3/21/1916 · DEED · book 18 page 328 doc 7017

636 KNOW ALL MEN BY THESE PRESENTS: That We, Thomas E. Prescott and Mabel E. Prescott, husband and wife, of Clifton, New Jersey, (hereinafter called the mortgagors) in consider- ation of Eight Thousand ($8,000.00) Dollars, to us paid by INDUSTRIAL TRUST COMPANY, a corporation created by the General Assembly of the State of Rhode Island, located and transacting business in the City and County of Providence, in said State, the receipt where- of is acknowledged, do hereby grant, bargain, sell and convey unto said Industrial Trust Company, its successors and assigns, forever, (Description of property) That certain tract of land or parcel of land, with the buildings and improvements thereon, situated on the east side of Midland Road and the west side of Highland Road, so-called, at Quonochontaug Beach, so-called, in the Town of Westerly, County of Washington in said State of Rhode Island, and bounded and described as follows:- Being Lots #290, 291, 292, 294, 295, 296, 298 and 299 in that certain lot entitled "The Quonochontaug Highlands at Quono- contaug Beach, Rhode Island, property of S. S. Davis, Logan Holland, etc.", Book 125, page 157, February, 1902. Said plat- being duly filed in the Land Evidence Records of said Town of Char- les town, these are the same lots and parcels conveyed to these Mort- gagors by deeds from Charlestown Estates, Inc., recorded in Book 28, page 308, book 29, page 30, page 31 and page 610 Book 28, page 301 and also by deed from William H. Brittain, et al recorded in Book 29, page 619 of the Land Evidence Records of said Town of Charlestown, re- ference is made to said deeds and plats and the same are made a part of the present deed; ) Together with the right of way to the beach and subject to the building restrictions mentioned in said deeds. TO HAVE AND TO HOLD the aforementioned premises, with their appurtenances, unto and to the use of said Industrial Trust Company, its successors and assigns forever. And the said mortgagors do hereby, for themselves and for their heirs, executors, administrators, and assigns, covenant with said Industrial Trust Company, its successors and assigns, that they are lawfully seized in fee simple of the said granted premises; that the same are free from all encumbrances, except as aforesaid; that they have good right, full power and lawful authority to sell and convey the same in manner as aforesaid; that said Industrial Trust Company, its successors and assigns, shall by these presents at all times hereafter peaceably have and enjoy the said premises; and that the said mortgagors will, to their heirs, executors, administrators, and assigns shall, warrant and defend the same to said Industrial Trust Company, its successors and assigns, forever, against the lawful claims and demands of all persons. And for the consideration aforesaid we, Thomas E. Prescott and Mabel E. Prescott husband and wife, do hereby release all and our right of curtesy and dower, respectively, and all other right, statutory or otherwise, in and to the said granted premises unto said Industrial Trust Company, its successors or assigns, forever. PROVIDED, NEVERTHELESS, that if the said mortgagors, or their heirs, executors, administrators, or assigns, shall pay unto said Industrial Trust Company, its successors or assigns, the principal and interest of a certain promissory note of the mortgagors of even date herewith, and bearing the serial number hereof, in accordance with the terms and con- ditions thereof, and shall also pay all taxes, assessments, insurance premiums and other sums, the payment of which are hereby required or secured, and as when the same become due and payable, and shall perform all other covenant and conditions as provided herein or in the note above mentioned, then this deed does, as also said promissory note, shall become and be absolutely void to all intents and purposes whatsoever. BUT IF DEFAULT shall be made in the payment of said sums or of said interest or of the taxes, assessments, insurance premiums or any other sum of money the payment of which is hereby or by said note required or secured, or of any part thereof, at the time or times when due, or if breach shall be made of any term, covenant or condition said note or of this mortgage, then it shall be lawful for said Industrial Trust Company, its successors or assigns, to sell, together or in parcels, all and singular the premises hereby granted or

intended to be granted, or any part or parts thereof, and the benefit and equity of redemption of the said mortgagors their heirs, executors, administrators, and assigns, therein, at public auction, and to bid for and become the purchaser at any such sale, and no other purchaser shall be answerable for the application of the purchase money, first giving notice of the time and place of sale by publishing the same at least once each week for three successive weeks in some newspaper having a circulation in said Town of Charleston, with power to adjourn such sale from time to time; provided that if such adjournment be for one week or more the publication of such notice shall be continued, together with notice of any adjournment or adjournments, at least once each week in the same newspaper; such sale to be upon the premises or elsewhere as specified in such notice; and in its own or their own name or names, or as the attorneys or attorneys of the said mortgagors (for that purpose by these presents duly authorized and appointed with full power of substitution and revocation) to make, execute and deliver to the purchaser or purchasers at such sale or sales a good and sufficient deed or deeds, in fee simple, of the premises sold; and to receive the purchase moneys and power to retain from all sums hereby secured or required to be paid whether then due or to fall due thereafter, or the part thereof remaining unpaid, and also the interest due on the same, together with all expenses incident to such sale or sales, and all counsel fees and other expenses incurred in or any way connected with the exercise of these powers or with any proceeding or action concerning the enforcement thereof, or of said note, or of these presents, and all taxes, assessments, insurance premiums and expenses of repairs, either therebefore paid by the said Industrial Trust Company, its successors or assigns, or then remaining unpaid, and rendering to pay the surplus of said purchase moneys, if any there be, over and above the amount so to be retained as aforesaid, together with a true and particular account of such sale or sales, expenses and charges, to the said mortgagors, their heirs, executors administra- tors or assigns, shall forever be a perpetual bar both in law and in equity against the said mortgagors, their heirs, executors, administrators, and assigns, and all persons claiming said premises so sold by, from or under them or any of them. And the said mortgagors, for themselves and for their heirs, executors, administrators, and assigns, hereby covenant with the said Industrial Trust Company, its successors and assigns, that they will upon request execute such deeds or deeds confirmatory of such sale or sales as may be necessary or requested. And FURTHERMORE, the said mortgagors, for themselves and for their heirs, executors, administrators, and assigns, for the consideration aforesaid and to further increase the security of this mortgage, do hereby covenant and agree to and with the said mortgagee, its successors and assigns, as follows: 1. To pay promptly hereunto and sole and all sums of principal and interest due thereon in accordance with the tenor thereof, all taxes and assessments of every nature levied or to be levied prior to the full payment and discharge of said note upon said prem- ises or upon the income therefrom, and all other charges and expenses in respect of which they or mortgage indebtedness, whether under any present or future law, all premiums for insurance maintained upon said premises, and all water rates and other expenses hereby served as herein provided; 2. To keep and maintain insurance against loss fire and by such other hazards, casualties and contingencies, in such amounts, for such periods, in such form and in such company or companies as the mortgagee may from time to time require or as may be reasonably required from time to time to specify, and to pay promptly when due all premiums on such insurance; to make all said policies payable to the mortgagee or mortgagees to the extent of the loan satisfactory to it and to deliver the policies to the mortgagee; and said Industrial Trust Company or its successors and assigns shall be entitled and authorized to be constituted and appointed the trustee and the lawful attorney irrevocable of the mortgagors to demand, adjust, settle and compromise any claim or claims for loss or damage occurring under such insurance and to give releases for and any all sums received in settlement of such loss and damage and to apply such insurance proceeds in the payment of the note, unless the indebtedness be increased hereby, whether or not then due, or in reimburse- ment for any loss, damage or expense incurred by the mortgagee in the protection of the property or to the cost of replacing or repairing the damaged buildings or improvements. In the event of foreclosure under this mortgage or any other transfer of the title to the mortgag- ee or its successors and assigns, the insurance policies or any refund or return of right, title and interest of the mortgagors in and to any insurance policies, or to any ref- und or return of any premiums paid thereon, shall in so far as may be possible vest in mortgage may surrender said policies and collect any sum dues thereon, or, may at its option, transfer its interest in said policies and any sums due thereon, or any refund, to any purchaser of the mortgaged property; provided that my sums received on said pol- icies by way of refunds, dividends, or otherwise, shall be applied on account of the

638 indebtedness hereby secured and any surplus paid over as a surplus on fore- closure. If the mortgagors fail to provide such insurance or to pay the premiums thereon, the mortgagee may effect such insurance or pay the premiums thereon, and all premiums so paid shall become a part of the indebtedness secured hereby, and shall bear interest at the rate provided upon the principal indebtedness until payment thereof. 3. To keep and maintain in the exterior and interior of the buildings and improvements on the premises described in this mortgage at all times until full payment and discharge hereby had in good and substantial repair as the same now are or may hereby be put in, and to permit the officers, agents, servants of Trust Company, its assigns, and its successors, and their officers, agents and servants, to enter upon the way, streets, premises and buildings to view and inspect same periodically. 4. That the mortgagee, its successors and assigns, may pay all taxes, assessments, water rates or insurance premiums not paid by the mortgagors when due, and all of such sums so paid shall bear interest at the rate specified above and shall be added to the principal of the indebtedness hereby secured and shall bear interest at the same rate as said principal indebtedness, and any sum so paid with such interest shall be a further lien upon the premises and secured by this mortgage. 5. That if the mortgagors be declared bankrupt or insolvent or make an assignment for the benefit of any creditor or be placed under control of or in custody of any trustee, court, or if the mortgagors shall alienate the property, then in any of such events the mortgagee is hereby authorized and empowered at its option, without notice and without any further action, to declare the whole of the priority, security or lien or any right of the mortgagee hereunder to declare all sums secured hereby immediate due and payable. IN WITNESS WHEREOF, the said mortgagors have hereunto set their hands and seals this 7th day of January, A. D. one thousand nine hundred Forty-eight. Signed, sealed and delivered in presence of Marion Esposito George Jaeger MABEL E. PRESCOTT THOMAS E. PRESCOTT STATE OF NEW JERSEY } } County of Passaic } In Passaic, N. J., on the 7th day of January, A. D. 1948 before me personally ap- peared the above named Thomas E. Prescott, and Mabel E. Prescott, 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. JANET E. BOUMAN (Notarial Seal) Notary Public Notary Public of New Jersey My Commission expires February 15, 1948. COUNTY OF PASSAIC, } ss. STATE OF NEW JERSEY, } I, ROBERT P. JONES, Clerk of said County and also Clerk of the County Courts, thereof, the same being Court of Sayes, do hereby certify that Janet E. Bouman whose name is sub- scribed to the certificate of the proof or acknowledgment of the annexed instrument, in writing and endorsed thereon, was at the time of the said acknowledgment a Notary Public of the State of New Jersey and in for said county, Dwelling in said County, duly commissioned and sworn and authorized to take acknowledgments in said State for said county, and proofs of wills, conveyances, for lands, tenements or hereditaments to be recorded in said State of New Jersey, and that all such seals and signatures are the true seals and signatures of said Janet E. Bouman and verily believe that the signature to the said Certificate of proof or acknowledgment or the seal of gov- ernment or the seal of office or seal of said person who took said acknowledgment or proof is not required by law to be filed with me. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed the seal of the said Courts and County, at Paterson, this 7th day of January A. D., 1948. (L. S.) 99533 FLOYD E. JONES, Clerk By Catherine M. Boyer Acting Deputy Clerk Received for record January 9th, A. D. 1948 at 9:00 o'clock a. m., and recorded by [Signature] 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 thereto instrument affixed by its Manager and Assistant Manager duly authorized, this 29th day of January A. D. 1951. Signed and sealed in presence of Ethel S. Sidebottom INDUSTRIAL TRUST COMPANY (Corporate Seal) By Kiran Kendall, Manager Thomas Tuttle, Asst. Manager Received for record February 6th, A. D. 1951 at 9:05 o'clock a. m., and recorded by [Signature] Town Clerk