Name/Title
William Pierson, Elizabeth Pierson Mortgage June 17, 1892Entry/Object ID
002881Tags
William Henry Pierson, Elizabeth PiersonScope and Content
The document is a mortgage indenture dated June 17, 1892, executed in Orange County, New York
The Parties:
Parties of the First Part (Borrowers): William Henry Pierson (also referred to as William H. Pierson) and Elizabeth Pierson, his wife, residing in the Town of Hamptonburgh, Orange County, New York (2881b.jpg, 2881c.jpg).
Party of the Second Part (Lender): The Goshen Savings Bank, located in the Village of Goshen, Orange County, New York
Financial Terms
As detailed in 2881c.jpg:
Principal Debt: The Piersons borrowed $1,900.00 from the bank.
Repayment Period: The sum is to be repaid in one year from the date of the agreement.
Interest Rate: Interest is set at 5% per annum, payable semi-annually.
Default Clause: If interest payments are defaulted upon for 30 days, the entire principal sum becomes due at the option of the bank
Property Description (Collateral)
The mortgage secures a specific piece or parcel of land/farm where the Piersons reside in the Town of Hamptonburgh. The handwritten land boundaries detailed include references to:
The north line of a highway leading from Goshen to Washingtonville.
Property lines running near a stone bridge, west of the mansion of Henry Pierson, and between a mansion and a tenant house.
Measurements noted in chains and links along a stone wall to the edge of a swamp.
Neighboring lands owned by Gilbert Gerow, William Forrest, Abel B. Watkins, and lands late of William Heard (deceased) and John Thew (deceased).
Covenants & Execution
Insurance & Sale: The Piersons agree to keep the buildings on the premises insured against fire for the benefit of the mortgagee. If they default on payment, the bank has the power to sell the premises according to law
Signatures: The document is signed and sealed by W. H. Pierson and Elizabeth Pierson
Witness & Notary: The execution was witnessed, verified, and notarized on June 17, 1892, by Joseph Merritt, Notary Public
