This section is from the book "Real Estate Principles And Practices", by Philip A. Benson, Nelson L. North. Also available from Amazon: Real Estate Principles and Practices.
THIS INDENTURE Made this......day of........A. D. 19..., between
.......... of the ........of......., County of....... and State of.......
party of the first part, and.........of the .........of........., County of
........ and State of ........, party of the second part, as trustee,
WITNESSETH, THAT WHEREAS, the said ........justly indebted upon
......principal note.. in the sum of ........ dollars, due ........ with interest at the rate of ...... per cent per annum, payable semi-annually, as evidenced by ...... interest note.., due ........, all of said notes bearing even date herewith and being payable to the order of........at the office of
........or such other place as the legal holder.. thereof may in writing appoint, in gold coin of the United States of the present standard of weight and fineness, and bearing interest after maturity at the rate of seven per cent per annum.
Each of said notes is identified by the certificate of the trustee thereon endorsed.
NOW, THEREFORE, the said party of the first part, for the better securing of the said indebtedness as by the said note., evidenced, and the performance of the covenants and agreements herein contained on ...... part to be performed, and also in consideration of the sum of ONE DOLLAR in hand paid, does CONVEY AND WARRANT unto the said party of the second part......
successor in trust, the following described real estate situate in the County of ........and State of........to wit:
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Together with all the tenements, hereditaments and appurtenances thereunto belonging and the rents, issues and profits thereof and all gas and electric fixtures, engines, boilers, furnaces, ranges, heating and lifting apparatus and all fixtures now in or that shall hereafter be placed in any building now or hereafter standing on said land, and all the estate, right, title and interest of the said party of the first part of, in and to said land, hereby expressly releasing and waiving all rights under and by virtue of the Homestead Exemptior Laws of the State of Illinois; TO HAVE AND TO HOLD the same unto the said party of the second part, ...... successor in trust, FOREVER, for the uses and purposes, and upon the trusts herein set forth.
And the said party of the first part does covenant and agree as follows To pay said indebtedness and the interest thereon as herein and in said notes provided; to pay all taxes and assessments levied on said premises as and when the same shall become due and payable and to keep all buildings at any time situated on said premises in good repair and to suffer no lien of mechanics or material men, or other claim, to attach to said premises; to pay all water taxes thereon as and when the same shall become due and payable and neither to do, nor suffer to be done, anything whereby the security hereby effected or intended so to be shall be weakened, diminished or impaired; to keep all buildings which may at any time be situated upon said premises insured in a company or companies to be approved by the party of the second part or ......
successor.. in trust, or the legal holder.. of said note.., against loss or damage by fire for the full insurable value of such buildings for an amount not less than the amount of the indebtedness secured hereby and to cause such insurance policies, with the usual mortgage clause attached or other sufficient endorsement, to be deposited with said party of the second part as additional security hereunder and upon failure to so secure and deposit such insurance policies, said second party ...... successor.. in trust, or the legal holder of said note.., is hereby authorized to procure the same, and all moneys which may be advanced by said party of the second part, or......successor in trust, or by the legal holder.. of said note.., or any of them, for the aforesaid purposes, or any of them, or to remove encumbrances upon said premises or in any manner protect the title or estate hereby conveyed, or expended in or about any suit or proceedings in relation thereto, including attorneys' and solicitors' fees, shall with interest thereon at seven per cent per annum, become so much additional indebtedness secured hereby; but nothing herein contained shall render it obligatory upon said party of the second part, or ...... successor..
in trust, or the legal holder.. of said note.., or any of them, to so advance or pay any such sums as aforesaid.
In the event of a breach of any of the aforesaid covenants or agreements, or in case of default in payment of any note.. secured hereby, or in case of default in the payment of one of the installments of interest thereon, and such default shall continue for thirty (30) days after such installment becomes due and payable, then at the election of the holder.. of said note or notes or any of them, the said principal sum together with the accrued interest thereon shall at once become due and payable; such election being made at any time after the expiration of said thirty (30) days without notice, and thereupon the legal holder.. of said indebtedness, or any part thereof, or said trustee, or ......
successor.. in trust, shall have the right immediately to foreclose this trust deed and upon the filing of a bill for that purpose, the court in which such bill is filed, may at once and without notice appoint a receiver to take possession or charge of said premises free and clear of all homestead rights or interests, with power to collect the rents, issues and profits thereof, during the pendency of such foreclosure suit and until the time to redeem the same from any sale made under any decree foreclosing this trust deed shall expire, and in case proceedings shall be instituted for the foreclosure of this trust deed, all expenses and disbursements paid or incurred in behalf of the complainant, including reasonable solicitors' fees, outlays for documentary evidence, stenographers' charges, costs of procuring a complete abstract of title, showing the whole title to said premises, embracing such foreclosure decree, shall be paid by the said party of the first part, and such fees, expenses and disbursements shall be so much additional indebtedness secured hereby and shall be included in any decree entered in such proceedings for the foreclosure of this trust deed, and such proceedings shall not be dismissed or a release hereof given until all such fees, expenses and disbursements and all the cost of such proceedings have been paid and out of the proceeds of any sale of said premises that may be made under such decree of foreclosure of this trust deed, there shall be paid, First: all the cost of such suit, including advertising, sale and conveyance, attorneys', solicitors', stenographers' and trustees' fees, outlays for documentary evidence and costs of such abstract and examination of title. Second: All moneys advanced by the party of the second part or the legal holder.. of said note.., or any of them for any other purpose authorized in this trust deed, with interest on such advances at seven per cent per annum. Third: All the accrued interest remaining unpaid on the indebtedness hereby secured. Fourth: All of said principal sum remaining unpaid. The overplus of the proceeds of sale shall then be paid to said party of the first part or to his legal representatives or assigns on reasonable request.
In case of the default of the payment of the indebtedness secured hereby or the breach of any of the covenants and agreements entered into on the part of the party of the first part, said party of the first part hereby waives all right to the possession, income and rents of said premises, and it thereupon shall be lawful for the party of the second part, ...... successor.. in trust, to enter into and upon and take possession of said premises and to let the same and receive and collect all rents, issues and profits thereof.
AND THE SAID PARTY OF THE FIRST PART further agrees that in case of a foreclosure decree and sale of said premises thereunder, all policies of insurance provided for herein may be re-written or otherwise changed so that the interest of the owner of the master's certificate of sale, under such foreclosure, shall be protected to the same extent and in like manner as the interest of the legal holder.. of the note.. herein described is protected by such policies.
Upon full payment of the indebtedness aforesaid and the performance of the covenants and agreements hereinbefore made by the said party of the first part, a reconveyance of said premises shall be made by the said trustees, or
...... successor.. in trust ...... legal representatives, to said party of the first part upon receiving......reasonable charge therefor, and in case of the death, resignation, absence or removal from said ........County, or other inability to act of said trustee, when ...... action hereunder may be required by any person entitled thereto, then.......... is hereby appointed and made successor.. in trust herein, with like power and authority as is hereby vested in said trustee.
"Legal holder" referred to herein shall include the legal holder or holders, owner or owners of said note or notes, or indebtedness, or any part thereof, or of said master's certificate of sale and all the covenants and agreements of the said party of the first part herein shall extend to and be binding upon .......
or ........ heirs, executors, administrators or other legal representatives and assigns.
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WITNESS the hand.. and seal.. of the said party of the first part, the day and year first above written.
..............................[seal]
..............................[seal]
 
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