New Mexico § 47-1-41 - Construction of “statutory mortgage condition”

§ 47-1-41. Construction of “statutory mortgage condition”

In a mortgage or deed of trust by way of mortgage of real estate the words, “statutory

mortgage condition” shall have the full force, meaning and effect of the following

words and shall be applied and construed accordingly: “in the event any of the following

terms, conditions or obligations are broken by the mortgagor, this mortgage (or deed

of trust) shall thereupon at the option of the mortgagee, be subject to foreclosure

and the premises may be sold in the manner and form provided by law, and the proceeds

arising from the sale thereof shall be applied to the payment of all indebtedness

of every kind owing to the mortgagee by virtue of the terms of this mortgage or by

virtue of the terms of the obligation or obligations secured hereby: A. mortgagor shall pay or perform to mortgagee or his executors, administrators, successors

or assigns all amounts and obligations as provided in the obligation secured hereby

and in the manner, form, and at the time or times provided in the obligation or in

any extension thereof; B. mortgagor shall perform the conditions of any prior mortgage, encumbrance, condition

or covenant; C. mortgagor shall pay when due and payable all taxes, charges, and assessments to

whomsoever and whenever laid or assessed upon the mortgaged premises or on any interest

therein; D. mortgagor shall, during the continuance of the indebtedness secured hereby keep

all buildings on the mortgaged premises in good repair and shall not commit or suffer

any strip or waste of the mortgaged premises; E. mortgagor shall pay when due all state and federal grazing lease fees; and F. mortgagor shall keep the buildings on the mortgaged premises insured in the sum

specified and against the hazards specified in the mortgage for the benefit of the

mortgagee and his executors, administrators, successors and assigns. The insurance shall be in such form and in such insurance companies as the mortgagee

shall approve. Mortgagor shall deliver the policy or policies to the mortgagee and at least two

days prior to the expiration of any policy on the premises shall deliver to mortgagee

a new and sufficient policy to take the place of the one so expiring. In the event of the failure or refusal of the mortgagor to keep in repair the buildings

on the mortgaged premises; or to keep the premises insured, or to deliver the policies

of insurance, as provided; or to pay taxes and assessments, or to perform the conditions

of any prior mortgage, encumbrance, covenant or condition, or to pay state and federal

grazing lease fees, the mortgagee and its executors, administrators, successors or

assigns may, at his option, make such repairs, or procure such insurance, or pay such

taxes or assessments, or pay such state and federal grazing lease fees, or perform

such conditions and all monies thus paid or expenses thus incurred shall be payable

by the mortgagor on demand and shall be so much additional indebtedness secured by

the mortgage.”