Reid Mortgage Deed, May 25, 1912

Mortgage Deed

John Reed, and wife Flossie Reed TO FIRST Series The Piedmont Building and Loan Association.

Consideration, $300.00 Dated [blank] day of [blank] 1912 Filed for registration on the 27 day of May 1912 at [8:50?] o'clock AM., and duly recorded in office of Register of Deeds for Guilford County, N. C., in Book 190 Page 592 etc.

W. H. Rankin Register of Deeds

Clerk's fee $.25 Record fee $1.75 [Paid] Fees paid by [blank]

WALKER, EVANS & COGSWELL CO., CHARLESTON, S. C.

mail W. C. Idol High Point

[blue stamp scross the deed: Cancelled of Record W. H. RANKIN, Register of Deeds]

[handwritten & stamped text in left margin: Satisfied in full this Jan. 15, 1913 PIEDMONT BUILDING & LOAN ASSOCIATION By W. C. Idol [?]]

State of North Carolina, Guilford County.

THIS INDENTURE, Made this the 25th day of May, A.D. 1912 by John Reed, and his wife, Flossie Reed, of the County of Guilford and State of North Carolina parties of the first part to The First Series The Piedmont Building and Loan Association, of the County of Guilford and State of North Carolina, party of the second part.

WITNESSETH, That whereas the said John Reed is the owner of five shares of stock of the said First Series The Piedmont Building and Loan Association which was duly organized under Chap. 7, Vol. 2, of the Code and the amendments made by the Public Laws of North Carolina, session 1893, Chap. 434, and Public Laws of 1895, Chap. 444, to transact business in North Carolina.

Now, therefore, this deed witnesseth, That the said parties of the first part in condiseration [consideration] of ($500.00) Five [Hundred] Dollars, to them paid by the said party of the second part, the receipt of which is hereby acknowledged, have bargained and sold and by these presents do bargain, sell and convey unto the said party of the second part and its successors and assigns, a tract or parcel of land in the county of Guilford and State of North Carolina, in High Point township, adjoining the lands of the High Point Development Company and others, and bound as follows, viz.:

Beginning at a stake, corner of Park and Wise Streets, and running thence, along Wise Street eastward, one hundred and fifty feet to a stake; thence southward, fifty feet to a stake; thence westward one hundred and fifty feet to a stake on Park Street; thence northward with said Park Street, fifty feet to the beginning, and being Lot No. 9 in Section 14 of the property of the High Point Development Co.

To have and to hold the said tract or parcel of land and all the privileges and appurtenances thereunto belonging to the said party of the second part and its successors and asisgns [assigns] forever.

And the said parties of the first part do covenant that they are seized of the said premises in fee and have the right to convey the same in fee simple; that the same are free from incumbrances; and that they will warrant and defend the said title to the same against the claims ofall persons whatsoever.

Provided always, and these presents are upon the express condition that if the said parties of the first part shall well and truly pay or cause to be paid to the said party, of the second part whenever it shall be ascertained by the Board of Directors of the said First Series The Piedmont Building and Loan Association that the value of each share of stock in said First Series The Piedmont Building and Loan Association, amounts to the sum of one hundred dollars, according to its plan of organization, and operations as appears in the constitution and by-laws of the said First Series The Piedmont Building and Loan Association which are made part of this deed, the sum of ($500.00) Five Hundred Dollars, evidenced by a bond bearing even date herewith, with interest thereon at the rate of six per cent. per annum, payable in monthly installments until the principal money shall all be paid according to the terms of said bond and constitution and by-laws aforesaid then these presents and the said bond shall determine and be void.

It is understood and agreed that the said parties of the first part shall keep the buildings on said premises insured in some reliable insurance company having an agency in the county of Guilford in the sum of $500.00 and if any loss or damages should occur the same shall be payable to the said First Series The Piedmont Building and Loan Association, its successors or assigns, to be applied to the satisfaction of this mortgage; and if the mortgagor shall fail to insure said buildings for two hours, the mortgagee shall be at liberty to effect such insurance, and the amount so expended shall be deemed principal money bearing interest at six per cent. per annum, and be payable when the next monthly installment is due.

It is further understood and agreed, That the mortgagors shall pay all taxes within the time prescribed by law, and in case the mortgagee shall have said taxes to pay, the amount so expended shall be deemed principal money, bearing interest at six per cent, per annum, and be payable when the next monthly installment is due.

But if default of the payment of the principal sum of $500.00 Five Hundred Dollars or any part thereof shall be made at the time above specified, then in such case the said parties of the first part do hereby authorize and empower the said First Series The Piedmont Building and Loan Association, its agent or attorney to sell said premises hereby conveyed, at public outcry, at the or on the premises after first advertising the same in some newspaper published in the County of Guilford and four public places in the County of Guilford, and convey the same to the purchaser in fee simple absolute, or if default shall be made of the payment of the monthly installments of interest at the rate of six per cent. per annum, for three successive months, than the said principal money of the sum of $500.00 Five Hundred Dollars shall become due with all the accrued interest unpaid thereon, and in such case the paid parties of the first part do authorize and empower the said First Series The Piedmont Building and Loan Association to make sale of the said premises as upon failure to pay the principal sum of ($500.00) Five Hundred Dollars, and shall execute and deliver to the purchaser a good and sufficient deed and retain the principal money and interest unpaid together with all costs and charges paid for insurances and taxes by the said First Series The Piedmont Building and Loan Association of the sale, and the registration of this deed and pay the surplus, if any, to the parties of the first part or their legal representatives.

In testimony whereof the said parties of the first part have hereunto set their hands and seals the day and year first above written.

John Reid (Seal) Flossie Reid (Seal)

State of North Carolina, Guilford County,

I, H. L. Austin, a Notary Public, in and for said County and State, do hereby certify that John Reed, and his wife, Flossie Reed, grantors, personally appeared before me this day and acknowledged the due execution of the foregoing mortgage deed and the said Flossie Reed, being by me privately examined, separate and apart from her said husband, touching her voluntary execution of the same doth state that she signed the same freely and voluntarily, without fear or compulsion of her said husband or any other person, and that she doth still voluntarily assent thereto.

In testimony whereof, I have hereunto set my hand and notarial seal this the 25th day of May 1912

H.L. Austin (Seal) Notary Public

State of North Carolina, [blank] County I, [blank], a Notary Public in and for said County and State do hereby certify that [blank] grantor, personally appeared before me this day and acknowledged the due execution for the foregoing mortgage deed.

In witness whereof I have hereunto set my hand and notarial seal this the [blank] day of [blank] 19[blank]

[blank] (Seal) Notary Public

State of North Carolina, Guilford County.

The foregoing certificate of H. L. Austin a Notary Public of said County, duly attested by his official seal, is adjudged to be in due form and according to law. Let the said mortgage deed and the certificates be registered.

Witness my hand this the 27 day of May, 1912

M. W. Gant Deputy C.S.C.

$500.00 John Reed To First Series

The Piedmont Building and Loan Association [blank] [blank] 19[blank]

[Stamped: Cancelled of Record W. H. RANKIN Register of Deeds]