The instrument's own words
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AND FURTHERMORE, the said mortgagors, for themselves and for their heirs, executors, administrators and assigns, do hereby, for the consideration aforesaid and to further increase the security of this mortgage, do hereby covenant and agree and the said mortgage and the mortgage successors and assigns, as follows:
1. To pay said promissory note and all sums of principal and interest there due in accordance with the tenor thereof, all taxes and assessments of every nature levied thereon or to be levied prior to the full payment and discharge of said note upon said premises or upon the mortgage, or the mortgage indebtedness, whether under any present or future law, all premiums for insurance on the mortgage, or insurance on the mortgage indebtedness, all water rates and other expenses hereby secured as herein provided.
2. To keep and maintain insurance against loss by fire and the sum or other hazards, casualties and contingencies occurring to said premises, in such amount and such manner and with such insurance company or companies as the mortgagors or the holder of the mortgage may at any time and from time to time designate, and to promptly pay when due all premiums on such insurance; to make compulsory all policies of insurance on the premises, to make said policies assignable satisfactory to it and to deliver the policies to the mortgagee; and said Industrial Trust Company, as mortgagee, or its successors and assigns, shall have the lawful and true attorney irrevocable attorney to mortgage the premises, to make any changes in said policies, to make any other changes which may occur under any such insurance and to give releases for any and all sums receivable in connection therewith, to make any and all claims under any such insurance, or other sums paid in connection therewith upon the indebtedness hereby secured, whether or not the same be due, or to apply any such sums to the payment of the principal, interest or other sums paid in connection therewith upon the indebtedness hereby secured, whether or not other sums paid by the mortgagee, or to the cost of repairing or replacing the damaging building or improvements on the premises, or to the cost of clearing the premises, or to the transfer of the title to the mortgaged premises in satisfaction of the indebtedness, or in any other manner that the mortgagee may deem appropriate, to make any and all claims in and any insurance policies thereof, or to any refund or return of premiums or dividends thereon, and to receive any and all sums payable under any such insurance policies and collect any sums due thereon, or, may at its option, transfer its right and interest therein to any and all insurance companies, and to receive any sums paid or to be paid to the mortgaged property that may be received under any such insurance or to any surplus standards or premiums, shall be applied on account of the indebtedness hereby secured and any surplus paid to the mortgagors; provided, however, that if the mortgagors shall fail to keep such insurances or to pay the premiums thereon, the mortgagee may effect such insurance or pay the premiums thereon, and the cost thereof shall be added to the principal sum of the mortgage secured hereby, and shall bear interest at the rate prescribed upon the principal indebtedness hereby secured.
3. To keep and maintain the exterior and the interior of the buildings and improvements on the premises described in this mortgage at all times until full payment and discharge hereof in as good a condition as they are now, to keep the same repaired and put in, and to permit said Industrial Trust Company, its successors and assigns, and its officers, and their agents, at any reasonable time, to enter upon the mortgaged premises at a reasonable times to view and inspect the same.
4. That the mortgagees, its successors and assigns, may pay all taxes, assessments, water rates and other charges, if not promptly paid by the mortgagors when due, and all of such sums shall be immediately reimbursed to the mortgagee, or at its option, added to the principal sum of the indebtedness hereby secured and shall bear interest at the same rate as said indebtedness, and such sums shall be a first lien upon the mortgaged premises and a further lien upon the premises and secured by these presents.
5. That if the mortgagors be declared bankrupt or insolvent or in make any assignment for the benefit of creditors or if any part of the premises be 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 hereby declares that it shall have the right to accelerate the payment of the mortgage affecting the lien hereby created or the priority of said lien or any right of the mortgagee hereunder to receive all sums secured hereby immediately due and payable.
IN WITNESS WHEREOF, the said mortgagors have hereunto set their hands and seals this 19th day of December, A. D. one thousand nine hundred forty-five.
Signed, Sealed and Delivered }
in presence of } JOHN R. ALGIERE (SEAL)
Thomas Gutcliffe } EILEEN B. ALGIERE (SEAL)
STATE OF RHODE ISLAND, }
} ss.
County of Washington, }
In Westerly, on the 19 day of December, A. D. 1945, before me personally appeared the above named John R. Algiere and Eileen B. Algiere, husband and wife, each and all to me known and known by me to be the parties executing the foregoing instrument, and severally acknowledged said instrument, by them executed, to be their free act and deed.
HIRAM KENDALL
Notary Public.
Received for record December 21st, A. D. 1945 at 9 1/2 o'clock, a. m., and recorded by
[?] Town Clerk
Discharge received for record March 29th, A. D. 1947 at 9:00 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 the Manager & the Asst Manager of its Westerly Branch duly authorized, this 20th day of March 1947.
Signed and sealed in presence of }
Lillian G. Coates } INDUSTRIAL TRUST COMPANY (Corporate Seal)
By Hiram Kendall, Manager
Thomas Gutcliffe, Assistant Manager
The page as recorded
