Section 23: ''Statutory co-operative bank mortgage condition''
284 words·~1 min read·
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Section 23. The following ''co-operative bank mortgage condition'' shall be known as the ''Statutory Co-operative Bank Mortgage Condition'', and may be incorporated in any co-operative bank mortgage by reference:
(CO–OPERATIVE BANK MORTGAGE CONDITION.)
Provided, nevertheless, that if the mortgagor or his heirs, executors, administrators, successors or assigns shall pay unto the said mortgagee, its successors or assigns, at its place of business, the monthly dues, interest and premium, if any, together with all fines on payments in arrears, monthly at or before the stated meetings of said bank, until said shares shall reach their matured value, or, if the mortgagor or his heirs, executors, administrators or assigns shall otherwise sooner pay said loan unto the said mortgagee, its successors or assigns, together with the said interest and fines to the time of the next stated monthly meeting after such payment, and shall pay when due all taxes and assessments levied or assessed on the mortgaged premises, and all taxes which the said mortgagee may be required to pay as holder of this mortgage, shall keep the buildings thereon insured against fire in a sum satisfactory to and for the benefit of the said mortgagee, its successors or assigns, at such insurance office and by such insurance company as it or they shall approve, or, in default thereof, shall on demand pay to the said mortgagee, its successors or assigns all such sums as it shall reasonably pay for such taxes, assessments and insurance, with interest, and shall not commit or suffer any strip or waste of the mortgaged premises, or any breach of any covenant herein contained or in any prior mortgage, then the mortgage deed, as also the mortgage note, shall be void.