This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
Be it known, that A. B., mortgagor -, in consideration of --------- to him paid by C. D., mortgagee -, the receipt of which is hereby acknowledged, does hereby Bargain, Sell and Convey to the said C. D., mortgagee -, the following described goods and chattels, to-wit: --------- [insert description].
Said mortgagee - may insure said property in the name and at the cost of said mortgagor - for not more than --------- dollars, loss, if any, to be paid to said mortgagee -, as his interest may appear; said cost of insurance being secured to mortgagee - by this mortgage.'
If said goods and chattels, or any part of them, be secreted, or removed from their location, or be seized by process of law, or be abused, misused, sold or further mortgaged, without said mortgagee's consent; or if there be any default of payment of said indebtedness, or any part thereof, when due; or if said mortgagor - shall fail to do any other thing required of Mm by this instrument, or by the law of this state in reference hereto; then said mortgagee - may, by process of law or otherwise, take possession of said property and sell the same, at public or private sale, for the highest price he can obtain therefor, and apply the proceeds of said sale to the payment of said indebtedness and interest thereon, and of all actual and proper costs really incurred and paid on account of said seizure and sale, but not including any attorney's fees, and shall pay the residue of said proceeds, if any, to said mortgagor -. Otherwise said property is to remain in the peaceable possession of said mortgagor -. But nothing herein contained shall be so construed as to preclude said mortgagee - from pursuing any other course or seeking any other remedy permitted or provided by law. And the said mortgagor hereby covenants and agrees to and with said mortgagee, his executors, administrators and assigns, that he is the true and lawful owner of the above described property, and has good right to sell, convey and incumber the same; and that the same are free from all incumbrances whatsoever.
In witness whereof, etc