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

and all such bonds so purchased are
hereby declared to be the valid and
subsisting indebtedness of each mu-
nicipality respectively issuing the
same.
Approved April IS. 1881.
CHAPTER CO.'S. r. No. sos.
AN ACT to provide short form
mortgage and to make uniform the
law relating thereto.
Be it enacted by the Legislature of
| the State of Minnesota:
Section 1. Uniform Short Form
Mortgage.
% In the form of this act. the
blank spaces indicate where appro-
pirate matter is to be supplied to
complete the form. The words in
parenthesis are no part of the form.
but indicate what matter is to be sup
piled to complete it or indicate
changes or additions that may be
made in or to it. The words in par
enthesis in the statutory equivalents
of the form indicate what matter,
used to complete the form, is to be
included in such equivalents to COM
plete them.
The use of the following short form
mortgage of real property is lawful,
but the use of other forms is not for
hidden or invalidated:
UNIFORM SHORT form MORT
GAGE.
This statutory mortgage, made this
day of 10 between (give
name and address,, mortgagor, and
(give name and address) mortgage.
| Witnesses, that to secure the
payment of (give description of in
debtedness and instruments evil
dencing same), the mortgagor hereby
mortgages to the mortgage (give
description of premises subject to"
any membranes thereon).
And { one of the mortgage
covenants with the mortgage the
following statutory covenants:
1. To warrant the title to the prem
ises.
2. To pay the Indebtedness as here
in provided.
8. To pay all taxes.
4. To keep the buildings insured
against fire for and against
(give other hazards insured against
and amount of such other insurance.
for the protection of the mortgage.
5. That the premises shall be kept
in repair and no waste shall be COM
mitted.
6. That the whole of the principal
sum shall become due after default.
in the payment of any installment of
principal or interest, or of any tax,
or in the performance of any other
covenant, at the option of the mort
Igagee.
If default be made in any payment
or covenant herein. the mortgage
shall have the statutory power of
sale, and on foreclosure may retain
statutory costs and attorneys fees.
In witness whereof the mortgagor
has duly executed this mortgage. Cor
use other testimonium clause. Add
signatures and other formalities OF
IeXecution)
i ca Any of the covenants or the
power of sale in the short form mort
Igage may be omitted. Additional
clauses, conditions, covenants and
provisions may be added.
The language of the short form
mortgage shall have the meaning and
effect stated in the following sub
divisions of this section.
MEANING OF COVENANTS IN
SHORT FORM MORTGAGE.
/ 60 The expression contained in the
short form mortgage "the mortgagor
hereby mortgages to the mortgage. -
shall be equivalent to the following
1.-The mortgagor also in considera-
ton of one dollar, paid by the mort
lgagee, the receipt whereof is hereby
acknowledged, does hereby grant,
bargain, sell, release and convey un-
to the mortgage, his heirs, success
sors, and assigns forever (premises
subject to- any membranes thereon
as described in the mortgage) togeth-
err with the Entertainments and ap-
purtenanceA thereunto belonging OF
in any wise appertaining, and all the
estate, rights and interests of the
mortgagor, including all homestead
and dover rights and all inchoate and
contingent rights, in and to SAID
premises; to have and to hold the
above granted premises unto the
mortgage, his heirs, successors, and
assigns forever; Provided that II the
mortgagor, his heirs, executors OF
administrators, shall pay unto the
mortgage, his executors, adminlstra-
tors or assigns, the said sum of mon
ey mentioned in said instruments
eviGencing indebtedness) and the in
lterest thereon, at the time and In
the manner aforesaid, and shall keep
and perform each and every covenant
herein contained on the part of the
mortgagor to be kept and performed,
that then this mortgage, and the es-
tate hereby granted, shall cease, de-
ltermine and become void"
"a The respective statutory cove
nants contained in said mortgage
shall have the following equivalents
I. Covenant 1 is equivalent to-
''That the mortgagor is lawfully
seized of the premises; that he had
good right to mortgage the same
that the same are free from all en-
Icumbrances except as above stated
and that the mortgagor will warrant
and defend the title to the same
against all lawful claims"
II. Covenant 2 is equivalent to-
'"That the mortgagor will pay the
principal sum of money secured by
this mortgage, and also the interest
thereon as herein provided and also
in case the mortgage is foreclosed by
suit, the cost and expenses of the
foreclosure, including maximum stat
utory attorneys fees, which shall be
allowed out of the proceeds of the
sale"
III. Covenant 8 is equivalent to-
'That until the Indebtedness hereby
secured is fully paid, the mortgagor
will pay all taxes, assessments, and
other governmental levies which may
be assessed against or become liens
on the premises, before any penalty
interest or other charge accrues
and in default thereof the mortgage
may pay the same, and the mortgagol
will repay the same forthwith with
interest at the mortgage rate, an6
the same shall become part of the
debt secured by the mortgage"
w. Covenant is equivalent to-
THAT the mortgagor will, during al
the time until the indebtedness Sc
cured by the mortgage is fully paid
keep the buildings on the premise.