The instrument's own words
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promissory note of even date herewith, the terms of which are incorporated herein by reference, together with interest thereon and shall fully perform all the terms, conditions and covenants of this mortgage as well as of the note secured hereby, then this instrument, as well as the note secured hereby, shall be void.
The Mortgagor further covenants as follows:
1. That he will pay the indebtedness as hereinafter provided. The Mortgagor authorizes the Mortgagee to extend the note by receipt of advanced interest thereon and extend the date of payment thereof by payment of additional interest, or otherwise, to be deemed authorized and requested by the Mortgagor and notice thereof shall not be required to be given by the Mortgagee not further to extend or renew the same. Privilege is hereby reserved to pay the debt in whole or in part or set forth in said note.
2. That his existing obligation to pay said indebtedness and to keep and perform all of the covenants and conditions contained in this mortgage, unless the Mortgagee shall hereafter expressly agree in writing to the contrary, shall not be discharged, released, cancelled, annulled, voided or affected by the fact that neither person or persons
(a) shall become or be liable for the payment of said indebtedness, or
(b) for the performance of said covenants and agreements, or
(c) shall perform any act of said covenants and agreements, or
(d) by the fact that the Mortgagee shall accept any such payment or payments, or performance, or any performance of such agreements once.
3. That he will pay all taxes, assessments, water rates and other governmental or municipal charges, fines, interest or impositions, in and default thereof the Mortgagee may pay the same, and all such sums paid shall bear interest at the same rate of interest provided for the payment of such payment at the same rate provided for in the principal indebtedness and shall be due and payable on demand, and that he will promptly deliver to the Mortgagee receipts therefor to the Mortgagee's.
4. That he will keep the premises in the good order and condition as they now are, and he will maintain the same in good state of repair, reasonable wear and tear excepted.
5. That he will keep, and maintain on the buildings existing or hereafter erected on the premises aforesaid, insurance against loss by fire and other hazards casualties, and contingencies, in such offices or offices as the said Mortgagee, and its successors or assigns shall approve, in a sum not less than Forty-five Hundred Dollars ($4500.00) or such other sum, as may be provided for.
6. That any policy of insurance on the premises herein conveyed shall be assignable and transferable, and made payable in case of loss, to the Mortgagee, as additional security hereto. If the Mortgagor shall fail to procure or maintain such insurance or fail to make any payments to preserve the insurance premium the Mortgagee may at its own expense procure and pay the premium and such sums paid therefor shall bear interest from the date of payment at the same rate provided for in the principal indebtedness and shall be due and payable on demand. If the premises conveyed hereby, or any part thereof, shall be damaged by fire or other hazards and the insurance money so limited as substantially as the Mortgagee, and at its option, may be applied to the debt or delivered to the releasor for the purpose of rebuilding or restoring the premises to the former condition, or to the mortgage, or other transfer of title to the mortgaged property in extinguishment of the said secured indebtedness and shall bear interest at the rate of interest of the Mortgagee in or to any insurance then in force, shall pass to the purchaser or purchasers.
If there shall be a default in any of the terms, conditions or covenants of this mortgage, or under the note secured hereby, then it shall be lawful for the Mortgagee to sell, together or in parcels, all or singular the premises hereby granted, or intended to be granted, or any part or parcels thereof, or any part remaining subject to this mortgage in part or partial release hereof and the benefit and equity of redemption of the Mortgagor and their heirs, executors, administrators and assigns therein, at public auction upon the premises, or any part thereof, or elsewhere as specified in the notice of sale, and to bid for and become the purchaser or purchasers at any such sale, (no other purchaser or purchasers shall be answerable for the application of the purchase money), first giving notice of the time and place of sale by publishing the same at least once each for three successive weeks in some newspaper published in the County of Washington, Rhode Island, with power to adjourn such sale from time to time, provided that the publishing of said notice shall be in the same newspaper, and in its or their own name or names, as or the attorney or attorneys of the Mortgagor (for that purpose by these presents duly authorized and appointed with full power of substitution and revocation), to make, execute and deliver to the purchaser or purchasers at such sale adequate 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
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secured, whether then due or to fall due thereafter, or the part thereof then remaining unpaid,
and also the interest then due on the same, together with all expenses incident to such sale
or sales, or for making deeds thereunder, and for fees of counsel and attorneys, and all costs
or expenses incurred in the exercise of said powers, and all taxes, assessments and premiums
for insurance, if any, either theretofore paid by the Mortgagee or then remaining unpaid,
upon said granted premises, rendering and paying the surplus of said proceeds of sale, if any
therebe, over and above the amounts to be so returned as aforesaid, together with a true and
particular account of such sale or sales, expenses and charges to the Mortgagor, his heirs,
executors, administrators and assigns, which sale or sales made as aforesaid shall forever
be a perpetual bar both in law and equity against the Mortgagor, their heirs, executors, admin-
istrators and assigns, and all persons claiming said premises.
And the Mortgagor hereby further covenants that he will, upon request, execute such
deed or deeds confirmatory of such sale or sales as may be required.
Notice of the exercise of any portion granted to the Mortgagee herein, or in the note
secured hereby, is not required to be given.
The covenants herein contained shall bind, and the benefits and advantages shall inure
to, the respective heirs, executors, administrators, successors and assigns of the parties
hereto. Whenever used, the singular number shall include the plural, the plural the singular,
and the use of any gender shall be applicable to all genders.
IN WITNESS WHEREOF, we have hereunto set our hands and seals this 26th day of January
in the year of our Lord one thousand nine hundred and fifty-one.
Signed and sealed in presence of:
Leroy C. Whitford
FREDERICK E. BEMIS (SEAL)
RUTH C. BEMIS (SEAL)
STATE OF RHODE ISLAND
COUNTY OF WASHINGTON
In North Kingstown, on the 26th day of January, A. D. 1951, before me personally ap-
peared the above named Frederick E. Bemis and his wife Ruth C. Bemis to me known and known by
me to be the parties executing the foregoing instrument, and they each acknowledged said in-
strument by them executed to be their free act and deed.
LEROY C. WHITFORD
Notary Public.
Received for record February 8th, A. D. 1951 at 1:15 o'clock, p. m., and recorded by
[signature]
Town Clerk
The Providence Union National Bank and Trust Company, having received full payment
and satisfaction of the within mortgage, hereby cancels and discharges the same.
IN TESTIMONY WHEREOF, said The Providence Union National Bank and Trust Company
has caused these Presents to be executed and its Corporate Seal to be hereunto lawfully
affixed by its Vice President and Asst. Cashier duly authorized, this 23rd day of
July A. D. 1951.
Signed and Sealed
in presence of
Virginia V. Phillips
Margaret B. Walker
THE PROVIDENCE UNION NATIONAL BANK AND TRUST COMPANY
By Richard A. Nellswell
Vice President (Corporate Seal)
Frank L. Crandall
Asst. Cashier
Above discharge received for record July 24th, A. D. 1951 at 2:05 o'clock, p. m.,
and recorded by
[signature]
Town Clerk
The page as recorded
