1/23/1953 · MORTGAGE · book 33 page 396 doc 3409@33/396

552 (for that purpose by these presents duly authorized and appointed with full power of substitution and appointment) to make convey, and deliver to the purchaser or purchasers at sale or sales a good and sufficient indenture of deed or deeds, in fee simple of the premises sold, at the receive the purchase money and tenderments or retain all sums hereby secured or required to be paid, whether due then or due to fall due thereafter, or part thereof then remaining unpaid, and also the interest due on the same, together with all expenses incident to such sale or sales, and all other costs and expenses such other costs and expenses as may be necessary for the service of a notice of sale, embargoes or attachments then existing on the railroad, or of the site, or of these premises, and all taxes, assessments, insurance premiums and expenses of repayment of debts, either before or after the sale, and all other costs and charges of foreclosure or mortgage, and any redemptions and paying the surplus of such sale or sales, if any there be, or any advance and sum to be retained as a foreclosure, together with his commission as receiver, and in the event of a foreclosure sale, the receiver shall be authorized to make conveyances to his administrators, executors or assigns, while the agent or sales shall forever be a bar in perpetuity both in law and equity against the said mortgagor and the estate of the latter. And the Grantors hereby covenant that they are lawfully seized of the premises, and that they have the right to sell, assign, and convey premises claiming said premises to be sold, by or from, under or through them, or any of them. All notes, bonds, and other evidences of indebtedness now or hereafter made, executed, or endorsed by the mortgagors, or by them, or they will upon request, hereby covenant and agree to be held as additional security for the payment of the indebtedness hereby secured. And FURTHERMORE, the said mortgagors, for themselves and for their heirs, executors, administrators, successors, and assigns, do hereby covenant and agree to be bound by the terms and conditions of this security mortgage, do hereby covenant and agree to and with the said mortgagee its successors, and assigns, as follows: 1. That they shall pay the principal sum hereby secured, together with interest, and all taxes, assessments, insurance premiums and expenses of whatever nature levied upon or the levied to be levied prior to the full payment and discharge of said mortgage until now said premises or part thereof shall be sold or conveyed, with the consent of the mortgagee in writing, under some present or future lien or alienation, or for insurance maintained upon said premises, all payment and water rates and other charges so accrued or incurred in behalf thereof. 2. That the mortgagors shall keep the premises insured against loss by fire and by such other hazards, insurance policies and contingencies, in sums such periods, in such form and in such companies as the mortgagee may from time to time approve, under the condition that the mortgagee shall be named as loss payee, and to prompty provide them with such insurance policies on demand; in case of policies insured payable in lieu of the loss by the mortgagors, the mortgagee shall have the right to receive the insurance money and apply the same to the payment of the indebtedness held by the holder of this mortgage for the time being hereby made, constructed and appreciated according to the usual law and lawful attorney irrevocable of the mortgage, and the mortgagee shall have the right to apply such insurance money to the payment of any taxes, assessments, insurance premiums or releases for any sum and all sums received in settlement of such losses, and to apply the same, after deducting any expenses incurred in connection therewith, to the payment of the indebtedness hereby secured, and the mortgagors shall be responsible for any deficiency in such insurance money, obtained or otherwise paid by them or the mortgagors, to the care or interest of repairing or rebuilding the damages or improvements rendered in the conflagration, while the right, title, and all interest of the mortgagor in and to any insurance policies, or any return or return of premiums or dividends shall be assigned to the mortgagee, and the mortgagee shall have the right to apply such insurance money to the payment of the indebtedness, as option on the trustee, right title and interest in and said policies and the proceeds thereof to be applied towards the payment of the mortgage; provided that the mortgagees effort shall not be limited to the application of such insurance money to the payment of the indebtedness hereby secured, and saying any surplus over and above the principal sum to be foreclosed. If the mortgagors fail to provide such insurance or to pay the insurance premiums, the mortgagee effort shall have the right to insure the premises and the premiums so paid shall be added to the principal of the indebtedness hereby secured, and shall bear interest at the same rate provided upon the principal indebtedness until payment performed. 3. That the mortgagors shall maintain the premises in good condition and repair and shall perform the covenants and promises described in this mortgage at until full payment and discharge had been, as so good condition and repair as the mortgage, unless the premises or any part thereof is sold by the mortgagee under some alienation, or the premises are sold with the consent in writing of the mortgagee then first obtained, and to permit said industrial Trust Company its successors, and assigns, and its officers and agents, to enter upon the premises at reasonable hours to examine the same. 4. That the mortgagors, with the successors, and assigns, may pay all taxes, assessments, water rates or insurance premiums not paid by the mortgagors in a timely manner, and all such of all sums shall be immediately reimbursed and repaid until said amount be added to the principal of the indebtedness hereby secured and shall bear interest at the same rate provided upon the principal indebtedness until said amount and such sums shall be a further lien upon the premises and secured by these and present debts. 5. That the mortgagees shall have the right to foreclose this mortgage, or to make an assignment for the benefit of any creditor or be placed under the control of any court of any court, or if the mortgagor abandons any or all of said property, then in any of said events the mortgagees is hereby authorized to enter upon and take possession of the premises and to sell the same, whether by public auction or privately, and the proceeds of the sale right of the mortgagor be returned to the mortgagor as after paying immediately due and payable. IN WITNESS WHEREOF, the said mortgagors have hereunto set their hand and seal this 3rd day of August, A. D. one thousand nine hundred fifty-one. Signed, sealed and delivered Thos. Sutcliffe DONALD DEANGELIS LILLIAN E. DEANGELIS State of Rhode Island, sc. County of Washington k in Westerly ) on the 3rd day of August, A. D. 1951 before me personally appeared the above named and sworn to, Donald DeAngelis and Lillian E. DeAngelis, husband and wife, to me known and by them to be their each and all the parties executing the foregoing instrument, and severally acknowledged said instrument, by them executed, to be their free act and deed. Recorded August 6th, A. D. 1951 at 9:10 o'clock, a. m. Witness: Town Clerk. HERBERT E. COOKE Notary Public. Industrial Trust Company, having received full payment and satisfaction of the whole 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 herento affixed by its Assistant Manager as Assistant Manager duty authorized, this 22nd day of April A. D. 1953 Signed and sealed in presence of Doris B. Davis INDUSTRIAL TRUST COMPANY By Hiram Kendall Manager Thomas Sutcliffe Asst. Manager Discharged recorded April 23, 1953 at 1:00 o'clock, p. m., Town Clerk.