Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1931-05-07

payment Of said indebtedness, or at
the option of the mortgage will make
such policies payable in case of loss
to the mortgage as his interest may
appear and will deposit them with
the MORTGAGE, and in default of so
doing, that the mortgage may make
such insurance from year to year,
or for one or more years at a time
and pay the premiums therefor, and
that the mortgagor will forthwith re-
pay to the mortgage the same, with
interest at the mortgage rate, and
that the same shall become q part
of the debt secured by the mortgage
in like manner as the principal sum.
The mortgage may retain any mon
eys received by him on the policies,
but the same shall apply in part
payment of the mortgage"
v. Covenant is equivalent to-
THAT the mortgagor will at all
times keep the premises in good re-
pair and suffer and commit no waste
thereon, and that no building shall
be removed or demolished without
the consent of the mortgages"
vi. Covenant is equivalent to-
'"That should any default be made
of principal or any part thereof, or
in the payment of any interest or
any part thereof, on any day wherein
the same is made payable, or in the
payment of any tax, assessment, or
other governmental levy, as herein
provided, or should any other default
be made in any of the covenants of
this mortgage then at any time there
after while any such default con-
tinues, the mortgage may, at MS
optio:l and without notice, declare
the whole sum secured by the mort
gage Immediately due and payaple,
and thereupon the whole sum lncluo-
ing accrued interest, secured by the
mortgage, shall Immediately become
and be due and payable.
60 The statutory power OF SAFE
clause contained in said mortgage I'M
mediately following covenant o,
shall be equivalent to the following:
eff default be made in the pay
ment of the principal or interest OF
any part thereof, or of taxes, assess
ments, insurance premiums, or any
other sum, when the same becomes
due as herein provided, the mortga-
COR hereby authorizes and empowers
the mortgage forthwith to foreclose
this mortgage, and to sell the mort
gagged premises at public auction ac-
cording to the statute in such case
provided, and to apply the proceeds OF
the sale to pay all amounts then que
on the mortgage, including principal,
Interest, and the amount of any tax
es. assessments and insurance pre-
miums and any other sum which may
then be due to the mortgage, ana
also to pay all costs and expenses Oh
such foreclosure sale, including max
limum statutory attorneys fees, whlch
costs, expenses and fees the mort
gagor agrees to pay"
GO All the obligations OF the mort
gaeor as set forth in this section
| shall be construed as applying 10
his heirs, executors and admlnlstra-
tors or successors; and all the rights
and powers of the mortgage shall
Iinure for the benefit of and may be
exercised by his executors, admins
traitors, successors or assigns.
CD The following covenant may pc
added to the covenants of the short
from mortgage -. To pay prln-
cipal and interest on prior mortgages
When so added it is equivalent to =
THAT until the indebtedness herepy
secured is fully paid, the mortgagor
will pay when due, whether by &C
federation or otherwise all interest
and principal and other sums owing
to the mortgage therein on any
mortgag e which is a lien on the prem
ises prior to this mortgage, and in
default of so paying all such inter-
est and principal ard other sums,
the mortgage herein may pay the
same, and the mortgagor will forth
with repay the same with interest at
the rate of this mortgage, and the
same shall become q part of the debt
secured by this mortgage in like
manner as the principal sum-"
Sec. 3 This act shall be so in
terpreted and construed as to ef-
fectuate its general purpose to make
uniform the law of those states which
enact it.
Sec. 5. This act may be cited
as the Uniform Short Form Mort
gage Act.
Sec. d. This act shall take eff
feet and be in force from and after
its passage.
Approved April IS, 1881. Il