(286.)

Deed Extending a Mortgage.

This Indenture, Made this

day of, A. D. 19, by and between (name, residence, and occupation of the mortgagee) the owner and holder of a certain promissory note (or bond) for the principal sum of dollars, given by (name of mortgagor) and secured by a mortgage of certain real estate in in the County of and State of

dated

day

A. D. 19—, and recorded in the Registry of

Deeds for the County of the said (name of mortgagor) Witnesseth, That the said parties, for themselves and their representatives, hereby mutually agree that the time for the payment of the principal of said note and mortgage debt shall be and the same is hereby extended for the term of years from the day of A. D. 19—, and that the same is to bear interest from said date at the rate of per cent. per annum, payable on the

lib. fol. party of the first part, and party of the second part,

fully paid.

day of

day of and the in every year, until said principal sum shall be

And the said party of the second part hereby covenants and agrees that he will not require the holders of said note and mortgage to receive payment of said mortgage debt during said extended term; that he will punctually pay the interest now due, and to grow due thereon, at the times and at the rate aforesaid; that he will keep the mortgaged premises in good repair, and insured against fire, and the taxes thereoù duly paid, according to the provisions of said mortgage, and that at the expiration of said extended term he will pay the said mortgage debt, with all interest then due thereon.

It is expressly understood and agreed that nothing herein contained shall be construed to impair the security of said party of the first part, or his executors, administrators, or assigns, under said mortgage, or to affect or impair the lien on the real estate therein described which he has by virtue of said mortgage, nor affect or impair any rights or powers which he may have under the said note and mortgage for the recovery of the mortgage debt, with interest, in case of non-fulfillment of this agreement, or of any of the provisions hereof, by said party of the second part.

In Witness Whereof, The said parties have hereunto set their hands and seals the day and year first above written.

in the year one we were present and saw

(name of mortgagee or of his assignee or attorney) the mortgagee named

in a certain mortgage given by 19, and recorded in

A. D.

-, page

Registry of Deeds, book make an open, peaceable, and unopposed entry on the premises described in said mortgage, for the purpose, by him declared, of foreclosing said mortgage for breach of the condition thereof.

and made oath that the above certificate by them subscribed is true,

before me

Justice of the Peace.

ABSTRACT OF STATE LAWS RELATING TO FORECLOSURE OF

MORTGAGES.

Alabama.-Mortgages usually contain a power of sale authorizing foreclosure without intervention of court. They may also be foreclosed by bill in equity. In either case two years are allowed for redemption.

Alaska. Foreclosure is by action. Judgment is given for debt, costs and attorney's fees; mortgaged property is ordered sold and proceeds applied to payment of judgment. Mortgagor may redeem within twelve months after confirmation of sale.

Arizona. Foreclosure in all cases by action, and sale of mortgaged premises to satisfy judgment. Mortgagee may redeem within six months after sale.

Arkansas.-Mortgagee must, before foreclosure, render itemized statement to mortgagor of amount due. If foreclosure is by sale under power in mortgage, property must be appraised and bring two thirds of appraised value. On second sale within one year property goes to highest bidder. In foreclosure by bill in equity there is no appraisal. In either case mortgagee can redeem within one year after sale. Suits to foreclose must be brought before debt is barred by limitation. Partial payments to operate as extension of time must be noted on margin of record.

California.-Mortgages are foreclosed by suit in equity, or by sale under power in mortgage or deed of trust. When debt is barred, mortgage also is barred. Mortgagee may redeem within twelve months. Renewal or extension of mortgage must be made with same formalities as mortgage itself.

Colorado. Mortgages are usually in the form of trust deeds made to an officer called the "Public Trustee," and foreclosed by him by sale under power in the deed. If made to any other trustee foreclosure must be by suit. Mortgagee may redeem within six months, and judgment creditor within nine months.

Connecticut.-Foreclosure by proceedings in equity. Court may fix time for redemption (usually two to six months), and if debt is not paid within that time property belongs absolutely to mortgagee; or court may, on motion of either party, order a sale.

Delaware.-Mortgages are generally accompanied by bonds instead of notes, and made without power of sale. Foreclosure by action, and sale on execution. There is no redemption.

District of Columbia.-Trust deeds with power of sale usually take the place of mortgages. They are foreclosed by sale under the power, and there is no redemption.

Florida.—Mortgages are foreclosed by bill in equity and sale. There is no redemption.

Georgia.-Mortgages and trust deeds to secure loans are foreclosed by proceedings in equity and sale, or by sale under power. There is no redemption. Wife's dower in lands owned by husband at his death takes precedence, even if mortgage be assented to by her.

Hawaii.-Mortgage with power of sale may be foreclosed by mortgagee by sale under the power, and filing with registrar copy of notice of sale and affidavit. Or mortgagee may make entry on the premises for foreclosure with written consent of mortgagor, or in the presence of two witnesses whose affidavit must be recorded. Possession continued for two years bars redemption. Foreclosure may also be by suit in equity. In case of sale there is no redemption.

Idaho.-Foreclosure only by action, and sale under order of court. Mortgagor may redeem within one year after sale.

Illinois. Mortgages may be in common form, or in that of trust deeds. Foreclosure only by action or suit in equity. Where property is clearly of less value than amount of mortgage, and mortgagor is insolvent, mortgagee may be permitted to take land in satisfaction of debt, with no right of redemption. In case of sale mortgagor may redeem within one year.

Indiana.-Mortgages are foreclosed only by proceedings in court and sale. Mortgagee may redeem within one year after sale.

Iowa. Foreclosure only by suit. which to redeem.

Mortgagor has one year after sale in

Kansas.-Foreclosure only by suit. Mortgagor may redeem within eighteen months after sale, and is entitled to possession of the premises in the meantime.

Kentucky.-Foreclosure only by proceedings in equity. Premises must be appraised before sale. If they bring less than two-thirds of appraised value, mortgagor may redeem within twelve months. Mortgages are barred in fifteen years unless renewed or extended by partial payments.

Louisiana. Foreclosure only by judicial proceedings and sale. There is no redemption. Mortgage must be renewed within ten years after date.

Maine. Power of sale mortgages may be foreclosed by mortgagee by sale in accordance with terms of power in which case there is no redemption. Foreclosure by possession is effected: 1. By judgment of court and possession; 2. By entry with consent of mortgagor; 3. By entry in presence of two witnesses who make sworn certificate. Possession must be retained for one year. Abstract of writ of possession and return, written consent, or certificate must be recorded within thirty days after entry. Foreclosure without taking possession is: 1. By three weeks' newspaper notice, describing land and claiming foreclosure for condition broken; or 2. By service of

same on mortgagor or present holder of record title; to be recorded within thirty days after last publication or service. Mortgagee's title is complete in one year after entry, first publication, or service, provided affidavit of mortgagee be recorded within three months, setting forth names of parties, date of mortgage, date and place of record of certificate of foreclosure, that possession, if taken has been continuous for one year, that no payment has been made and no act done waiving rights under foreclosure. Mortgages may also be foreclosed by proceedings in equity.

Maryland.-Mortgages must have endorsed thereon affidavit of mortgagee or his agent "that the consideration in said mortgage is true and bona fide as therein set forth."' Power of sale mortgages in Baltimore are foreclosed by proceedings in equity, in which sale is made by a trustee appointed by the court. In the counties sale is made by the mortgagee, who gives bond, and after sale reports to the court for ratification and confirmation. Massachusetts.-Mortgages usually contain a power of sale, and, on breach of condition, property is sold by mortgagee without proceedings in court; the deed and affidavit of sale must be recorded within thirty days. There is no redemption. Foreclosure may also be by writ of entry and conditional judgment for payment of mortgage debt within two months, in default of which mortgagee is entitled to possession. This method is seldom used. Mortgagee may also make peaceable entry for foreclosure in the presence of two witnesses whose affidavit of the fact must be recorded within thirty days. In either of these cases foreclosure becomes complete in three years after entry.

Michigan. Mortgages containing power of sale may be foreclosed by mortgagee by sale after three months publication of notice. Deed does not become operative until one year after sale, within which time mortgagor may redeem. Foreclosure may also be by bill in equity, under which sale may be ordered after six months from date of filing bill. Mortgagor may redeem within six months after sale. Foreclosure must be within fifteen years after maturity of mortgage or last payment.

Minnesota.-Mortgages usually contain a power of sale, and may be foreclosed by sale after six weeks advertisement. Foreclosure may also be by action. In either case mortgagee may redeem within one year after sale. There may also be a "strict foreclosure under decree of court, but decree cannot be entered until one year after judgment fixing amount of debt. Mortgage must be foreclosed within fifteen years from maturity unless regularly extended.

Mississippi.—Foreclosure may be made by mortgagee by sale under power in mortgage, or by bill in chancery and sale hereunder. No redemption after sale. If remedy at law on the debt is barred, remedy in equity on the mortgage is also barred unless within six months extension is noted on record or new mortgage noting extension is filed for record.

Missouri.-Mortgage is usually in form of deed of trust, under which trustee is authorized to sell without suit as in case of mortgage with power of sale. If beneficiary or his representative purchases at sale, mortgagee has one year to redeem, provided he gives written notice of intention to redeem at or within ten days before sale, and within twenty days after sale

gives security for payment of interest, expenses, etc. When debt is barred by limitation right to foreclose is also barred.

Montana. Foreclosure by action, and sale under decree of court; or, if in form of trust deed, by sale by trustee under power, or by sale under power in mortgage. One year from sale allowed for redemption. Mortgage is barred in eight years after maturity unless within sixty days thereafter the mortgagee files affidavit of renewal setting forth date, place of record, amount of debt, amount unpaid, and that mortgage is not renewed for purpose of hindering, delaying or defrauding creditors of mortgagor or owner of land. This operates as an extension for eight years.

Nebraska. Foreclosure only by sale under decree of court. Stay of execution on decree for nine months on written request. No redemption from sale. Action to foreclose barred in ten years from maturity, or last payment, or new promise.

Nevada. Foreclosure by action and sale under order of court. No redemption after sale.

New Hampshire.-If mortgage contains power of sale, mortgagee may sell under the power, first giving statutory notice for three weeks. No redemption after sale. Foreclosure may also be by entry under process of law and continued possession one year; or by peaceable entry and possession one year with three weeks' publication of notice, the first publication to be six months before right of redemption is foreclosed; or by mortgagee in possession with similar publication and possession for one year after time specified in notice.

New Jersey.—Mortgage is usually accompanied by bond. Foreclosure by suit in equity and sale. No redemption, unless action is brought on bond for deficiency of mortgage debt.

New Mexico.-Foreclosure may be by sale under power in trust deed or mortgage, or under order of court. In former case one year is allowed for redemption; in the latter, nine months. In judicial proceeding no sale until ninety days after order of court, within which time mortgagor may redeem.

New York.-Foreclosure by action, in which all persons interested are made parties, and sale under order of court. No redemption by persons made parties, or properly notified. Mortgages containing power of sale may be foreclosed by sale under the power, provided certain statutory provisions as to notice, advertising, etc., are complied with.

North Carolina.-Foreclosure by action, or, if mortgage contain power of sale, by sale under the power. In latter case sale must be advertised for twenty days at courthouse door, as well as in manner provided in mortgage. No right of redemption, but if within ten days bid be raised ten per cent. on sale for $750, or five per cent. on larger amount, resale may be ordered.

North Dakota.-Foreclosure by action, or, in case of power of sale mortgage, by sale under power. Mortgagor has one year to redeem, during which he has possession of premises.

Ohio.-Foreclosure by suit, and sale under order of court. No redemption from sale. There are special statutory provisions as to mortgages given to pay off prior encumbrances, or to improve property.