35-03-05. Form of real estate mortgage

35-03-05. Form of real estate mortgage

A mortgage of real property may be made in substantially the following form:

NORTH DAKOTA STANDARD FORM

THIS INDENTURE, Made this ____________ day of __________ A.D. Two thousand

____________________ between _____________ whose post-office address is _________ of

the county of ______________ and state of North Dakota, part ___________ of the first part,

and ______________ whose post-office address is _______________________ of the county

of ____________ and state of North Dakota, party of the second part:

WITNESSETH, That the said part ____________ of the first part, for and in consideration of

the sum of _____________ dollars to ____________ in hand paid by the said party of the

second part, the receipt whereof is hereby acknowledged, do ____________ by these presents

grant, bargain, sell, and convey to the said party of the second part, _____________ heirs,

executors, administrators, successors, and assigns, forever, all the following described real

estate in the county of ____________ and state of North Dakota, described as follows, to wit:

__________ __________________

_______________________________________________________________________________

TO HAVE AND TO HOLD THE SAME, Together with all the hereditaments and

appurtenances thereunto belonging or in anywise appertaining, unto the said party of the

second part, _________________ heirs, executors, administrators, successors, and assigns,

FOREVER. And the said part ____________ of the first part, do _______________ covenant

with the said party of the second part, ____________ heirs, executors, administrators,

successors, and assigns, as follows: That __ he ___ ha ______ good right to convey the same,

that the same are free from all

encumbrances _____________________________________________________________

and that the said party of the second part, __________ heirs, executors, administrators,

successors, and assigns, shall quietly enjoy and possess the same, and that the said part

____________ of the first part will warrant and defend the title to the same against all lawful

claims, hereby relinquishing and conveying all right of homestead, and all contingent claims and

rights whatsoever in and to the said premises.

PROVIDED, NEVERTHELESS, That if the said part ___________ of the first part,

____________ heirs, executors, or administrators, shall well and truly pay, or cause to be paid,

to the said party of the second part, ____________ heirs, executors, administrators,

successors, or assigns, the sum of ______________ dollars and interest according to the

conditions of ____________ note _____________ of even date herewith, as follows:

____________________________________

______________________________________________________________________________

______________________________________________________________________________

payable at the _______________________________________ with interest from date until

maturity, at the rate of _________________ percent, per annum, payable ___________

annually and shall also keep and perform all and singular the covenants and agreements herein

contained, then this deed to be null and void, and the premises hereby conveyed to be released

at the cost of the said part _____________ of the first part; otherwise to remain in full force and

effect.

And the said part __________ of the first part do ___________ covenant and agree with the

said party of the second part, ___________ heirs, executors, administrators, successors, and

assigns to pay the said sum of money and interest thereon as above specified; to pay as a part

of the debt hereby secured, in case of each or any foreclosure or commencement of foreclosure

of this mortgage, all costs and expenses and statutory attorney's fees in addition to all sums and

costs allowed in that behalf by law; to permit no waste, and to do or permit to be done, to said

essors, and

assigns to pay the said sum of money and interest thereon as above specified; to pay as a part

of the debt hereby secured, in case of each or any foreclosure or commencement of foreclosure

of this mortgage, all costs and expenses and statutory attorney's fees in addition to all sums and

costs allowed in that behalf by law; to permit no waste, and to do or permit to be done, to said

premises, nothing that may in any manner impair or weaken the security under this mortgage; to

pay all taxes or assessments that may be assessed against or be a lien on said premises, or

any part thereof, or upon this mortgage or note ____________ or the legal holder thereof,

before the same shall become delinquent; to keep the buildings on said premises insured for

____________ dollars, in companies acceptable, with loss payable to the mortgagee or

__________ assigns; and in case of failure so to pay said taxes or assessments, or any of the

agreements hereunder, or in case there exists any claim, lien, or encumbrance upon said

premises, which is prior to this mortgage, the said party of the second part, ____________

heirs, executors, administrators, successors, or assigns may at ____________ option, pay and

discharge such taxes or other obligation, and the sum or sums of money which may so be paid,

with interest from the time of payment at the same rate as said principal sum, shall be deemed

and are hereby declared to be a part of the debt secured by this mortgage and shall be

immediately due and payable. It is further agreed and understood that this mortgage shall also

cover any renewal note for the above described indebtedness or any portion thereof.

But if default shall be made in the payment of said sum of money, or interest, or the taxes,

or any part thereof, at the time and in the manner hereinbefore or hereinafter specified for the

payment thereof, the said part ____________ of the first part, in such cases do _______ hereby

authorize and fully empower the said party of the second part, _________ heirs, executors,

administrators, successors, or assigns, to sell the said hereby granted premises and convey the

same to the purchaser, in fee simple agreeably to the statute in such case made and provided,

and out of the moneys arising from such sale to retain the principal and interest which shall then

be due on said note ____________, and all taxes upon said lands, together with all costs and

charges, and statutory attorney's fees, and pay the overplus if any to the said part

____________ of the first part, _____________ heirs, executors, administrators, or assigns,

And if default be made by the part ____________ of the first part in any of the foregoing

provisions it shall be lawful for the party of the second part, ____________ heirs, executors,

administrators, successors, or assigns or ____________ attorney to declare the whole sum

above specified to be due.

IN TESTIMONY WHEREOF, The said part ___________ of the first part ha ___ hereunto

set ______ hand ______ the day and year first above written.

Signed and delivered

in presence of _____________________________

______________________________ _____________________________

______________________________ _____________________________