Mortgage on Lease. and interest, as mentioned above and expressed in the condition of the said bond. And if default shall be made in the payment of the said sum of money above mentioned, or the interest that may grow due thereon, or of any part thereof, that then and from thenceforth it shall be lawful for the said party of the second part, his executors, administrators and assigns, to enter into and upon all and singular the premises hereby granted or intended so to be, and to sell and dispose of the same, and all benefit and equity of redemption of the said parties of the first part, their heirs, executors, administrators or assigns therein, at public auction, according to the act in such case made and provided; and as the attorney of the said parties of the first part, for that purpose by these presents duly authorized, constituted and appointed to make and deliver to the purchaser or purchasers thereof, a good and sufficient deed or deeds of conveyance in the law for the same, in fee-simple, and out of the money arising from such sale, to retain the principal and interest which shall then be due on the said bond or obligation, together with the costs and charges of advertisement and sale of the said premises, rendering the overplus of the purchase-money (if any there shall be) unto the said A. B., party of the first part, his heirs, executors, administrators or assigns; which sale, so to be made, shall forever be a perpetual bar, both in law and equity, against the said parties of the first part, their heirs and assigns, and all other persons claiming or to claim the premises, or any part thereof, by, from or under them, or either of them. And it is expressly agreed by and between the parties to these presents, that the said parties of the first part shall and will keep the buildings erected and to be erected upon the lands above conveyed, insured against loss and damage by fire, in at least the sum of dollars [or, in an amount] and by insurers approved by the said party of the second part, and assign the policy and certificates thereof to the said party of the second part; and in default thereof, it shall be lawful for the said party of the second part to effect such insurance, and the premium and premiums paid for effecting the same shall be a lien on the said mortgaged premises, added to the amount of the said bond or obligation, and secured by these presents, and payable on demand, with interest, at the rate of seven per cent. per annum. IN WITNESS [etc., as in Form 1070]. 1073. Mortgage on Lease. THIS INDENTURE, made the eight hundred and in the year one thousand in the county of in the did, by day of in the year between A. B., of and State of merchant, of the first part, and Y. Z., of said county, farmer, of the second part: WHEREAS, M. N., of a certain indenture of lease, bearing date the one thousand eight hundred and demise, lease and to farm let unto the said A. B., and to his executors, administrators and assigns, all and singular the premises hereinafter mentioned and described, together with their appurtenances: TO HAVE AND TO HOLD the same unto the said A. B., and to his executors, administrators and assigns, for and during and until the full Mortgage on Lease. years, from the day of end and term of and fully to be complete and ended, yielding and paying therefor unto the said M. N., and to his heirs, executors, administrators or assigns [or, if the lessor be a corporation, say, to their successors or assigns], the yearly rent or sum of dollars [here set forth the terms of the lease, or, better, refer to the instru ment upon record]. AND WHEREAS the said party of the first part is justly indebted to the said party of the second part, in the sum of dollars, lawful money of the United States of America, secured to be paid by his certain bond or obligation bearing even date with these presents, in the penal sum of dollars, lawful money as aforesaid, conditioned for the payment of the said first-mentioned sum of dollars, as by the said bond or obligation and the condition thereof, reference being thereunto had, may more fully appear. Now, THIS INDENTURE WITNESSeth, that the said party of the first part, for the better securing the payment of the said sum of money mentioned in the condition of the said bond or obligation, with interest thereon, according to the true intent and meaning thereof, and also, for and in consideration of the sum of one dollar, to him in hand paid, by the said party of the second part, at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, has granted, bargained, sold, assigned, transferred and set over, and by these presents does grant, bargain, sell, assign, transfer and set over unto the said party of the second part, all [here insert description of premises as in lease]. TOGETHER with all and singular the edifices, buildings, rights, members, privileges and appurtenanees thereunto belonging or in any wise appertaining. And also, all the estate, right, title, interest, term of years yet to come and unexpired, property, possession, claim and demand whatsoever, as well in law as in equity, of the said party of the first part, of, in and to the said demised premises, and every part and parcel thereof, with the appurtenances. And also, the said indenture of lease, and every clause, article and condition therein expressed and contained: TO HAVE AND TO HOLD the said indenture of lease, and other hereby granted premises, unto the said party of the second part, his executors, administrators and assigns, to his and their only proper use, benefit and behoof, for and during all the rest, residue and remainder of the said term of years yet to come and unexpired; subject, nevertheless, to the rents, covenants, conditions and provisions in the said indenture of lease mentioned. PROVIDED ALWAYS, and these presents are upon this express condition, that if the said party of the first part shall well and truly pay unto the said party of the second part, the said sum of money mentioned in the condition of the said bond or obligation, and the interest thereon, at the time and in the manner mentioned in the said condition, according to the true intent and meaning thereof, that then and from thenceforth these presents and the estate hereby granted shall cease, determine and be utterly null and void, any thing hereinbefore contained to the contrary in any wise notwithstanding. And the said party of the first part does hereby covenant, grant, promise and agree to and with the said party of the second part, that he shall well and truly pay unto the said party of the second part, the said sum of money mentioned in the condi Mortgage on Lease. tion of the said bond or obligation, and the interest thereon, according to the condition of the said bond or obligation. And that the said premises hereby conveyed now are free and clear of all encumbrances whatsoever, and that he has good right and lawful authority to convey the same in manner and form hereby conveyed. And if default shall be made in the payment of the said sum of money above mentioned, or in the interest which shall accrue thereon, or of any part of either, that then and from thenceforth it shall be lawful for the said party of the second part, and his assigns, to sell, transfer and set over, all the rest, residue and remainder of the said term of years then yet to come, and all other the right, title and interest of the said party of the first part, of, in and to the same, at public auction, according to the act in such case made and provided. And as the attorney of the said party of the first part, for that purpose by these presents duly authorized, constituted and appointed, to make, seal, execute and deliver to the purchaser or purchasers thereof, a good and sufficient assignment, transfer or other conveyance in the law, for the same premises, with the appurtenances; and out of the money arising from such sale, to retain the principal and interest which shall then be due on the said bond or obligation, together with the costs and charges of advertisement and sale of the same premises, rendering the overplus of the purchase-money (if any there shall be) unto the said party of the first part, or his assigns; which sale, so to be made, shall be a perpetual bar, both in law and equity, against the said party of the first part, and against all persons claiming or to claim the premises, or any part thereof, by, from or under him, them or any of them. IN WITNESS [etc., as in Form 1070]. 1074. Mortgage on Premises in Building Lease, to Secure the Repayment of Sums Advanced and to be Advanced to the Lessee, to Enable Him to Complete Houses. THIS INDENTURE, made the of the one part, and Y. Z., of day of dollars, for between A. B., of, etc., of the other part [recite building lease to A. B.]: AND WHEREAS, pursuant to the covenant for this purpose contained in the said recited indenture of lease, the said A. B. hath already laid out and expended the sum of dollars in erecting buildings on the said piece or parcel of ground in the said indenture comprised. And whereas the said A. B. having occasion for the sum of the purpose of enabling him to complete the erections and buildings intended to be erected on the said piece or parcel of ground, pursuant to the aforesaid covenant as aforesaid, hath applied to and requested the said Y. Z. to lend him the same, which he, the said Y. Z., hath agreed to do in two separate sums-that is to say, the sum of dollars immediately before the execution of these presents, and the sum of dollars, being the remainder of the said sum of dollars, when and so soon as all the erections and buildings already built, and to be erected and built, pursuant to the aforesaid covenant of the said A. B., as aforesaid, shall have been cov Mortgage on Lease. ered in, on having the said several sums of dollars and dollars, with interest thereon respectively, secured in manner hereinafter expressed: NOW, THIS INDENTURE WITNESSETH, that in pursuance of the said agreement, and in consideration of the sum of dollars, to the said A. B. paid by the said Y. Z., on or immediately before the execution' of these presents, and in consideration of the covenant hereinafter contained on the part of the said Y. Z., to advance the further sum of dollars to the said A. B. on all the said erections and buildings being covered in as aforesaid, he, the said A. B., doth hereby assign unto the said Y. Z., his executors, administrators and assigns, all and singular the piece or parcel of ground, hereditaments and premises comprised in and demised by the said recited indenture of lease, and also all erections and buildings which have been erected and are now standing on the said premises (and all the estate, etc.): To HAVE AND TO HOLD the said hereditaments and premises hereby assigned, or expressed so to be, unto the said Y. Z., his executors, administrators and assigns, for all the residue now unexpired of the said term of years, created by the said recited indenture of lease, subject, nevertheless, to the proviso for redemption hereinafter contained. PROVIDED ALWAYS, and it is hereby agreed and declared, that if the said A. B., his heirs, executors, administrators or assigns, shall, on the day of 18 pay to the said dollars, with dollars per cent. per annum, Y. Z., his executors, administrators or assigns, the sum of interest for the same, after the rate of computed from the date of these presents, and shall also pay to the said Y. Z., his executors, administrators or assigns, such further sum as shall be hereafter advanced by the said Y. Z., his executors, administrators or assigns, pursuant to the covenant of the said Y. Z., in that behalf hereinafter contained, unto or on account of the said A. B., together with interest for the same, after the rate of dollars per cent. per annum, to commence and be computed from the time of advancing the same, at the expiration of six calendar months next after such sum as aforesaid shall be advanced, then and in such case the said Y. Z., his executors, administrators or assigns, shall, upon the request and at the cost of the said A. B., his executors, administrators or assigns, reassign the said hereditaments and premises hereby assigned, or expressed so to be, unto the said A. B., his executors, administrators and assigns, or as he or they shall direct. And the said A. B. doth hereby for himself, his heirs, executors and administrators, covenant with the said Y. Z., his executors, administrators and assigns, that the said A. B., his heirs, executors, administrators or assigns, shall and will, on the said day of A. D. 18 pay unto the said Y. Z., his executors, administrators or assigns, the said sum of dollars, with interest for the same, computed from the date of these presents, after the rate of lars per cent. per annum; and if the said sum of day of doldollars shall not be paid on the said , 18 then shall and will pay to the said Y. Z., his executors, administrators or assigns, interest on the said principal sum, or on so much thereof as shall for the time being remain unpaid, after the rate aforesaid, by equal half-yearly payments, on the day of day of and the in every year, until the whole of the said principal sum shall be paid, and also shall and will pay unto the said Y. Z., his Mortgage on Building Lease. executors, administrators or assigns, such sum as shall be hereafter advanced by the said Y. Z., his executors, administrators or assigns, unto or on account of the said A. B., together with interest for the same, after the rate of dollars per cent. per annum, to commence and be computed from the time of advancing the same, at the expiration of six calendar months next after such sum as aforesaid shall be advanced, and if the lastmentioned sum shall not be paid at the expiration of the said six calendar months, then shall and will pay to the said Y. Z., his executors, administrators or assigns, interest for the same, or so much thereof as shall for the time being remain unpaid, after the rate aforesaid, by half-yearly payments, on the same days as are hereinafter appointed for payment of the interest on the said principal sum of dollars [may insert absolute covenants for title by A. B., as in chapter on COVENANTS; and a covenant by A. B. for payment of the rents, and for the observance of the covenants in the lease]. And the said A. B. doth hereby for himself, his heirs, executors and administrators, covenant with the said Y. Z., his executors, administrators and assigns, that he, the said A. B., shall and will, before the day of fully and completely finish the erections and buildings hereby assigned or expressed so to be, and all other the erections and buildings which are to be erected and built on the said piece of ground, pursuant to the covenant for this purpose entered into by the said A. B., by the said recited indenture of lease as therein mentioned; and that, in case default in this respect shall be made by the said A. B., then it shall be lawful for the said Y. Z., his executors, administrators or assigns, to enter upon and into the said premises hereby assigned, and to complete the same erections and buildings, and any other erections and buildings which ought to be built on the said piece or parcel of ground, pursuant to the aforesaid covenant, in such manner as he or they may think proper; and that in case the said A. B., his executors, administrators or assigns, shall or will, on demand, pay unto the said Y. Z., his executors, administrators or assigns, all sums of money which he or they shall expend thereon, with interest thereon after the rate aforesaid, from the time or respective times of paying or advancing or expending the same, and that the said premises hereby assigned, or expressed so to be, shall then stand charged with, and not be redeemed or redeemable until full payment shall be made, as well of the moneys which shall be so expended as aforesaid, together with interest thereon as aforesaid, as also of e several other moneys hereby secured. And the said Y. Z. doth hereby for himself, his heirs, executors and administrators, covenant with the said A. B., his executors, administrators and assigns, that he, the said Y. Z., when and so soon as all the erections and buildings already erected and to be erected, pursuant to the covenant for that purpose contained in the said recited indenture of lease shall be covered in; and in case, up to that time, all and singular the covenants herein before contained on the part of the said A. B. shall have been duly kept and performed, shall and will lend and advance the said A. B., his executors, administrators and assigns, the further sum of dollars, at interest after the rate aforesaid, on the security of these presents. IN WITNESS [etc., as in Form 1070]. |