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 all other expenses hereby secured as herein after provided.
2. To keep and maintain insurance against loss by fire and by other risks, casualties and contingencies as may be required from time to time, for such periods, in such form and in such company or companies as the mortgagors or other the holder of the mortgage may from time to time require and as the mortgagee may from time to time prescribe, the all premium 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 the said Industrial Trust Company or other the holder of the mortgage for the time being this mortgage is made, hereby constituted and appointed the true and lawful attorney irrevocable of the mortgagors, to make, execute and deliver all releases to any such insurance company or companies as may be necessary to effect the insurance 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 to receive in or in reimbursement of the same, after deducting any expenses incurred in connection therewith, upon the indebtedness hereby secured, any money received by it or them in payment of the said insurance, taxes, assessments, insurance premiums or other sums paid by the mortgagors, to the cost of recharging the premises, and to apply the same to the payment of the indebtedness, even the event of foreclosure under this mortgage or other transfer of the title to the mortgaged premises, in part or in full, to any other person or persons, and to make and execute all right, all right, title and interest of the mortgagors to any insurance policy in case of a loss, and to apply any money received by it or them in payment of the said mortgage, and the mortgagee may surrender said policies and collect any sums due upon the same, after deducting any expenses incurred in connection therewith, and apply the proceeds thereof to any purchaser of the mortgaged property; provided that any sums applied on account of the indebtedness hereby secured, including any premiums, 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 premium thereon, the mortgagee may at its option pay the premium or premiums, and the all premium thereon, and all premiums paid shall become a part of the indebtedness hereby secured and be a lien upon the premises, and shall bear interest at the same rate as the principal indebtedness until 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 hereby, in good condition as repaired and in the same nos as are now or may hereafter be put in, without doing any act to diminish the value thereof, and to permit the said Industrial Trust Company, its successors and assigns, and its agents and employees, to enter upon and from time to time 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 charges provided for in this mortgage, and if any such taxes, assessments, water rates shall be immediately repaid and until repaid shall be added to the unpaid principal of the note or instrument providing the same, and shall bear interest at the same rate as the said indebtedness until paid and any such taxes, assessments, water rates 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 pay any taxes, assessments, relief and other charges upon the lien hereby authorized and the priority of said lien or any right of the mortgagee hereunder to declare all sums 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 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. COOKS
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 J. Morrison
INDUSTRIAL TRUST COMPANY (Corporate Seal)
By Herbert E. Cooks, 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
