§ 34-11-20 - Meaning of mortgage covenants.
SECTION 34-11-20
§ 34-11-20 Meaning of mortgage covenants.– In any conveyance of real estate the words "with mortgage covenants" shall havethe full force, meaning, and effect of the following words, and shall beapplied and construed accordingly: "The mortgagor, for himself or herself andfor his or her heirs, executors, and administrators, covenants with themortgagee and his or her heirs and assigns, that he or she is lawfully seisedin fee simple of the mortgaged premises; that the same are free from allincumbrances; that he or she has good right, full power, and lawful authorityto sell and convey the same to the mortgagee and his or her heirs and assigns;that the mortgagee and his or her heirs and assigns shall at all timeshereafter peaceably and quietly have and enjoy the mortgaged premises and thatthe mortgagor will, and his or her heirs, executors, and administrators shall,warrant and defend the premises to the mortgagee and his or her heirs andassigns forever against the lawful claims and demands of all persons, and thatthe mortgagor and his or her heirs and assigns, in case a sale shall be madeunder the power of sale, will, upon request, execute, acknowledge, and deliverto the purchaser or purchasers such deed or deeds confirmatory of the sale asmay be required; and that insurance against loss by fire shall be kept andmaintained on the buildings, if any, on the mortgaged premises in such officeor offices as the mortgagee or his or her heirs, executors, administrators, orassigns shall approve, in a sum not less than the amount secured by themortgage deed, or as otherwise provided herein, and that the policy or policiesof such insurance shall be delivered to and held by the mortgagee and assignedand transferred, or made payable in case of loss, to the mortgagee or his orher heirs, executors, administrators or assigns, as collateral security hereto,and in default thereof, that the mortgagee or his or her heirs, executors,administrators or assigns may effect such insurance in the name of themortgagor or his or her heirs or assigns, payable in case of loss to themortgagee or his or her heirs, executors, administrators or assigns, and thatthe premium or premiums paid therefor shall be a further charge upon themortgaged premises."