Certificates of Oil Companies. First. The corporate name of the said corporation or company shall be [stating the name]. Second. The purposes for which the said corporation is established are [here state the object—e. g., thus:] the carrying on the mining, boring and digging for, or otherwise obtaining from the earth, petroleum, rock or carbon oils, coal, salt and other minerals; manufacturing and vending the same in the crude and refined state; and the manufacturing, forwarding and vending lumber and barrels, in compliance with the provisions of the said act and the supplements thereto. Third. The place within which said corporation is established is the township of in the county of in the State of Pennsylvania. Fourth. The amount of the capital stock of the said corporation shall dollars, which shall be divided into shares of the par dollars each. be, and is value of IN TESTIMONY WHEREOF, we have hereunto set our hands and seals, the A. D. eighteen hundred and day of [Add acknowledgment as in Form 1066.] [Signatures and seals.](c) 1069. Certificate of Business and of Capital Paid In, to be Filed Before Commencing Operations.(d) To whom it may concern: Be it known that the undersigned, the president, treasurer and directors of the Company of a corporation organized under the provisions of an act of the General Assembly of the State of Pennsylvania, entitled "An Act relating to corporations for mechanical, manufacturing, mining and quarrying purposes," passed on the eighteenth day of July, A. D. 1863, and the various supplements thereto, do hereby, in compliance with the provisions of the said act and of the various supplements thereto, certify in manner following: First. The corporate name of the said company is Second. The purposes of the said corporation or association are [here state them as in the articles—e. g., thus:] the carrying on the mining, boring and digging for, or otherwise obtaining from the earth, petroleum, rock or carbon oils, coal, salt and other minerals; manufacturing and vending the same in the crude and refined state; and the manufacturing, forwarding and vending lumber and barrels, in compliance with the provisions of the said act and the supplements thereto. Third. The principal office of business of the said corporation or association is in the city of in the State of ; the lands belonging to the said corporation are situated in the township of , in the county of in the State of Pennsylvania, and the mining and other aforesaid operations of the said corporation are to be conducted and carried on in the township of (c) A scroll is a sufficient seal for Pennsylvania. (d) Required by the act of July 18, 1863, $ 31. It must be sworn to. General Principles. Fourth. The amount of the capital stock of the said corporation or association is dollars, and the amount of such capital stock already dollars. paid in is Fifth. The number of shares of capital stock in the said corporation or association is and the par value of each one of the shares in the said dollars. corporation is Sixth. The officers of the said corporation, duly chosen under the said act and the supplements thereto, are the following-viz., A. B., president; C. D., E. F., G. H., directors; and J. K., clerk, secretary and treasurer. IN TESTIMONY WHEREOF, we, the undersigned, the president, treasurer and directors aforesaid of said corporation or association, have hereto set our respective hands, this day of A. D. 18 [Signatures and titles.] CHAPTER LXII. MORTGAGES. A mortgage is the conveyance of an estate by way of pledge for the security of debt, and to become void on payment of it. According to the old view, the legal ownership was vested in the creditor; but in equity, and the courts of law adopt the same rule now, the mortgagor remains the actual owner, until he is debarred by his own default or by judicial decree. In this chapter, mortgages of real property only are treated; those relating to personal property, being subject to somewhat different rules, are treated under CHATTEL MORTGAGES. The usual form of a mortgage is a deed, with terms purporting to convey the land absolutely, followed by other terms expressing that it is to be void if the grantor pays a certain sum. This condition is called the defeasance. A power of sale, in case of default, is usually inserted, which enables the mortgagee to enforce payment. The manner of foreclosure of the mortgage may be either by an action, or by advertisement according to the statute, as is stated in the chapter of FORECLOSURE. A mortgage may be made either with or without a personal promise to pay the debt. If no such promise is expressed, the mortgage does not render the mortgagor liable for the sum secured, but only gives a lien on the property. It is usual not only to insert a covenant in the mortgage to pay the debt, but to give a bond or note for it, and to recite the fact in the mortgage, and state that the mortgage is given as collateral to the personal security. A mortgage may be made to secure a contingent liability or future advances; but in such case it ought to be so expressed. A mortgage on which the principal or interest is payable in instalments, may contain a provision that in case of any default the mortgagee may elect to require payment of the whole interest and principal at once. This provision is usually termed an interest clause. Where a considerable part of the value of the mortgaged premises consists in buildings, it is usual to provide that the mortgagor shall keep them insured in a specified sum and assign the policy to the mortgagee. This is called the insurance clause. Mortgages of Real Property. It is not necessary for the wife of a mortgagor to join in executing the mortgage, if it be given at the same time that the property is conveyed to him, and for the purpose of securing purchase-money. In these cases it is usual to state the fact in the mortgage, by a clause inserted at the end of the description of the premises. Mortgages by peculiar parties, corporations, executors, etc., should be modified slightly, according to the forms given for deeds by such parties. Mortgages should be acknowledged or proved as deeds are, for the forms of which see the chapter of ACKNOWLEDGMENT. 1070. Short form..... 1071. Another form to secure note... 1072. Mortgage, with interest and insurance clause. 1078. Mortgage on lease....... 1074. Mortgage on building lease to secure advances.. 1075. Mortgage to secure purchase-money.. 1076. Mortgage to secure indorser.. 1077. Mortgage to secure an unliquidated demand... 1078. Mortgage in exercise of a power of appointment... 1079. Stipulation in a mortgage given to trustees, that it shall be deemed purely collateral..... 1080. Stipulation as to paying off in advance.. PAGE 546 547 547 549 551 554 554 554 555 555 556 of merchant, of the first part, and Y. Z., of dol in the said county, farmer, of the second part, WITNESSETH: That the said party of the first part, for and in consideration of the sum of dollars, grants, bargains, sells and confirms unto the said party of the second part, and to his heirs and assigns, all [here insert description; see Forms 722-739]; together with all and singular the hereditaments and appurtenances thereunto belonging or in any wise appertaining.* THIS CONVEYANCE is intended as a mortgage, to secure the payment of the sum of lars, in [here state terms of payment, as in Forms 370–374], according to the condition of a certain bond, dated this day, and executed by the said party of the first part to the said party of the second part; and these presents shall be void if such payment be made. But in case default shall be made in the payment of the principal or interest, as above provided, then the party of the second part, his executors, administrators and assigns, are hereby empowered to sell the premises above described, with all and every of the appurtenances, or any part thereof, in the manner prescribed by law; and out of the money arising from such sale, to retain the said principal and interest, together with the costs and charges of making such sale; and the overplus, if any there be, shall be paid by the party making such sale, on demand, to the party of the first part, his heirs or assigns. IN WITNESS WHEREOF, the said party [or, parties] of the first part has [or, have] hereunto set his hand and seal [or, their hands and seals], the day and year first above written. [Signature and seal.] Signed, sealed and delivered in the presence of ། Common Forms. 1071. Another Form; To Secure Note.(a) To all People to whom these presents shall come, greeting: dol KNOW YE, that I, A. B., of AND FURTHERMORE, I, the said grantor, do, by these presents, bind myself of IN WITNESS WHEREOF, I have hereunto set my hand and seal, this day A. D. 18 THE CONDITION of this deed is such, that whereas the said grantor is justly indebted to the said grantee in the sum of dollars, as evidenced by his promissory note for said sum, of even date herewith, payable to the said grantee or order after date, with interest: Now, THEREFORE, if said note shall be well and truly paid, according to its tenor, then this deed shall be void; otherwise, to remain in full force and effect. Signed, sealed and delivered in presence of elivered} [Signatures of witnesses.] [Signature and Seal.] 1072. Mortgage With Interest and Insurance Clause. THIS INDENTURE, made the eight hundred and day of in the year one thousand between A. B., of the city, county and State of. and C. B., his wife, parties of the first part, and Y. Z., of the same place, party of the second part: WHEREAS, the said A. B. is justly indebted to the said party of the second part, in the sum of dollars, lawful money of the United States, secured to be paid by his certain bond or obligation, bearing even date with these presents, in the penal sum of dollars, lawful money, as aforesaid, conditioned for the payment of the said first-mentioned sum of dollars, lawful money, as aforesaid, to the said party of the second part, his executors, administrators or assigns, on the day of which will be in the year one thousand eight hundred and and interest thereon to be computed from (a) This is the form in use in Connecticut. Mortgage with Interest and Insurance Clause. the date thereof, at and after the rate of seven per cent. per annum, and to be paid semi-annually-to wit: on the day of and on the day of in each and every year, until the whole of the said principal sum be paid; and it is thereby expressly agreed, that should any default be made in the payment of the said interest, or of any part thereof, on any day whereon the same is made payable, as above expressed; and should the same remain unpaid and in arrear for the space of days,(b) then, and from thenceforth-that is to say, after the lapse of the said daysthe aforesaid principal sum of dollars, with all arrearage of interest thereon, shall, at the option of the said party of the second part, his executors, administrators or assigns, become and be due and payable immediately thereafter, although the period above limited for the payment thereof may not then have expired, any thing therein before contained to the contrary thereof in any wise notwithstanding, as by the said bond or obligation, and the condition thereof, reference being thereunto had, may more fully appear. NOW, THIS INDENTURE WITNESSETH, that the said parties of the first part, for the better securing the payment of the said sum of money mentioned in the condition of the said bond or obligation, with interest thereon, according to the true intent and meaning thereof, and also for and in consideration of the sum of one dollar, to them in hand paid by the said party of the second part, at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, have granted, bargained, sold, aliened, released, conveyed and confirmed, and by these presents do grant, bargain, sell, alien, release, convey and confirm unto the said party of the second part, and to his heirs and assigns forever, all [here insert description]: TOGETHER WITH all and singular the tenements, hereditaments and appurtenances thereunto belonging or in any wise appertaining, and the reversion and reversions, remainder and remainders, rents, issues and profits thereof; and also all the estate, right, title, interest, dower, right of dower, property, possession, claim and demand whatsoever, as well in law as in equity, of the said parties of the first part, of, in and to the same, and every part and parcel thereof, with the appurtenances: To HAVE AND TO HOLD the above-granted and described premises, with the appurtenances, unto the said party of the second part, his heirs and assigns, to his and their own proper use, benefit and behoof forever; PROVIDED ALWAYS, and these presents are upon this express condition, that if the said parties of the first part, their heirs, executors or administrators, shall well and truly pay unto the said party of the second part, his executors, administrators or assigns, the said sum of money mentioned in the condition of the said bond or obligation, and the interest thereon, at the time and in the manner mentioned in the said condition, according to the true intent and meaning thereof, that then these presents, and the estate hereby granted, shall cease, determine and be void. And the said A. B., for himself, his heirs, executors and administrators, does covenant and agree to pay unto the said party of the second part, his executors, administrators or assigns, the said sum of money |