; that they have good, right full, power and lawful authority to sell and convey the same in manner as aforesaid; that the said mortgagee, and its successors and assigns, shall by these presents at all times hereafter peaceably and quietly have and enjoy the said premises, and that the said mortgagors will, and their heirs, executors and administrators, warrant and defend the same to the said mortgagee, and its successors and assigns, forever, against the lawful claims and demands of all persons. PROVIDED, NEVERTHELESS, this conveyance is made upon the express condition that, if said mortgagors, or their heirs, executors, administrators or assigns, shall pay unto the said mortgagee, or its successors or assigns, the sum of Seven thousand ($7,000.00) Dollars, together with the interest thereon, in One hundred eighty (180) monthly installments of Fifty-five and 36/100 ($55.36) Dollars, each starting with the fourth month after date, (monthly payments prior to that date being limited to interest only), each payable on the twenty-third day of each and every month succeeding the date hereof, all monthly installments in arrears to bear interest at the rate of two (2%) per cent per month until paid, all in the manner and according to the terms of a certain promissory note of the said mortgagors bearing even date herewith; and shall perform all the terms of a collateral agreement of even date herewith made by said mortgagors with said mortgagee; and shall also pay all taxes, assessments, insurances, announcement