6/16/1958 · MISC · book 36 page 308 doc 5675@36/308

308 STATE OF RHODE ISLAND COUNTY OF WASHINGTON In Charlestown, on the 12th day of June, 1958, before me personally appeared Phyllis T. Brown, to me known and known by me to be the party executing the foregoing instrument, and she acknowledged said instrument, by her executed, to be her free act and deed. LINTON L. BROWN Rotary Public. Received for record June 14th, A. D. 1958 at 9:40 o'clock, a. m., a. m., and recorded by [Signature] Town Clerk ---- ADDITIONAL COVENANTS OF OLD COLONY MORTGAGES The undersigned hereby jointly and severally consent to and make to and with Old Colony Co-operative Bank the following terms, covenants and agreements, which are the "additional terms, covenants and agreements" referred to and incorporated by reference in that certain Mortgage dated June 16, 1958, between the undersigned as Mortgagor(s) and Old Colony Co-operative Bank as Mortgagee(s). 1. To pay all Indebtedness secured by said Mortgage Deed as provided therein and in the promissory note thereunto referred to, the principal of such Indebtedness respectively because due and payable all mortgages held by Mortgagee upon the mortgaged property or any portion thereof, and before after accrual of interest, taxes, assessments, insurance premiums, water rates, sewer rates, and other charges of every nature assessed, levied or imposed upon or in respect of the mortgaged property, or any portion thereof, and all sums due and payable under the terms and conditions of said Mortgage or Mortgage in respect of said mortgage or mortgage indebtedness, whether then due or becoming due in the future, and all interest thereon, and all other expenses secured by said Mortgage upon said property, expense of repairs, and all other expenses secured by said Mortgage Deed as therein and in this instrument provided. 2. To maintain such insurance on said property against loss by fire and other hazards as shall be required by Mortgagee from time to time, and in such amount and for such time as required by Mortgagee of Mortgagor to be maintained and to be kept in full force and effect as security, nor in less amount than the amount necessary to prevent the impairment of the co-insurance clause(s) and in such form and in such company or companies as shall be satisfactory to Mortgagee and Mortgagor hereby authorized to effect such insurance through agents such brokers or as may select, and to make all insurance premiums payable to Mortgagee or Mortgagee's attorney or agent, and to authorize and to deliver to the solicitors professional fees of Mortgagee; hereby appointing Mortgagee to be the true and lawful attorney in fact for Mortgagor, and in the name of Mortgagor (including the name and date of said Mortgage(s), but in the uncontrolled discretion of said attorney, to settle, to compromise, deal, under any such policy or insurance, to give discharging Receipts for sums received in settlement of such losses, to release, to quitclaim or convey the damaged property, in its election, in whole or in part, on account of the indebtedness secured by said Mortgage Deed, and in accordance with the provisions of said Mortgage Deed or of this instrument, or upon the cost of replacing or restoring the damaged property. 3. To keep said property in good repair and not to cause or permit waste, major alteration, demolition or removal of any part thereof without the prior written consent of Mortgagee, and to permit Mortgagee and its agents, attorneys and employees to enter on and to survey the property at all reasonable times to view and inspect the same; and, if Mortgagee(s) shall fail to keep said property in good repair and in a condition satisfactory to Mortgagee, Mortgagee shall have the right, in its discretion, to do so at the cost and expense of Mortgagor(s). 4. Mortgagor may pay any taxes, assessments, water rates, sewer rates, insurance premiums, expense of repairs and any other sums secured by said mortgage Deed not paid by Mortgagor(s) when due, that all such sums shall be paid in full, and Mortgagee may therefore shall, unless otherwise agreed in writing, be repaid immediately upon demand by Mortgagee(s) any such sums paid, and said sums shall be added to the principal of the indebtedness secured by said Mortgage Deed and shall bear interest at the same rate as said indebtedness and together, with such interest, be due and payable as provided in said Mortgage Deed. 5. That the STATUTORY POWER OF SALE incorporated by reference into said Mortgage Deed shall be and hereby changed, amended and supplemented to read as follows: "BUT IF DEFAULT shall be made in the payments, according to its tenor, of the promissory note of this mortgage, or in the performance of any covenant hereinabove or of any installment thereof, and of such default shall continue for the period specified in said instrument thereof, and of such default shall continue for the period specified in said instrument thereof, Mortgagee shall be entitled to hold the note and the mortgage in full force and effect as some time before intending to be either of the following: that the principal or any part thereof, and if default shall be made in the payment of any other sum or in the performance or non performance of any covenant contained in this mortgage, or in the performance of any covenant contained in, said note or in said Mortgage Deed set forth or referred to therein, to then it shall be lawful for Mortgagee to foreclose the mortgage, and to sell the premises, or the property hereby granted or intended to be granted, or any part or parts thereof, and the benefit and the equity of redemption, at public auction, to the highest bidder for cash, and to convey the same to and become the purchaser at any such sale, and no other purchaser shall be answerable for the application of the purchase moneys, first giving notice of the

309 time and place of sales by publishing the same at least once each week for three (3) successive weeks in some newspaper published in the County wherein said property is located or, alternatively at Mortgagee's option in some newspaper published in the city of Boston, Massachusetts, and in such other newspaper or newspapers, from time to time, provided that the publication of said notice shall be continued, together, with a notice of the adjournment of such sale, if any, at least once each week for some same newspaper, such notice to be upon the property or elsewhere as specified in such notice; and in its own name or name of as the Mortgagee may designate, to sell the same, make, execute and deliver to the purchaser of such property at such time and in such city and state as the Mortgagee may designate, a full and sufficient deed for the same, free and clear of all liens and encumbrances, and to apply the proceeds of such sale, first, to the payment of purchase moneys, and therefrom to retire all sums hereby secured, including interest, and costs, and expenses of sale, and any other sums due and unpaid, and also the interest them due on the same, together with all expenses incident to such sales or sales, and all taxes, assessments and other charges incurred in connection therewith, connected with the exercise of the powers or duties of any person or persons with whom the Mortgagee shall deal in connection with any such sale or sales, and any costs or expenses of any Mortgage Deed or of these presents, and all taxes, water and sewer rates, assessments, insurances premiums, and other charges, and to apply the balance, if any, of the proceeds of the provisions hereof, and of said Mortgage Deed, either therefore paid by Mortgagee or then remaining unpaid, and deduct the amounts so to be retained as aforesaid, together, with any sum that may be due to the Mortgagee under the amounts so to be retained as aforesaid, together, with a true and proper account of such sale or sales, and of the proceeding of by providing by the Mortgagee, and to hold the balance, if any, as a perpetual bar, both in law and equity against Mortgagee(s) and/or its successors and assigns, the property sold by the pro, through or under Mortgagee(s) or its successors and assigns. 6. That no waiver, forbearance, extension of time or other indulgence shown by Mortgagee to Mortgagee(s) or to any other person now or hereafter interested in said property, Mortgage Deed or presents shall preclude Mortgagee from exercising any of its rights or conditions, covenants or agreements on the part of Mortgagee(s) to be performed or observed as herein, in said Mortgage Deed or in these presents, nor shall it impair the rights of the Mortgagee to require performance or require performance or observance of the same or any other condition, covenant or agreement. In the event of conflict to the extent that the provisions of this instrument conflict with the Mortgage DEED, COVENANTS, STATUTORY CONDITION and STATUTORY POWERS OF SALE in said Mortgage Deed, the provisions of this instrument shall control, and the provisions hereof shall bind, the party or parties executing this instrument to mean, and the provisions hereof shall bind, the party or parties executing this instrument, whether one or more, and their heirs, executors, administrators, successors, severally and, jointly, and their assigns, whether one or more, and the party or parties executing this instrument, whether one or more, and their heirs, executors, administrators, successors and assigns, as the case may be, and such terms and any procedu[?] and provisions hereof shall be construed in the same manner as if they were set forth in said party or parties. The term "Mortgagee" wherever used herein shall be construed to mean the Mortgagee, its successors and assigns, and the powers of the Mortgagee hereunder may be exercised by any subsequent holder of said mortgage. Executed at ____________________________________ this ________ day of ____________________, 19____. In presence of: ____________________________________ The foregoing instrument entitled "Additional Covenants of Old Colony Mortgage" contains an exact copy, except as to the form of the provisions of instruments similarly entitled, which provisions constitute statements of certain covenants, conditions and powers of sale intended to be incorporated by reference in mortgage deeds to the Old Colony Co-operative Bank, hereafter executed. IN WITNESS WHEREOF, I have hereunto set my hand this 10th day of June, 1958. G. MYRON LEACH Secretary, Old Colony Co-operative Bank (Corporate Seal) Received for record June 16th, A. D. 1958 at 9:15 o'clock, a. m., and recorded by [Signature] Town Clerk