This section is from the book "Hill's Manual Of Social And Business Forms: A Guide To Correct Writing", by Thos. E. Hill. Also available from Amazon: Hill's Manual Of Social And Business Forms: The How-To-Do-Everything Book Of Victorian America.
Whereas, the said party of the first part is justly indebted to the said party of the second part in the sum of Ten Thousand Dollars, secured to be paid by a certain promissory note, bearing even date herewith, due and payable at the First National Bank in Cham-paign, Ill., with interest, on the fourth day of February, in the year one thousand eight hundred and eighty-four:
Now, therefore, this indenture witnesseth, that the said party of the first part, for the better securing the payment of the money aforesaid, with interest thereon, according to the tenor and effect of the said promissory note above mentioned; and, also, in consideration of the further sum of One Dollar to them in hand paid by the said party of the second part, at the delivery of these presents, the receipt whereof is hereby acknowledged, have granted, bargained, sold and conveyed, and by these presents do grant, bargain, sell, and convey, unto the said party of the second part, his heirs and assigns, forever, all that certain parcel of land, situate, etc. [Describing the premises. ]
To have and to hold the same, together with all and singular the tenements, hereditaments, privileges and appurtenances thereunto belonging or in any wise appertaining. And, also, all the estate, interest, and claim whatsoever, in law as well as in equity, which the party of the first part have in and to the premises hereby conveyed unto the said party of the second part, his heirs and assigns, and to his only proper use, benefit and behoof. And the said Benjamin Harrison, and Helen, his wife, party of the first part, hereby expressly waive, relinquish, release, and convey unto the said party of the second part, his heirs, executors, administrators, and assigns, all right, title, claim, interest, and benefit whatever, in and to the above-described premises, and each and every part thereof, which is given by or results from all laws of this State pertaining to the exemption of homesteads.
Provided always, and these presents are upon this express condition, that if the said party of the first part, their heirs, executors, or administrators, shall well and truly pay, or cause to be paid, to the said party of the second part, his heirs, executors, administrators, or assigns, the aforesaid sum of money, with such interest thereon, at the time and in the manner specified in the above-mentioned promissory note, according to the true intent and meaning thereof, then and in that case, these presents, and everything herein expressed, shall be absolutely null and void.
But if default shall be made in the payment of the said sum of money mentioned in the note aforesaid, or the interest that may become due thereon, or of any part thereof, then and from thenceforth it shall be lawful for the said party of the second part, his heirs, executors, administrators or assigns, to enter into and upon all and singular the premises hereby granted, or intended so to be, and to sell and dispose of the same, and all benefit and equity of redemption of the said party of the first part, his heirs, executors, administrators, or assigns therein, at public auction, to the highest and best bidder, according to the act in such case made and provided.
In witness whereof, the said party of the first part hereunto set their hands and seals, the day and year first above written.
Signed, sealed and delivered in presence of Otis Ober, Andrew Austin.
BENJAMIN HARRISON, HELEN HARRISON.
The foregoing note being paid as was agreed, Fairchild gives a release of mortgage to Harrison, which, like all releases and mortgages should be recorded, to show that there is now no incumbrance on the property.
A release is simply a setting free, or the relinquishment of an established interest in property, real or personal, belonging to another party; as, where chattels or lands have been mortgaged, and the mortgage has been duly paid, the mortgagee gives his written acknowledgment that he is satisfied and has no longer any claim upon the mortgagor, as shown in the following:
For and in consideration of the fulfillment of all the covenants contained in a certain mortgage bearing date the fourth day of February, A. D. 1881, made and executed by Benjamin Harrison, of Urbana, Champaign county, and State of Illinois, and Helen, his wife, to secure the payment to me, Robert Fairchild, of the same place, of his note for Ten Thousand Dollars, with interest bearing even date with said mortgage, which said mortgage was duly recorded in the recorder's office of said Champaign county, Illinois, on the fourth day of February, A. D. 1881, I declare the said mortgage fully satisfied, and consent that the same may be discharged of record.
Dated at Urbana, Champaign county, and State of Illinois, February 5, 1884.
In presence of William Dorus, Timothy Y. Case.
[ The above release should be recorded the same as the mortgage. ]
[Endorsed on the margin of the mortgage in the recorder's book.] Urbana, Champaign County, State of Illinois, Feb. 5, 1884. $10,000.
Received of Benjamin Harrison, the within-named mortgagor, the sum of Ten Thousand Dollars, in full satisfaction of the within mortgage.
Wm. Dorus, T. Y. Case,
Know All Men by These Presents, That the whole debt secured by mortgage upon the following-described real estate, situate in the county of Champaign, and State of Illinois, to wit:
[Here describe the premises. ] Wherein Benjamin Harrison is grantor, and Robert Fairchild is grantee, and dated February 4, A. D. 1881, a transcript of which is recorded in vol. iv. p. 73, in the office of the register of deeds of said county, has been fully satisfied; in consideration of which said mortgage is hereby released. Witness my hand and seal at Urbana, Champaign county, State of Illinois, February 5, A. D. 1884.