9/6/1938 · MORTGAGE · book 27 page 411 doc 193@27/411

411 KNOW ALL MEN BY THESE PRESENTS, That We, GEORGE W. WESTON and wife, Hazel I. Weston, and GEORGE E. GAVITT and wife, Hannah A. Gavitt, all of Charlestown in the State of Rhode Island, hereinafter called the mortgagors, for consideration paid, do hereby, give grant, bargain, sell and convey to the FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF PROVIDENCE, a United States corporation, doing business in Providence, Rhode Island, hereinafter called the mortgagee, its successors and assigns forever, for the purpose of securing the payment of Thirty-six Hundred Dollars with interest from the date hereof at the rate of six (6) per cent per annum on the unpaid balance, principal and interest payable in installments of Twenty-five and 79/100 (25.79) Dollars on the first day of each and every month, beginning on the first day of October 1938, to be applied first to interest on the unpaid balance and the remainder to principal, until said debt is paid in full with the right to make additional payments on account of said principal sum on any date except that when a prepayment may be made at times or spaces exceeding 20 per cent of the original principal amount of the loan not more than 92 days' interest on the amount of such prepayment then made may be charged, and also to secure the performance of all covenants and agreements herein contained; And the mortgagor covenants and agrees that, at the option of the Association, the stipulated rate of interest in this mortgage may be increased to not more than eight per cent per annum, provided, however, that the Association may not exercise such right in less than three years from the date of this mortgage and then only upon at least four months' written notice to the borrower; and it is further provided that in such an event the borrower may repay the loan within such notice period with interest at the existing rate and without any other penalty; And at the option of the Association, on a loan which is delinquent by reason of the non-payment of any sum due the Association there may be charged an additional rate of interest, but such additional charge shall not exceed a per annum rate of one-half of one per cent of the unpaid balance of the loan for the period of delinquency; All as provided in our note of awn date; All and singular the following described land together with the buildings and improvements thereon: That tract of land, with the buildings and improvements thereon, all situated on the northerly side of the State Highway leading from the Village of Carolina to the Village of Wood River Junction in the Town of Charlestown and State of Rhode Island, said land out and delineated as Lot No. Exo (six) on that plat mentioned "That tract of land called Chipstone Wood" in a certain deed to said land, by C. F. Kenyon & W. P. G. Barber 1935, on file in the records of land evidence of said town in book 24 page 272. Said tract is situated two hundred fifty (250) feet easterly from a permanent bent set in the northerly line of said State Highway leading from the westerly corner of land now owned by George E. Gavitt to the center of the southerly bounds northerly on said State Highway one hundred twenty-five (125) feet; westerly on land now owned by C. F. Kenyon one hundred twenty-five (125) feet; southerly on land now or laterly owned by Fred H. Kenyon one hundred twenty-five (125) feet, and easterly on Lot No. 7 (seven) on said plat three hundred fifty (350) feet. Together with and including as a part of the realty all portable or sectional buildings, heating apparatus, plumbing, ranges, mantels, store doors and windows, oil burners, gas and oil electric and fixtures, screens, screen doors, awnings, electric and gas refrigerators, air conditioning apparatus, and other fixtures of whatever kind and nature, on said premises, or hereafter placed thereon prior to the full payment and discharge of this mortgage, insofar as the same are or can by agreement of the parties be made a part of the realty. TO HAVE AND TO HOLD the afore-granted premises, with all rights, privileges, and appurtenances thereto belonging, unto and to the use of the said mortgagees, and its successors and assigns forever. And the said mortgagor does hereby, for and himself, for his heirs, executors, and administrators, covenant with the said mortgagees and its successors, and assigns, that he is

412 lawfully seized in fee simple of said granted premises; that the same are free from all in- cumbrances that he has good right, full power, and lawful authority to sell and convey the same in the manner as aforesaid; that the said mortgagees and its successors and assigns shall be these presents, at all times hereafter peaceably and quietly have and enjoy the said pre- mises, and that the said mortgagor,will, and his heirs, executors, administrators, and assigns, shall warrant and defend the same to the said mortgagees and its successors and assigns forever against all lawful claims and demands of all persons. PROVIDED, NEVERTHELESS, and this conveyance is made upon the express condition that if the mortgagor or his heirs, executors, administrators, or assigns, shall pay to the mort- gagees, or its successors, or assigns, the principal and interest of the aforementioned pro- missory note, and all other payments by this deed secured, and shall perform every other obli- gation secured by this deed, at the time and in the manner provided promissory note, or in this deed, then this deed as also said promissory note shall become and be absolutely void to all intents and purposes. But if default shall be made in the performance or observance of any of the foregoing, or other conditions in this mortgage contained, or of any of the obligations, covenants or agree- ments by this deed secure, it shall be lawful for the said mortgagees, its successors, or assigns, to sell together or in parcels, all and singular, the premises hereby granted or intended to be granted, or any part or parts thereof, and the benefit and equity of redemption of the said mortgagor, and his heirs, executors, administrators and assigns therein at public auction, upon the premises, or at the option of the mortgagees at the office of the association or elsewhere as specified in the notice and to bid for and become the purchaser or purchasers at any such sale (and no other purchaser or purchasers shall be answerable fur the application of the purchase money) first giving notice of the time and place of sale by publishing the same, at least once each week for three successive weeks, in some public news- paper, published in the County in which said mortgaged premises are situated, or, at the op- tion of the mortgagees, in a newspaper published wherever daily in the City of Providence, with power to adjourn such sale from time to time providing that the publishing of said notice shall be continued together with a notice of the adjournment or adjournments at least once each week in the same newspaper; and in its own name, or as the attorney of the said mortgagor (for that purpose by these presents duly authorized by substitution and revocation) to make, execute, and deliver to the purchaser or purchasers at such sale a good and sufficient deed or deeds of said premises in fee simple, and to receive the proceeds of such sale or sales and from such proceeds to retain all sums hereby secured, whether due then, or due to fall due thereafter, or any part or parts thereof remaining un- paid, and also the interest due then on the same, together with all expenses, incident to such sale or sales, or for making deeds hereunder, and for fees of counsel and attorneys and all costs, or expenses incurred in the exercise of said powers and all taxes, adjustments, and premiums for insurance, if any were therefore paid by the said mortgagees, its successors, or assigns, or then remaining unpaid upon said granted premises, rendering and paying the surplus of said proceeds of sale, if any there be, over and above the amounts so to be retain- ed as aforementioned, together with a true and particular account of such sale or sales, expenses, and charges, to the said mortgagor, his heirs, executors, administrators, or assigns, which sale or sales, as made aforementioned, shall forever be a perpetual bar tot in law and equity against the said mortgagor, his heirs, executors, administrators, and assigns, and all persons claiming said premises sold by, from, or under them, or of any of them. And the said mortgagor, for himself and for his heirs, executors, administrators, and assigns, does hereby covenant with the said mortgagees, and its successors, and assigns that he and they will, upon request, execute such deed or deeds confirmatory of said sale or sales, as may be required.

413 And it is hereby mutually agreed and covenanted and between the mortgagor and mortgagee that all awards of damages in connection with any condemnation for public use of or injury to any of said property are hereby assigned and shall be paid to the mortgagee, who may apply the same to payment of any and all amounts due and to become due under said note and mort- gage and the mortgagees is hereby authorized, in the name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award; that no waiver by the mortgagees of performance of any obligation herein or in said note contained shall therefore in any manner affect the right of the mortgagees to require performance of the same or any other of said obli- gations. If foreclosure proceedings under any junior mortgage or other lien on the within described premises or any part thereof shall be instituted, or in the event of any levy or sale upon execution or other proceeding of any nature whereby the owner of said premises shall be de- prived of his title or right of possession to said premises or any part thereof, or in the event that any person or persons as heir or devisees or grantees becomes the owner of said premises then and in any such event the Association may, at its option, immediately declare the entire mort- gage debt due and payable and take such proceedings as may be necessary to protect its interest in the premises, or if the Mortgagor be declared a bankrupt or insolvent or make an assignment for the benefit of any creditor or be placed under control or in custody of any court, or if the mortgagor abandons any of said property, then is any of said events the mortgagee is hereby auther- ized and empowered at its option, without notice and without affecting the lien hereby created or the priority of said lien or any right of the mortgagees hereunder to declare all sums secured hereby immediately due and payable. the mortgagor covenants and agrees to make, in addition to the Monthly payments above stated, to the mortgagee each monthly payments sufficient to amortize the amount (estimated by the mortgagees) of all taxes and assessments within a period ending one month prior to the due date of such taxes and assessments. the mortgagee shall hold such monthly payments to pay such taxes and assessments when due and payable, subject to an equitable adjustment if the moneys thus paid based on the aforesaid estimate shall be more or less than the actual amount due for said taxes and assessments, and in the event of the foreclosure of this mortgage, all such pay- ments shall be credited to the amount of the principal remaining unpaid on said note to the extent they have not been used for the payment of taxes and assessments as provided herein. The mort- gagor covenants and agrees that in case so much of the funds of the mortgagees as are invested in loans secured by mortgages of taxable real estate shall not be exempt from a State tax, the mortgagor will on demand pay the said mortgage the same percentage on the debt secured as it shall from time to time be required to pay on such State tax. The mortgagor covenants and agrees that he shall keep the buildings now or hereafter standing on said land insured against fire and (when required by the mortgagee) also against other casualties and contingencies, in sums satisfactory to the mortgagees; and all insurance upon said buildings shall be for the benefit of, and first payable in case of loss to the mortgagee, and the mortgagor shall deposit all of said insurance policies with the mortgagees. The mortgagor further covenants and agrees that a foreclosure of this mortgage shall forever bar him and all persons claiming under him, from all right, title, and interest in and to any and all of the fire or other hazard insurance policies on the buildings upon the land covered by this mortgage at the time of such foreclosure, including all rights to return premium on cancellations, whether at law or in equity. The mortgagor further covenants and agrees not to commit, permit or suffer any waste, impairment or deterioration of the property or any part thereof, nor to use or permit the prem- ises to be used for, or in violation of, any law or municipal ordinance or regulation or for any unlawful or improper purpose and that the mortgagor will keep all and singular the said premises in such repair and condition as the same are now or may be put in while this mortgage is out-

414 standing. The mortgagor also covenants and agrees that upon default in any condition of this mortgage or the note secured hereby, the mortgagee may apply any sums credited by or due from the mortgagee to the mortgagor to cure such default without first enforcing any of the other rights of the mortgagee against the mortgagor or the mortgaged premises; and that any sums advanced or paid by the mortgagee on account of any default of the mortgagor, including, but not limiting hereby the more general language used any, sums advanced for taxes, insurance, or any sums advanced to the mortgagor for repairs shall be paid on demand by the mortgagor to the mortgagee or may, at the option of the mortgagees, be added to the principal sum then due that upon default in any condition of the mortgage or note secured hereby existing for more than ninety days the entire mortgage debt shall become due at the option of the mortgagees; and that no extension either oral or in writing of time for payment of the whole or any part of the mortgage debt shall release the mortgagor from such debt. In the event the ownership of the mortgaged premises, or any part thereof, becomes vested in a person other than the mortgagor, the mortgagee may, without notice to the mortgagor, deal with such successor or successors in interest with reference to the mortgage and the debt hereby secured, and in the same manner as with the mortgagor, without in any way vitiating or discharging the mortgagor's liability hereunder or upon the debt hereby secured. No sale of the premises hereby mortgaged and no forbearance on the part of the mortgagees and no extension of the time for payment of the debt hereby secured given by the mortgagee shall operate to release, discharge, modify, change or affect the original liability of the mortgagor herein, either in whole or in part. Wherever the words Mortgagor and Mortgagee are used herein they shall include their several heirs, executors, administrators, successors, grantees and assigns subject to the limitations of law and of this instrument, and if the context requires, the words Mortgagor and Mortgagee and the pronouns referring to them shall be construed as plural, plural, neuter or feminine. WITNESS our hands and seals this 3rd day of September 1938 GEORGE W. WESTON (L.S.) HAZEL I. WESTON (L.S.) GEORGE E. GAVITT (L.S.) HANNAH A. GAVITT (L.S.) In presence of: Fred. S. Schoonweiss as to all signatures STATE OF RHODE ISLAND COUNTY OF PROVIDENCE In Providence on the 3rd day of September A. D. 1938 before me personally appeared the above named George W. Weston and wife, Hazel I. Weston and George S. Gavitt and wife, Hannah A. Gavitt, each and all to me and known by me to be the persons executing the foregoing instrument and acknowledged the same to be their free act and deed. FREDERICK S. SCHOONWEISS Notary Public. Received for record September 6th, A. D. 1938 at 9:05 o'clock, a. m., and recorded by ____________________ Town Clerk FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF PROVIDENCE having received full payment and satisfaction of the within mortgage does hereby cancel and discharge the same. In presence of: FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF PROVIDENCE by J. BENTHAM WATSON - Secy. (Corporate Seal) Above discharge received for record May 21st, A. D. 1940 at 9:00 o'clock, a. m., and recorded by ____________________ Town Clerk