2/13/1961 · MORTGAGE · book 37 page 522 doc 6840@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 then 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 part of

523 the really, all heating and air-conditioning apparatus, plumbing, stoves, storm doors and windows, gas, oil and electric fixtures, screens, screens, screen doors, awnings, and other fixtures of whatever kind on said premises or hereafter placed thereon prior to the full payment and discharge of this mortgage, situated in the Town of Charlestown, Rhode Island, on the northerly side of the Post Road, and bounded and described as follows: Beginning at a point in the northerly line of the highway known as the Post Road, Route U.S. No. 1, said point being marked by an iron pipe and located 39.45 feet easterly from a Rhode Island highway bound stone marked "118" and thence running southerly 31.11 feet to an iron pipe and thence running southeasterly 369.10 feet to a stone on Rhode Island Department Plat No. 666, Sheet 2 of 9; and thence running westerly by said stone and thence running southwesterly 111.11 feet to an iron pipe 10.15 feet to the downstream side of a stream; thence turning an interior angle of 164° and continuing westerly and by said highway line a distance of 111.11 feet to an iron pipe and thence running southeasterly 111.11 feet to an iron pipe 85 thence turning an interior angle of 179° 51' and continuing westerly and by said highway line a distance of 111.11 feet to an iron pipe and thence running southeasterly 111.11 feet to an iron pipe 110 northerly a distance of 117.77 feet to an iron pipe; thence turning an interior angle of 160° 25' and continuing northerly a distance of 117.77 feet to an iron pipe; thence turning an interior angle of 160° 25' and continuing northerly a distance of 117.77 feet to an iron pipe in a boulder, thence turning an interior angle of 78° 41' and running southerly a distance of 187.00 feet to a drill hole in a boundary stone; thence turning an interior angle of 131° 19' and running southerly a distance of 100.00 feet to a drill hole in a boundary stone; thence turning an interior angle of 162° 19' and running southerly a distance of 110.57 feet to a drill hole in a boundary stone; thence turning an interior angle of 169° 42' and running southerly a distance of 111.11 feet to an iron pipe; thence running easterly along the line of beginning, this last course running north easterly an interior angle of 91° 01' with the first described course. This tract contains an area of 2.099 acres and is bounded on the south by the Post Road, on the west, north east and by the land of [?] and [?]. Being the same premises conveyed to said Christopher J. Molloy and Charlotte E. Molloy by Harold W. Salisbury by a deed dated October 8, 1950 and recorded in the Charlestown Land Evidence Record Book 35 page 524. This is a construction loan mortgage, the mortgagors having applied for a mortgage on the above land or a mortgage on the above described premises upon which a building is now being or is to be erected in the amount of $9,000.00 to be paid in advances and paid over to said mortgagors at the time of the completion and delivery of the said building, the receipt of which borrowed is hereby acknowledged by the mortgagors; and the mortgagors hereby agree that said sum is to be paid over to the said borrowers in installments under the rules and regulations of the mortgagee, as the work on said building progresses. This mortgage is made under the STATUTORY CONDITION and with the STATUTORY POWER OF SALE; provided, however, that a Foreclosure may be held up on the premises on the election or at the option of the mortgagee, as specified in the notice under this mortgage. This mortgage note is subject to the following conditions: that a certified copy of the instrument titled ADDITIONAL COVENANTS OF MORTGAGE to WESTERLY SAVINGS FUND AND LOAN ASSOCIATION executed concurrently by the mortgagors, a copy of which is now attached hereto and received by the mortgagee, the terms of which are on record in said Town of Charlestown, in Land Evidence Record Books 35 at pages 33-34. Said agreements and covenants are by reference made part of this mortgage, and if any of the said agreements are not performed, any of the terms are broken, it shall be a default for the mortgagors to sell the above described premises pursuant to said STATUTORY POWER OF SALE. And for the consideration aforesaid, we, the said mortgagors, release to the mortgagee all our right of dower and curtesy and all other rights, titles, interests, authority and privileges, in the aforesaid premises. WITNESS our hands and seals this 10th day of February, 1961. Executed in presence of James J. Morrison Robert Fessel CHRISTOPHER J. MOLLOY (SEAL) CHARLOTTE E. MOLLOY (SEAL) STATE OF RHODE ISLAND County of Washington In the Town of Westerly, on the 10th day of February, 1961, before me personally appeared the above named CHRISTOPHER J. MOLLOY and CHARLOTTE E. MOLLOY, to me known and by me known to be the parties executing the foregoing instrument, and they acknowledged said instrument by them executed to be their free act and deed. ROBERT FESSEL Notary Public Received for record February 13th A. D. 1961 at 9:22 o'clock, a. m., and recorded by [Signature] Town Clerk ---- DISCHARGE OF MORTGAGE The WESTERLY SAVINGS FUND AND LOAN ASSOCIATION, of Westerly, Rhode Island, having received full payment and satisfaction of the within mortgage, recorded in the Land Evidence Records in the Town of Charlestown, R. I., in Record Book Number 37 page 522-523 does hereby cancel and discharge said mortgage. In TESTIMONY WHEREOF, said Association has caused these presents to be signed and its Corporate Seal to be hereunto affixed by A. Amelia Peckham its Treasurer duly authorized, this 6th day of February A. D. 1976. WESTERLY SAVINGS FUND AND LOAN ASSOCIATION (Corp Seal) By A. AMELIA PECKHAM Its Treasurer Signed and sealed in presence of: JAMES J. MORRISON Received for record February 9th A. D. 1976 at 9:00 o'clock, a.m., and recorded by [Signature] Town Clerk