§ 254. Construction of clauses and covenants in mortgages and bonds or\nnotes. In mortgages of real property, and in bonds and notes secured\nthereby or in assignments of mortgages and bonds and mortgages and\nnotes, or in agreements to extend or to modify the terms of mortgages\nand bonds and mortgages and notes, the following or similar clauses and\ncovenants must be construed as follows:\n 1. Clauses of mortgage. The words "This mortgage, made the ..........\n(A) ........ day of ........ (B) ........, nineteen hundred and ........\n(C) ........, between ........ (D) ........, the mortgagor, and ........\n(E) ........., residing at ......... (F) ........., the mortgagee,\nWitnesseth, that to secure the payment of an indebtedness in the sum of\n......... (G) ........ dollars, lawful money of the United States, to be\npaid on the ........ (H) ........ day of ........ (I) ........, nineteen\nhundred and ........ (J) ........, with interest thereon to be computed\nfrom ......... (K) ........ at the rate of ........ (L) ........ per\ncentum per annum, and to be paid ........ (M) ........, according to a\ncertain bond, note or obligation bearing even date herewith, the\nmortgagor hereby mortgages to the mortgagee (description)," must be\nconstrued as equivalent in meaning to the words "This indenture, made\nthe ........ (A1) ...... day of ....... (B1) ........, in the year\nnineteen hundred and ........ (C1) ........ between ....... (D1)\n........., party of the first part, and ....... (E1) ........, of .......\n(F1) ........, party of the second part.\n "Whereas, the said ........ (D1) ........ is justly indebted to the\nsaid party of the second part in the sum of ........ (G1) ........\ndollars, lawful money of the United States, secured to be paid by his\ncertain bond, note or obligation, bearing even date herewith,\nconditioned for the payment of the said sum of ......... (G1) ........\ndollars, on the ........ (H1) ....... day of ....... (I1) .......\nnineteen hundred and ........ (J1) ........ and the interest thereon, to\nbe computed from ........ (K1) ........, at the rate of ....... (L1)\n........ per centum per annum, and to be paid ....... (M1) .........\n "It being thereby expressly agreed that the whole of the said\nprincipal sum shall become due after default in the payment of any\ninstallment of principal, interest, taxes or assessments, as hereinafter\nprovided.\n"Now this indenture witnesseth, that the said party of the first part,\nfor the better securing the payment of the said sum of money mentioned\nin the condition of the said bond, note or obligation, with interest\nthereon, and also for and in consideration of one dollar, paid by the\nsaid party of the second part, the receipt whereof is hereby\nacknowledged, doth hereby grant and release unto the said party of the\nsecond part, and to his heirs (or successors) and assigns for ever\n(description), together with the appurtenances, and all the estate and\nrights of the party of the first part in and to said premises, together\nwith all fixtures and articles of personal property attached to, or used\nin connection with, the premises. To have and to hold the above granted\npremises unto the said party of the second part, his heirs and assigns\nforever. Provided, always, that if the said party of the first part, his\nheirs, executors or administrators, shall pay unto the said party of the\nsecond part, his executors, administrators or assigns, the said sum of\nmoney mentioned in the condition of the said bond, note or obligation,\nand the interest thereon, at the time and in the manner mentioned in the\nsaid condition, that then these presents, and the estate hereby granted,\nshall cease, determine and be void."\n (Explanation: Whatever words are inserted in the blank spaces above\nmarked (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (K), (L), and\n(M) respectively, shall be construed as being inserted in the\ncorresponding blank spaces above marked (
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