A deed in substance following the form appended to this section, when duly executed and delivered, shall have the force and effect of a mortgage deed to the use of the mortgagee and his heirs, successors and assigns with the mortgage covenants and upon the statutory conditions and with the statutory power of sale as defined in the following paragraphs:

1. I. In a conveyance of real estate, the words "mortgage covenants" shall include in their meaning the same meaning as given to "warranty covenants" in RSA 477:27.
2. II. The words "statutory conditions," except as otherwise specifically stated in the mortgage, shall mean: "Provided, nevertheless, that if the mortgagor, his heirs, executors and administrators, successors and assigns shall pay unto the mortgagee or his executors, administrators, successors or assigns the principal and interest secured by the mortgage, shall perform any and each obligation provided in the note or other instrument secured by the mortgage, until such payment and performance shall pay when due and payable all taxes, charges and assessments for which the property mortgaged may become liable, shall keep the buildings on said premises insured against perils insured in the New Hampshire standard fire policy in a sum equal to that portion of the amount secured by the mortgage allocable to said buildings, or as otherwise provided therein, for the benefit of the mortgagee and his executors, administrators, successors and assigns in such form as he or they shall approve, deliver the policies therefor to him or them, and shall not commit or suffer any strip or waste of the mortgaged premises, or any breach of any covenant in said mortgage, then this mortgage deed shall be void."

3. III. The words "statutory power of sale" shall be understood as giving the mortgagee and executors, administrators, successors and assigns the right, upon any default of the performance of the statutory condition as defined in paragraph II, or any other condition contained in the mortgage, to foreclose by sale under the provisions of RSA 479:25-27-a inclusive.

   (Form for mortgage deed, with power of sale)

   __________ of __________ County, State of __________ , for consideration paid, grant to __________ , (complete mailing address) __________ , of __________ Street, Town (City) of __________ , __________ County, State of __________ with mortgage covenants, to secure the payments of ___ , with ___ percent interest payable semiannually and also perform all the agreements and conditions as provided in note __________ of even date, the __________ (Description of land or interest therein being conveyed: incumbrances, reservations, exceptions, if any) __________ . This mortgage is upon the statutory conditions, for any breach of which the mortgagee shall have the statutory power of sale. __________ (Wife) (husband) of said mortgagor, release all rights of homestead and other interests in the mortgage premises.

   (Here add acknowledgment)

Source. 1951, 178:7. RSA 477:29. 1965, 125:4. 1971, 179:8. 1977, 366:8. 1981, 117:1; 303:6. 2006, 7:2, eff. April 11, 2006.