2/28/1956 · RELEASE · book 32 page 324 doc 2728@32/324

324 for that purpose that by these presents duly authorized and appointed with full power of solicitation and revocation (and in deed), to make, execute and deliver to the purchaser or purchasers at any public sale or auction a good sufficient and approved deed (or deeds), in fee simple, of the premises sold; and to receive the purchase moneys and furthermore to remitremit and return to all sums hereby secured or required to be paid, whether then due or due to fall due or then due or to become due thereafter unpaid, and unpaid, and the same together with the interest due on the same, together with all expenses incident to such sale of land, and all counsel fees and other expenses as may be necessary, and to execute the certificates of their powers and to make payments of any proceeds or actions concerning the enforcement thereof, or of the said note, or any of these presents, all taxes, assessments, insurance premiums and indemnities, costs and other expenses, and furthermore to remit and return to the mortgagees, their heirs, executors, administrators, successors and assigns, administrators assigns, which assigns, or sale shares shall or forever shall be a corporation per law both in law and equity against the said mortgagor s, together with all the costs and expenses of such sale, and to make payments of any proceeds or actions concerning the enforcement thereof, to their heirs, successors, and assigns, and all persons claiming said premises as sold by grim, or under the law of limitation, [?] their heirs, executors, administrators or assigns, hereby covenant with the said Industrial Trust Company, its successors and assigns, that they will upon the payment of the said note, together with interest and all other charges, execute and deliver a full, complete and effective release of this mortgage, to the mortgagor, their heirs, executors and FURTHERMORE, the said mortgagor for themselves and for their heirs, executors, administrators, successors and assigns, agree and covenant with the said mortgagees, its successors and assigns, as follows: First, that they will pay the said note and the interest thereon, and all other charges as may accrue thereon in accordance with the terms thereof, and assessments or any future levies on or paid to be levied prior to the full payment and discharge of said note upon premises or upon the mortgage, and that they will pay all taxes, assessments, and other charges as may be levied or assessed against the premises or may proceed by force of law, all premiums for insurance against rental and fire, and other water rates and other expenses hereby assured and further agree to make payments and contributions, in such amounts, periodically, in such term and in such company or companies as its successors and assigns may from time to time determine, and to make payments to such time and term, in such company or companies as it may proceed in time to make insurance of all possible insurance in case of loss to the premises, and to make payments of any proceeds or actions concerning the enforcement thereof, to the Industrial National Bank of Providence, the holder of this mortgage for the time being here made, constituted and appointed as the sole trustee and lawful agent of the trustee insurance of the mortgagor and that they will pay all taxes, assessments, and other charges as may be levied or assessed against the premises or any taxes, assessments, insurance premiums or relays for any and all sums reserved and accrued in aftermath of such sales, and to apply the same, without any altering their expenses incurred in connection of the said sale, and to make payments of any proceeds or actions concerning the enforcement thereof, to the Industrial National Bank of Providence, its successor or any other paid mortgagor, for the time being, on the cost of repairing or rebuilding the damaged buildings or improvements. In the event of any such loss, the mortgagees, their heirs, executors, administrators, successors and assigns, shall have the right to apply any insurance proceeds to the secured debt, their right and title, and interest in any insurance policies, and the proceeds thereof to any purchaser of the mortgaged property; provided that any such insurance proceeds shall be applied to the payment of the secured debt, and the surplus, if any, shall be applied to the payment of any other its on transition, their right and title, and interest in any said policies and the proceeds thereof to any purchaser of the mortgaged property; provided that any such insurance proceeds shall be applied to the payment of the secured debt, and the surplus, if any, shall be applied to the payment of any other secured and any surplus paid over as a surplus on the mortgage. If the mortgagees fail to provide such insurance or to pay the premiums thereof, the mortgagor shall be entitled to provide such insurance and to pay the premiums thereof, and the cost thereof shall be added to the secured debt, and shall become secured debt, and shall bear interest at the same rate provided upon the principal indebtedness until payment thereof. Second, that they will keep the premises and buildings thereon in good repair and condition, and that they will not commit waste or permit any waste to be all the sums until payment of the principal indebtedness, and to their heirs, executors, administrators, successors and assigns, and to their others, agents and servants, to enter upon the mortgaged premises if the mortgagees shall be entitled to do so under the terms of this mortgage, and to make all necessary repairs and improvements if the mortgage has first been obtained, as all reasonable times and values to repair those and appoint the same. Third, that they will not sell, convey, mortgage, lease, or encumber the premises or any part thereof, or permit any lien to be placed upon the premises or mortgage when due, and all of such sums shall be immediately payable and until repaid shall be added to the unpaid principal of the indebtedness and shall bear interest at the same rate provided upon the principal indebtedness until payment and together with such interest shall be a further lien upon the premises and securities. Third, that if the mortgagor be declared bankrupt or insolvent or make an assignment for the benefit of any creditor or be placed under court control, or if the mortgagor shall fail to pay any installment of the principal or interest when due, then in law of said mortgage, the mortgagees shall be authorized and empowered at its option, without notice and without affecting the liens hereby created or the priority of any lien or any right of setoff, to declare the entire unpaid balance of the principal money secured hereby immediately due and payable. IN WITNESS WHEREOF, the said mortgagor in ve memorandums their hand s and seal s 27th day of October one thousand nine hundred and fifty. Signed, sealed and delivered in presence of Harold B. Solowitzik HERMON H. HARGRAVES HELEN D. HARGRAVES State of Rhode Island, sc. County of Washington sc. In Charlestown, on the 27th day of October, A.D. 19 50. before me personally appeared the above named Hermon H. Hargraves and Helen Hargraves, husband and wife, each and all to me known and by me severe to be the parties executing the foregoing instrument, and severally acknowledged said instrument, by them executed, to be their free act and deed. HAROLD B. SOLOWITZIK Notary Public Recorded October 27th, A.D. 1950 at 2:15 o'clock, p.m. Witness: Town Clerk. Industrial National Bank of Providence hereby assigns, transfers and sets over to said parties all right, title and interest of the within mortgage, does hereby cede and discharge the same. IN TESTIMONY WHEREOF, said Company has caused these Presents to be signed and its Corporate Seal to be hereon affixed duly authorized, this 24th day of by its Proper Officers February A. D. 19 56 Signed and sealed in presence of [SIGNATURE] INDUSTRIAL NATIONAL BANK of Providence By Irving M. Carpenter [SIGNATURE] Manager Leroy C. Whitford, Cashier [SIGNATURE] ---- Discharge recorded February 24th, A.D. 1956 at 10:30 o'clock, a. m., Witness: Town Clerk.