57-1-14 - Form of mortgage -- Effect.
57-1-14. Form of mortgage -- Effect.
A mortgage of land may be substantially in the following form:
____ (here insert name), mortgagor, of ____ (insert place of residence), hereby mortgagesto ____ (insert name), mortgagee, of ____ (insert place of residence), for the sum of ____dollars, the following described tract ____ of land in ____ County, Utah, to wit: (here describethe premises).
This mortgage is given to secure the following indebtedness (here state amount and formof indebtedness, maturity, rate of interest, by and to whom payable, and where).
The mortgagor agrees to pay all taxes and assessments on said premises, and the sum of____ dollars attorneys' fee in case of foreclosure.
Witness the hand of said mortgagor this __________(monthdayyear).
A mortgage when executed as required by law shall have the effect of a conveyance of theland therein described, together with all the rights, privileges and appurtenances thereuntobelonging, to the mortgagee, his heirs, assigns, and legal representatives, as security for thepayment of the indebtedness thereon set forth, with covenants from the mortgagor of generalwarranty of title, and that all taxes and assessments levied and assessed upon the land described,during the continuance of the mortgage, will be paid previous to the day appointed for the sale ofsuch lands for taxes; and may be foreclosed as provided by law upon any default being made inany of the conditions thereof as to payment of either principal, interest, taxes, or assessments.
Amended by Chapter 75, 2000 General Session