Fill and Sign the Know All Men by These Presents that We and Form

- 1 - After Recording Return to: ) ))))))) --------Above This Line Reserved For Official Use Only---------------- MORTGAGE DEED KNOW ALL MEN BY THESE PRESENTS, that we, _______________________ and _______________________, both of the City of _______________________, County of _______________________, State of _______________________, hereinafter called the “Mortgagor,” for consideration paid, grant to _______________________, of the City of _______________________, County of _________________________, State of _______________________, hereinafter called the “Mortgagee,” with MORTGAGE COVENANTS, to secure the payment of ________________ ($_____________) Dollars payable as provided in a certain negotiable Promissory Note of even date herewith, all that certain lot or parcel of land, together with the buildings and improvements thereon, situated in the said City of ____________________, ___________________ County, State of Rhode Island, bounded and described as follows: _______________________________________________________________________________ _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________ 1. The Mortgagors covenant and agree to make all payments for taxes, assessments, water charges or insurance and if the Mortgagors fail to make such payments when the same are due, the Mortgagee may pay the same, and all sums so paid shall be - 2 - immediately repaid by the mortgagors, unless otherwise provided, and until repaid the payment thereof shall be secured by the mortgage and shall bear interest at the same rate as the mortgage indebtedness until paid, and, together with such interest, shall be a further lien upon the premises. 2. If the Mortgagors shall be declared bankrupt or insolvent or shall make an assignment for the benefit of creditors or shall be placed under control or in custody of any court, or if the Mortgagors shall abandon any of said property, then, in any of said events, the Mortgagee is hereby authorized and empowered, at its option, without notice and without affecting the lien hereby created or the priority of said lien or any rights of the Mortgagee hereunder, to declare all sums secured hereby immediately due and payable. 3. Said Mortgagors shall not, during the continuance of this Mortgagee or any extension or renewal hereof, suffer said premises to be attached or levied upon in any legal proceedings whatsoever for a continuous period of longer than sixty (60) days. 4. The Mortgagors covenant and agree that all improvements and additions made to said premises shall become a part of said premises, and in the event of foreclosure shall not be removed from the premises by the Mortgagors. If default shall be made in the performance or observance of any said additional covenants and agreements, it shall be lawful for the Mortgagee to sell the above- described premises pursuant to said STATUTORY POWER OF SALE. 5. If all or any part of the property or an interest therein is to be sold or transferred Mortgagors shall provide written notice, as provided herein, to Mortgagee at least thirty (30) days prior to the date set for such sale or transfer. If Mortgagors fail to provide notice of such sale or transfer aforesaid, Mortgagee may at Mortgagee’s option, declare all sums secured by this Mortgage to be immediately due and payable. If Mortgagee exercises such option to accelerate, Mortgagee shall mail the Mortgagors notice of acceleration by certified mail addressed to the Mortgagors. Said notice shall provide a period of not less than thirty (30) days from the date the notice is mailed within which the Mortgagors may pay all sums declared due. If Mortgagors fail to pay such sums prior to the expiration of such period, Mortgagee may, without further notice or demand on Mortgagors, invoke any remedies permitted by the terms and provisions hereof. Notwithstanding a failure to provide notice as aforesaid, Mortgagors will continue to be obligated under its obligations, including this Mortgage, unless Mortgagee has released Mortgagors in writing. - 3 - 6. The provisions of this Mortgage Deed shall inure to the benefit of and be binding upon the Mortgagors and Mortgagee and their respective heirs, executors, administrators, successors and assigns. IN WITNESS WHEREOF, the said _______________________ and _______________________ have hereunto set their hand and seals with ______ day of _______________________, ________. In presence of: _________________________________ __________________________________ Mortgagor__________________________________ Mortgagor STATE OF _______________________ COUNTY OF _____________________ In _______________________, in said County and State on this _____ day of _______________________, ___________, then personally appeared to me the above named _______________________, to me known and known by me to be the party executing the foregoing instrument and he/she acknowledged the said instrument by him/her executed to be his/her free act and deed. __________________________________ Notary Public STATE OF _______________________ COUNTY OF _____________________ In _______________________, in said County and State on this ______ day of _______________________, ________, then personally appeared to me the above named _______________________, to me known and known by me to be the party executing the foregoing instrument and he/she acknowledged the said instrument by him/her executed to be his/her free act and deed. ________________________________ Notary Public