MORTGAGE BOND, WITH INTEREST, INSURANCE, TAX, WATER RATES AND ASSESSMENT CLAUSES WITH SURETY JOINING
KNOW ALL MEN by these presents:
That I _______________ of ___________, in the state of _________, am held and firmly bound unto __________ of __________ in the state of _______ in the sum of Rs. ________ (Rupees ___________) to be paid to the said____________, or to his certain attorney, executors, administrators, or assigns. For which payment well and truly to be made, I bind myself and my heirs, executors, or administrators, jointly and severally, firmly by these presents.
Sealed this _______ day of __________.
The Condition of this obligation is such, that if the above-bounden __________, his heirs, executors or administrators, shall do well and truly pay, or cause to be paid, unto the above-named ________, his certain attorney, executors, administrators, or assigns, the sum of Rs. _________ (Rupees _____________________), in ________ years from the date of these presents, with interest thereon, at the rate of _______ per cent (_____%) per annum, payable annually, without fraud or delay, then the preceding obligation to be void; otherwise to remain in full force and virtue.
And the said _________ further covenants for himself, his executors, administrators, and asigns, that he will, during all the time until all the said moneys secured by these presents, shall be duly paid and satisfied, pay and discharge, immediately after they shall be or become due or payable all taxes, water rents, assessments, or charges, which may be levied, laid or assessed, upon the above-described premises, or any part thereof; and in case the said first party, his executors, administrators, or assigns, shall fail or neglect to pay all such taxes, assessments, water rents, or charges, or either of them, on said premises, or any part thereof, within ______ days after the same shall be or become due or payable, then the said second party, his executors, administrators, or assigns, may pay the same; and the sum so paid, with interest thereon from the time of such payment, the said _______ first party, for himself, his executors, administrators, or assigns, on demand, and that the same shall be and be deemed to be secured by these presents, and shall be collectible thereon and thereby in like manner as the said principal sum and interest.
And it is hereby expressly agreed that should any default be made in the payment of the said principal and interest, or any part thereof, on any day whereon the same is made payable, as above expressed, and should the same remain unpaid and in arrear for the space of _____ days, then from thenceforth, that is to say, after the lapse of the said ______ days, the aforesaid principal sum, with all the arrears of interest thereon, shall, at the option of the said obligee, his executors, administrators, or assigns, become and be due and payable immediately thereafter, although the period above limited for the payment thereof may not then have expired, anything hereinbefore contained to the contrary thereof in anywise notwithstanding, with the like right in the second party, and his executors, administrators, and assigns, at his option to elect that the whole principal, interest, and all sums secured hereby, shall become due after failure, for like times, to insure or pay taxes, assessments, and water rates, or any part thereof.
And it is also agreed by the said obligor that he will keep the buildings erected and to be erected upon the lands described in the mortgage accompanying this bond insured against loss and damage by fire, by insurers, and in an amount of at least Rs. _______ (Rupees _______________), and assign the policy and certificates thereof to the said obligee, and in default thereof it shall be lawful for the said obligee to effect such insurance and the premium and premium paid for effecting the same shall be a lien on the said mortgaged premises, added to the amount secured by these presents, and payable on demand, with interest at the rate of per cent (_______%) per annum.
IN WITNESS WHEREOF etc.
