5/21/1955 · MORTGAGE · book 35 page 2 doc 4580@35/2

2 MORTGAGE KNOW ALL MEN BY THESE PRESENTS: That Stephen A. Cornell and Lucy E. Cornell, husband and wife, both of the Town of Charlestown, County of Washington and State of Rhode Island, hereinafter called the Mortgagor, in consideration of the sum of Ninety-five Hundred Dollars ($9500.00), paid to him by Danielson Federal Savings and Loan Association, a corporation organized and existing under the laws of the United States of America, hereinafter called the Mortgagee, the receipt whereof is hereby acknowledged, does hereby give, grant, bargain, sell and convey unto the Mortgagee, its successors and assigns, forever, that certain real estate located in the Town of Charlestown, County of Washington, State of Rhode Island, described as follows: Beginning at a point bound set in the line of a stone wall on the northerly side of the State Highway, at the southeasterly corner of some premises formerly of Charles A. Weaver et al., now or of formerly of [?] at the southeasterly corner of the premises of Charles E. Cornell; thence running westerly along the line of said stone wall and bounded southerly by said State Highway, a distance of 115.50 feet to another bound set in the line of said stone wall; thence running northerly, bounded westerly by land now or formerly of Charles A. Weaver et al., a distance of 200 feet to another bound set in the line of said stone wall; thence running easterly to the line of premises of said Charles E. Cornell et al., a distance of 300 feet; thence running easterly along the line of premises of said Charles E. Cornell et al., a distance of 115.50 feet to the northeasterly corner of said premises of Charles E. Cornell et al. or not the northeasterly corner of said premises of Charles E. Cornell et al. running southerly, bounded easterly by the premises of said Charles E. Cornell et al., a distance of 200 feet to a bound set in the line of said stone wall; thence running westerly along said wall to the point of beginning. Being the same premises described in two deeds to Stephen A. Cornell and Lucy E. Cornell, recorded in Charlestown Land Records, Book 34 Page 112 and Book 34 Page 496. including all buildings and improvements thereon, or that may hereafter be erected thereon; together with the hereditaments and appurtenances and, all other rights thereto belonging, including all easements, rights of way, utilities, patrolling, and reservations, reversions, remainders and remainders, rents, issues and profits thereof, and all plumbing, heating and electrical systems, and all other equipment now or hereafter attached to, or used in connection with, said premises. TO HAVE AND TO HOLD the aforementioned premises, with their appurtenances, unto and to the use of the Mortgagee, its successors and assigns, forever. And the Mortgagor covenants that he and his lawfully seized of the said premises in fee simple; that they are free of all encumbrances except as aforesaid; that he has good right, full power and lawful authority to sell and convey the same in the manner aforesaid; and that he will warrant and defend the same to the Mortgagee, forever, against the lawful claims and demands of all persons. And for the consideration aforesaid, we, Stephen A. Cornell and Lucy E. Cornell, the said mortgagors do hereby release all my right of curtesy & dower in and to the premises unto the Mortgagee, its successors and assigns, forever. PROVIDED, NEVERTHELESS, and this conveyance is made upon the express condition that if the Mortgagor shall pay to the Mortgagee the principal sum of Ninety-five Hundred Dollars ($9500.00), as evidenced by a promissory note of even date herewith, the terms of which are incorporated herein by reference, together with interest thereon from date to the rate of 4% & 1/2 per centum (4 1/2%) per annum until paid, said principal and interest being payable at the office of Danielson Federal Savings and Loan Association in Danielson, Connecticut, or at such other place as the holder hereof may designate in writing, in monthly installments of Fifty-two and 82/100 Dollars ($52.82), commencing on the first day of July, 1955, and on the first day of each month thereafter until the principal and interest are fully paid, except that the final payment of principal and interest, if not sooner paid, shall be due and payable on the first day of June, 1980; 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:

3 1. That we will pay the indebtedness, as hereinbefore provided. Privileges is reserved to pay the debt in whole, or in an equal sum equal to one or more monthly payments on the principal, or any sum due on the note, on the first day of any month prior to maturity; provided, however, that written notice of an intention to exercise such privilege be given to the Mortgagee not less than thirty (30) days prior to prepayment; and provided further, that in the event this debt is paid in full prior to maturity, the Mortgagee and all parties liable for the payment of the sum under the Federal Housing Act, all parties liable for the payment of the sum provided principal, surety, guarantor or endorsee of the note shall be jointly and severally bound to pay the Mortgagee, in addition to the secured remedy an additional prepaid charge of one per centum (1%) of the original principal amount, or the aggregate amount of premium charges which shall be entitled prior to prepayment, or the amount of the secured remedy which would have been payable if this mortgage and the note secured hereby had been paid in full at the end of the term, whichever is greatest, as will be applied by the holder therefore upon its obligation to the Federal Housing Commissioner on account of mortgage insurance. That, together with, and in addition to, the monthly payments of principal and interest payable under the terms of the note secured hereby, we will pay the Mortgagee, on the first day of each month after the execution of this mortgage, until said note is fully paid, the following sums: (a) If the mortgage and the note secured hereby are insured under the pro- visions of the National Housing Act, and so long as they continue to be so insured, one-twelfth (1/12) of the annual mortgage insurance premium for the year, which sum the Mortgagee is entitled to receive in order to facilitate to disburse the obligation to the Federal Housing Commissioner for the said mortgage insurance premium, as applicable, and provided further, that under the National Housing Act, as amended, and as Amendments regulate, the Mortgagee shall, on the termination of such insurance, in addition to the return of the unearned premium on account of the Mortgagee all payments insurance made under the provisions of this subsection which the Mortgagee has not become obligated to pay. (b) A sum equal to the ground-rent; if any, and the taxes and special assessments due on the premises covered by this mortgage, and the premiums that must be due on the premises covered by this mortgage, and the premiums that will other insurance policies on the premises of fire and other hazard insurance that will occur on the premises covered hereby (all such estimated by the Mortgagee less one half as much as the actual amount), and the premiums that will be due and payable before 1 month prior to the date when such ground rents, premiums, taxes and assessments are due and payable, which sum the Mortgagee will pay to said pay ground rents, premiums, taxes and special assessments, before the same become due and payable. (c) All payments mentioned in the two preceding subsections of this paragraph and all payments to be made under the note secured hereby shall be added together and the aggregate amount thereof shall be paid by the Mortgagee to the Mortgagee in a single monthly payment, which sum the Mortgagee will apply to the following items in the order set forth hereinto: (I) premium charge under the contract of insurance with the Federal Housing Commissioner; (II) taxes, special assessments, fire and other hazard insurance premiums; (III) interest on the note secured hereby; and (IV) amortization of the principal of the said note. Any deficiency in the amount of such aggregate monthly payment, shall, unless made good by the Mortgagee prior to the due date of the next such payment, con- stitute an event of default under this mortgage. The Mortgagee may, at its option, charge interest to the amount of the deficiency at the rate of (2%) for each (8%) of each payment more than fifteen (15) days in arrears to cover the extra expense involved in handling such delinquency. 3. If the total of the payments made by the Mortgagee under (b) of paragraph 2 preceding shall exceed the amount of payments actually made by the Mortgagee for said taxes, special assessments, insurance premiums, etc., or if any credit is extended by the Mortgagee on the insurance premiums, etc., the excess shall be made by the Mortgagee. If, however, the monthly pay- ments under paragraph 2 preceding shall be insufficient to pay the ground rents, taxes and assessments and insurance premiums, when the same shall become due and payable, then the Mortgagee shall pay to the Mortgagee such taxes, assessments, and insurance premiums shall be due and payable before the next monthly payment is due. If any time the Mortgagee shall fail to pay any of the taxes, special assessments, or insurance premiums described in the provisions of the National Housing Act, such failure of the entire indebtedness represented thereby, the Mortgagee shall, in computing the amount of such deficiency, the amount of the monthly pay- ments under paragraph 2 preceding, and the amount of the principal balance of the Mortgagee has not become obligated to pay as provided in the provisions of (b) of paragraph 2 hereof. If there shall be a default under any provisions of (b) of the paragraph 2 hereof, the Mortgagee remaining in the Federal Housing Administration, the Mortgagee acquires the property otherwise after the property shall be foreclosed. In the event of such foreclosure, or in the event of such default, it shall apply, at the time of the commencement of such property foreclosure, the sums accumulated under (b) of paragraph 2 preceding, as a credit against the amount of principal remaining unpaid under said note, and shall properly adjust any payments which shall have made under (a) of paragraph 2 preceding. 4. That the Mortgagee will keep the improvements now existing or hereafter erected on the mortgaged premises, insured as may be required from time to time by the Mortgagee against loss by fire and other hazards to the extent required by the Mortgagee, and that the Mortgagee in such amounts and for such periods as it may require and will pay promptly when due, any premiums on such insurance, provision for payment of which will be made by the Mortgagees and the policies and leases thereof shall be held by it and have attached thereto loss payable clauses in favor of the Mortgagee and the Mortgagee will be named as the insured, and the Mortgagee will give immediate notice by mail to the Mortgagee who may make proof of loss if not made promptly by the Mortgagee, and each insurance company concerned is hereby authorized and directed to make payment for such

4 loss directly to the Mortgagee instead of the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option toward the payment or reduction of the indebtedness hereby secured or to the restoration of the property damaged. In event of foreclosure of this mortgage or other liens on the premises, or sale of the mortgage or the property, the Mortgagee shall have a first security hereon all right, title and interest of the Mortgagor in and to any insurance policy. Should the Mortgagee fail to make any payments to the insurance company as herein provided, the Mortgagee shall not be relieved of its obligations hereunder, and all such insurance and any other insurance on the premises bearing interest at the same rate provided for in the principal indebtedness shall and be secured hereby. 5. That he will pay all taxes, assessments, water rates, and other government or municipal charges, fees, and dues on the premises herein described which are not made heirbuildings, and if in default the Mortgagor thereof the Mortgagee may pay the same, and any sums so advanced shall be added to the principal secured hereby and shall bear interest at the same rate and shall promptly deliver the official receipts therefor to the Mortgagee. 6. That he will keep the premises in as good a condition as order and condition as they are now, and will not permit or cause any waste or misuse thereof, reasonable wear and tear excepted. 7. The Mortgagor further agrees that should this mortgage, thus far executed, hereby not be eligible for insurance under the National Housing Act, with written approval from the Federal Housing Administration or any office of any Agency of the Federal Housing Administration or authorized agent of the Federal Housing Administration, within thirty days from the date of this mortgage, declining to insure said note and this mortgage, being deemed conclusive proof of such inability, the Mortgagee may, at its option, declare the note may, at its option, declare all sums secured hereby immediately due and payable. 8. The Mortgagor covenants and agrees that so long as this mortgage and the said note secured hereby are in effect, he will comply with all the provisions of the National Housing Act, he will permit no rentals or file for record any instrument which imposes a restriction upon the sale or occupancy of the premises, and will not remove any improvements from the premises. In event of breach of any part of this undertaking, the Mortgagee may, at its option, declare the unpaid balance of the said debt secured hereby immediately due and payable. 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, but only after giving the Mortgagor written notice of such default, to foreclose the premises hereby granted, but only to the extent of the indebtedness secured hereby, in the name of the Mortgagee, and or intended to be granted, or any part or parts thereof, and besides the Mortgagee, and or redemption of the property, the Mortgagee may sell the premises, with the said Mortgagee, and its said mortgagee's heirs, executors, administrators and assigns therezin at public auction to the highest bidder for cash, and the Mortgagee, or its heirs, executors, administrators and assigns at any such auction may bid (and no other purchaser or purchasers shall be responsible for the application of the purchase money) and the sale shall be made by publishing a notice of the time and place of publishing the sale at least once a week for three successive weeks in some newspaper in the town where said premises are situated. If the Mortgagee shall fail to complete the sale from time to time, it shall be sufficient provided that the publishing of the notice shall be continued, together with a notice of the adjournment. The notice shall state the name of the Mortgagor or Mortgagors, as the same appear of record, and the name of the Mortgagee or Mortgagees, or the name of the attorney or attorneys of the Mortgagee, and the said Mortgagee, or its heirs, executors, administrators and assigns, shall be hereby fully authorized and appointed with full power, of substitution and revocation), to make, execute and deliver any and all deeds of conveyance, (for the purpose of conveying the premises), and to make, execute and deliver deeds of sale promised in fee simple, and to receive the proceeds of such sale or sales and deliver the same in full due course, or to the part thereof remaining unpaid, and alien the interest thereon due on said note, and for make deeds without gathering with all expenses or costs incurred in the exercise of said power, and for make deeds without gathering with all expenses or costs incurred in the exercise of said power, and for make deeds without gathering with all expenses or 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