"That to secure the payment of an indebtedness," etc., "according to a certain bond or obligation bearing even date herewith." In these words the obligation of the bond is stated. Care should be exercised to state the indebtedness and its terms of interest, etc., and date of repayment exactly the same in both bond and mortgage. Any variation may create later trouble. The form given has the interest clause partially printed. Should the bond provide for instalment principal payments the wording may be easily altered to suit the requirement.
The bond is not usually recorded; the mortgage should be. Many parties to mortgage transactions do not wish the terms of the loan to become known to anyone examining the records. It has therefore become quite common to omit a specific statement of the terms of the obligation in the mortgage. If such secrecy is desired, this provision in the mortgage may be made to read "that to secure the payment of an indebtedness in the sum of..........dollars (stating the principal sum) secured to be paid, together with the interest thereon according to a certain bond or obligation," etc. This wording is not improper any more than it is wrong for the man who discounts his paper at a bank to fail to publish to the world the terms upon which he secures credit.