2/13/1961 · AGREEMENT · book 37 page 522 doc 6839@37/522

522 SUBORDINATION OF MORTGAGE WHEREAS, by a mortgage deed dated October 21, 1960 and duly recorded in the Land Evidence Records of the Town of Charlestown, Rhode Island, CHRISTOPHER J. MOLLOY and CHARLOTTE E. MOLLOY, husband and wife, both of Pawcatuck, Connecticut, hereinafter called the Borrowers, mortgaged certain premises therein described to the undersigned, HAROLD W. SALISBURY and MAUDE W. SALISBURY, husband and wife, both of Coventry, Rhode Island, hereinafter sometimes called the Mortgagees; AND WHEREAS the Borrowers have made application to WESTERLY SAVINGS FUND AND LOAN ASSOCIATION, of Westerly, Rhode Island, hereinafter referred to as the Bank, for a loan in the principal sum of $9,500.00, to be secured by a mortgage on said premises; AND WHEREAS the Bank is willing to make said $9,500.00 mortgage loan only upon condition that said mortgage now held by the undersigned Mortgagees be subordinated in the manner hereinafter set forth, NOW, THEREFORE, in consideration of the premises and in order to induce the Bank to grant said mortgage loan to the Borrowers, and also in consideration of One Dollar to be paid by us the Bank, receipt whereof is hereby acknowledged, the undersigned Mortgagees hereby convey, consent and agree to and with the Bank that the aforesaid mortgage now held by us shall be, and the same is hereby made subject and subordinate in lien to the lien of said mortgage for $9,500.00 when made to the Bank. WITNESS our hands this 28 day of January, 1961. HAROLD W. SALISBURY MAUDE W. SALISBURY STATE OF FLORIDA COUNTY OF DADE In Miami, Fla., on the 28 day of January, 1961, before me personally appeared HAROLD W. SALISBURY and MAUDE W. SALISBURY, to me known and known by me to be the parties executing the foregoing instrument, and they acknowledged said instrument, by them executed, to be their free act and deed. CHARLOTTE CHASE SMITH (Notarial Seal) Notary Public My Commission expires January 27, 1965. Received for record February 13th, A. D. 1961 at 9:20 o'clock, a. m., and recorded by [Signature] Town Clerk ---- MORTGAGE DEED We, CHRISTOPHER J. MOLLOY and CHARLOTTE E. MOLLOY, husband and wife, both of Pawcatuck, in the Town of Stonington, County of New London and State of Connecticut, hereinafter called the mortgagors, for consideration paid, grant to WESTERLY SAVINGS FUND AND LOAN ASSOCIATION, a corporation created by Act of the General Assembly of the State of Rhode Island, located and having its principal office and place of business in the Town of Westerly, County of Washington and State of Rhode Island, hereinafter called the mortgagees, with MORTGAGE COVENANTS, to secure the payment of Nine-thousand five hundred ($9,500.00) Dollars, with interest thereon at the rate of 6% per annum as specified in a certain negotiable promissory note of the mortgagors, of even date herewith, said principal and interest being payable in monthly installments of Seventy-two and 00/100 ($72.00) Dollars each on the Tenth (10th) day of each successive month commencing March 10th, 1961 until said principal and interest are paid in full, all as provided in said note, the following described land, together with all buildings and other improvements now or hereafter erected thereon, all the hereditaments, appurtenances and rights thereunto belonging or in any wise now or hereafter appertaining, and together with and including as and part of