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and notice aforesaid, no person appearing to pay said tax, and it being the opinion of me, that the said land could not be conveniently divided and a part theroof set off without injury to the residue, and judging it to be most for the public interest to sell the whole of said land, sell, at public auction, the said land above described, (name of purchaser and grantee) for the sum of

to

he being the highest bidder therefor.

Now Therefore, Know Ye, that I the said

and 100 dollars,

(name of the collector)

by virtue of the authority in me vested as aforesaid, and in consideration of the aforesaid sum of and 100 dollars, to me paid by the said (name of the purchaser) the receipt whereof is hereby acknowledged, do hereby give, grant, bargain, sell, and convey unto the said all that said tract or parcel of land above mentioned and described, with the appurtenances thereto belonging. To Have and to Hold the same to him, the said grantee, his heirs and assigns, to his and their use and behoof forever; subject, nevertheless, to the right of redemption, according to law.

And I, the said grantor, do covenant with the said grantee, his heirs and assigns, that in making the said sale as above set forth, I have complied with, observed, and obeyed all the provisions of law for the sale of real estate for the non-payment of

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edged the above instrument to be his free act and deed.

Before me,

Justice of the Peace.

(136.)

Deed of Assignee, in Use in the Western States.

This Indenture, Made this

day of

year of our Lord one thousand eight hundred and

between

as assignee of

part, and

in the

(A.D. 18 )

(name, residence and occupation of the assignee who is the grantor) (name, residence and occupation of the assignor) of the one (name, residence and occupation of the purchaser who is grantee)

of the other part: Whereas, The said

(name of the assignor) being lawfully seized in

his demesne, as of fee, among other things, of and in a certain lot, piece or parcel of ground, situate in the County of

and State of

known and described as follows, to wit (here describe the premises as in Form 107). And being so thereof seized, did, on or about the

A.D. one thousand eight hundred and

day of

(A.D. 18 ), enter into a written contract with the said party of the second part for the sale of the above-described premises for the sum of dollars.

(name of the assignor) did, by his certain day of

And Whereas, The said deed of assignment, bearing date the A.D. 18 , grant, bargain, sell, alien, remise, release, convey, assign, transfer and set over (with other property) the above-described lot, piece or parcel of ground unto the said party of the first part, his successors, executors, administrators and assigns forever, in trust nevertheless, to and for the uses and intent and purposes in said deed of assignment mentioned and set forth, reference thereto being had may fully and at large appear; which said deed of assignment is recorded in Book page of deeds, in the office of the clerk of the Circuit county, and ex-officio recorder of deeds.

Court of said

And Whereas, The said assignor

did not comply with

the said contract before the execution and delivery of the said deed of assignment to the said party of the first part,

Now this Indenture Witnesseth, That the said assignee and grantor) assignee of said consideration of the sum of

(name of the

(name of the assignor) for and in dollars (being the balance of the pur

chase money and interest due on said contract), unto him in hand paid by the said party of the second part, at and before the ensealing and delivery hereof, the receipt whereof is hereby acknowledged, by these presents does grant, bargain, sell, alien, release and confirm unto the said party of the second part, and his heirs and assigns, all the above mentioned and described lot, piece or parcel of ground, together with all and singular the rights, hereditaments and appurtenances thereunto belonging or in any wise appertaining, and all the estate, right, title, interest, property, claim and demand whatever, that he the said assignor had and held at and immediately before the execution and delivery of the said deed of assignment to said party of the first part, and also all the right, title, interest, property, claim and demand whatever, that the said party of the first part acquired in, under or by virtue of the said deed of assignment by said assignor, to him, the said party of the first part. To have and to hold the same, together with all and singular the appurtenances and privileges thereunto belonging, or in any wise appertaining, and all the estate, right, title, interest and claim whatsoever, either in law or equity, that said assignor had and held at the time of and immediately preceding the execution and delivery of said deed of assignment to the said party of the first part, and all the right, title interest and claim whatsoever of the said party of the first part, either in law or equity, to the only proper use, benefit and behoof of the said party of the second part, his heirs and assigns forever.

In Witness Whereof, The said party of the first part has hereunto set his hand and seal the day and year first above written.

(Signature of assignee.) (Seal.)

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in and for said county, in the State who is personally known to

aforesaid, do hereby certify that me as the real person whose name is subscribed to the within deed, appeared before me this day, in person, and acknowledged that he executed and delivered the said deed, as his free and voluntary act for the uses and purposes therein set forth. Given under my hand and

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seal this

in the year of our Lord one thousand eight hundred and

day of

(Signature.) (Seal.)

(137.)

Acknowledgment of Grantor and Wife identified, before Commissioner for another State.

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sioner for the State of

in the

of

(name of the State of which he is commissioner) resident duly appointed, commissioned, and sworn

to take acknowledgments and proof of deeds and other writings in the State of to be used or recorded in the said State of (name of the State of which he is commissioner) and to administer oaths and affirmations, and to take depositions in the said State of to be used within the said State

of

appeared (name of grantor) and (name of wife of grantor) his wife, who are satisfactorily proven to me to be the individuals described in, and who executed the within deed, from said (name of grantee) by the oath of

and

(name of grantor) and wife to (witnesses to their identity) who being by me duly cautioned and sworn, deposed that he knew them, the individuals, then present, to be the persons described in, and who executed the within deed. The said his wife, then and there acknowledged to me that they executed the said deed for the purposes therein mentioned; and the said (name of the wife) being examined by me privily, and apart from her said husband, and the contents and effect of the said deed being by me first duly explained to her, did then and there acknowledge that she executed the same for the purposes therein mentioned, freely and without compulsion of or from her said husband.

In Witness Whereof, I have hereunto set my hand and affixed the seal of my office, on the day of

Lord one thousand eight hundred and

in the year of our

(Signature.) (Seal.)

CHAPTER XXX.

MORTGAGES OF LAND.

THE purpose of a mortgage is to give to a creditor the security of property. It is very similar to a pledge, although not the same thing.

Mortgages are now made of personal property, as well as of real property; but we will consider in this chapter a mortgage of real property; or, as it is usually called, a mortgage deed.

This is a deed conveying the land to the creditor as fully, and in precisely the same way, as if it were sold to him outright; but with an addition. This consists of a clause inserted before the clause of execution, to the effect, that if the grantor (the mortgagor) shall pay to the grantee (the mortgagee) a certain amount of money at a certain time, then the deed shall be void. It is usually expressed in words substantially like these:

"Provided, nevertheless, that if the said A B (the grantor), his heirs, executors, or administrators, shall pay to the said C D (the grantee), his executors, administrators, or assigns, the sum of $ with interest (semi-annually, or otherwise as agreed on), on or before the day of, then this deed, and also a certain promissory note signed by said A B, whereby said A B promised to pay said C D, or his order, the said sum at the said time, shall both be void; and otherwise shall remain in full force."

In some States it is more frequent to make a bond, instead of a note, to be secured by the mortgage; and the proviso should be altered accordingly; and it should also be made to express any other terms agreed on. Some of these will be spoken of presently.

In law, every thing is a mortgage which consists of a valid conveyance, and a promise, or agreement, which may be on the same or on a different piece of paper or instrument, providing that the conveyance shall be void when a certain debt is paid, or the act performed for which the mortgage is security.

The mortgagee has now a title to the land; but it is subject to

avoidance by payment of the debt. Until such payment, the land is his; and all the mortgagor owns in relation to it is a right to pay the debt and redeem the land. Hence, a mortgagee has instantly as good a right to take possession of the land (unless, as is now common, the deed provides that the mortgagor may retain possession) as if he were an outright purchaser.

Formerly, a mortgagor had a right to redeem his land only before or when the debt became due; for, if he did not pay the money when it was due, he had no further right. But courts of equity, deeming this too hard, allowed him a further time to redeem it. And courts of law adopted the same rule, which is also contained in the statutes of all our States. This right to redeem is called a right in equity to redeem, or, more briefly and commonly, an equity of redemption; which all courts now regard and protect. The mortgagor may sell this equity of redemption, or he may mortgage it by making a second or other subsequent mortgage of the land, and it may be attached by creditors, and would go to assignees as a part of his property if he became insolvent. The time within which a mortgagor may thus redeem his land is usually three years.

The law regards this equity as so important, that it will not permit a party to lose it by his own agreement. Thus, if a mortgagor agrees with the mortgagee, in the most positive terms, or in any way he can contrive, or for any consideration, that he will have no equity of redemption, and that the mortgagee may have possession and absolute title as soon as the debt is due and unpaid, the law sets aside all such agreements, and gives the debtor his equity of redemption for three years.

Within a few years, however, a way has been found to effect this purpose indirectly, which the law sanctions. Many persons object to lending their money on mortgage, because they will have to wait three years after the debt is due before the land can be certainly theirs. But it is now quite common for the mortgage deed to contain an agreement of the parties, that, if the money is not paid when it is due, the mortgagee may, in a certain number of days thereafter, sell the land (providing also such precautions to secure a fair price as may be agreed on), and, reserving enough to pay his debt and charges, pay over the balance to the mortgagor. This is called a power of sale mortgage.

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