The instrument's own words
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AND FURTHERMORE, the said mortgagors, for themselves and for their heirs, executors, administrators, and assigns, for the consideration aforesaid and to further increase the security of this mortgage, do hereby covenant and agree to and with the said mortgagee, its successors and assigns, as follows:
1. To pay said promissory note and all sums of principal and interest due thereon in accordance with the tenor thereof, all taxes and assessments of every nature levied or to be levied prior to the full payment and discharge of said note upon said promissory note or instruments evidencing the same, and all water rates and any other expenses hereby secured as provided herein.
2. To keep and maintain insurance against loss by fire and by other such causes, casualties and contingencies as may be agreed upon for such periods, in such form and in company or companies as the mortgagors or other the holder of the mortgage may from time to time approve and from time to time pay the premiums on all the premiums on such insurance; to make all policies of insurance payable in case of loss to the mortgagee; to deliver the policies of insurance to it and to deliver the policies to the mortgagee; and said Industrial Trust Company or other the holder of the mortgage for the time being in which this mortgage is made, constituted and appointed the true and lawful attorney irrevocable for the said mortgagors, and in the name of said mortgagors to apply for, solicit and collect any and all losses which may occur under any such insurance and to give releases to any such insurance company or companies, and in general to do all things necessary to the same, after deducting any expenses incurred in connection with such overturn, upon the indebtedness hereby secured, and to apply the proceeds of such insurance, or in reimbursement of taxes, assessments, insurance premiums or other sums paid by the mortgagee, or to the cost of replacing the insurance, and in the event of foreclosure under this mortgage or other transfer of the title to the mortgaged premises, to apply the proceeds of such insurance, or in reimbursement of the above, herby all right, title and interest of the mortgagors to any in the insurance policies, in case of a loss or destruction of the mortgaged premises, or any part thereof, to the mortgagee, and the mortgage may surrender said policies and collect any sums due upon the same, after deducting from such proceeds the amount of the indebtedness hereby secured and the proceeds thereof to any purchaser of the mortgaged property; provided that any sums applied on account of the indebtedness hereby secured, including taxes, dividends, or otherwise, shall be applied on account of the indebtedness hereby secured, and if the mortgagors fail to provide such insurance or to pay the premiums thereon, the mortgagee may at its option provide such insurance and pay the premiums thereon, and all premiums so paid shall become a part of the indebtedness hereby secured and be paid with interest at the rate of 6% per annum, as additional principal, together with full payment thereof.
3. To keep and maintain the exterior and interior of the building and improvements and the premises described in this mortgage at all times until full payment and discharge of the mortgage, in as good condition and repair as the same now are or may hereafter be put in, without deducting any lien or encumbrance upon the same, and to pay all taxes and assessments until the mortgage has first been obtained, and to permit said Industrial Trust Company, its successors and assigns, and its agents and employees, at all reasonable times, and upon request, to enter upon the mortgaged premises at all reasonable times to view and inspect the same.
4. That the mortgagee, its successors and assigns, may pay all taxes, assessments, water rates or other imposts levied upon the mortgaged premises, and the sums so expended by the mortgagee shall be immediately repaid and until repaid shall be added to the unpaid principal of the note or promissory note, and shall bear interest at the same rate as the unpaid principal of the indebtedness until paid and any such sums paid by the mortgagee shall be a lien upon the premises and the premises and secured by these presents.
5. That if the mortgagors are declared bankrupt or insolvent or make an assignment for the benefit of any creditors, or if the premises are in the control of or in custody of any court, or if the mortgagors abandon any of said property, then in any of said events the mortgagee is hereby authorized and empowered to apply for relief and obtain from any court of competent jurisdiction the lien hereby created or the priority of said lien or any right of the mortgagee hereunder to declare all sums now due and becoming due immediately due and payable.
IN WITNESS WHEREOF, the said mortgagors have hereunto set their hand and seal this 11 day of July, A. D. one thousand nine hundred fifty-one.
} INVING R. MELBOURNE
} FLORENCE C. MELBOURNE
Signed, sealed and delivered
in presence of
Thomas Sutcliffe
STATE OF RHODE ISLAND, }
County of Washington, } SC.
In Westerly, on the 11th day of July, A. D. 1951 desist before me personally appeared the above named Irving R. Melbourne and Florence C. Melbourne, husband and wife, each and all to me known and known to me to be the persons executing the foregoing instrument, and severally acknowledged said instrument, by them executed, to be their free act and deed.
HERBERT E. COOKES
Notary Public
Received for record July 13th, A. D. 1951 at 10:15 o'clock, a.m., and recorded by
[?] Town Clerk
Industrial Trust Company, having received full payment and satisfaction of the within mortgage, does hereby cancel and discharge the same.
In Testimony Whereof, said Company has caused these Presents to be signed and its Corporate Seal to be hereunto affixed by its Manager and Assistant Manager duly authorized, this 26th day of July A. D. 1952.
Signed and sealed in presence of
James F. Morrison
INDUSTRIAL TRUST COMPANY (Corporate Seal)
By Robert R. Hall, Manager
Thomas Sutcliffe Asst. Manager
Received for record July 29th, A. D. 1952 at 11:00 o'clock, a.m., and recorded by
[?] Town Clerk
The page as recorded
