MORTGAGES Mortgagor to two or more. Recital of (E) Variation where the Mortgage is made to an Insurance Office or other Company of Proprietors, not incorporated. After making the mortgagor of the first part, the directors or other managers of the company of the second part, the trustees of the company of the third part, and a trustee on the part of the directors of the fourth part, proceed, "WHEREAS, &c. (reciting shortly the deed of settlement, if any, of the company). AND WHEREAS by articles of covenant and agreement by way of deed of settlement of the said Insurance Company, intended to be enrolled in his Majesty's Court of Common Pleas at Westminster, bearing date the day of and made or expressed to be made between the several persons whose respective names and seals are thereto respectively set and subscribed, it was thereby amongst other things declared and agreed that the directors of the said company for the time being should and might, and they are thereby authorised and empowered to lend and advance, or lay out upon mortgage, or in the purchase of houses, lands, and tenements, or in parliamentary or other securities or funds, such sum or sums of money as from time to time they should think fit; and it was thereby further declared and agreed, that the trustees of the company for the time being should have full power and authority, and they are thereby fully authorised and empowered, with and by the approbation and requisition of the said directors, from time to time to grant, make, and execute, and take and accept for and on the behalf of the said company all purchases, mortgages, leases, assignments, transfers, grants, bonds, deeds, instruments, and other securities whatsoever, relative to the affairs of the said company, and commence, prosecute, and defend all actions, suits, and Recital of agree proceedings concerning the same. AND WHEREAS the said (mortgagor) hath agreed with the said (trustees) as trustees ment for loan. to be MORTGAGES two or more. WITNESS, that in consi as aforesaid, for the loan of the sum of £ secured (with interest for the same after the rate of £5 per cent. per ann.) by the bond or obligation of the said (mort- Mortgagor to gagor), and such mortgage of the several messuages, lands, and hereditaments hereinafter described, and such covenants and agreements respecting the same as hereinafter are contained. Now THIS INDENTURE WITNESSETH, that for and in consideration of the sum of £ of good and lawful deration of the money of that part of the United Kingdom of Great Britain loan. and Ireland called England, in hand well and truly paid by the said parties hereto of the third part, for and on behalf of the said Insurance Company, unto the said (mortgagor) at or immediately before the sealing and delivery of these presents, the receipt whereof the said (mortgagor) doth hereby acknowledge, and of and from the same and every part thereof doth acquit, release, exonerate, and discharge the parties hereto of the third part, and their successors and assigns, and their and every of their heirs, executors, and administrators, and also the said company and the several proprietors thereof, and each and every of them for ever, by these presents, HE the said (mortgagor) Mortgagor at and by the request, nomination, and direction of the grants, &c. parties hereto of the second part, testified by their signing and sealing these presents, HATH granted, bargained, sold, aliened, and released, and by these presents DOTH grant, bargain, sell, alien, and release, [and also for and in consideration of the sum of 10s. of like lawful and current money, at the same time in hand paid by the said (trustees) to the said (mortgagor's trustee) (if so) (the receipt whereof is also hereby acknowledged), He the said (mortgagor's trustee) at the request and by the direction as well of the said (mortgagor) as of the parties hereto of the third part, and according to his estate or interest therein, hath bargained, sold, and released, and by these presents doth bargain, sell, and release] unto the said (trustees) their heirs, assigns, and successors, ALL, &c. (as ante, p. 366). Parcels. TO HAVE AND TO HOLD the several messuages or tenements, lands, and hereditaments, and all and singular other the premises hereinbefore granted, bargained, sold, and released, Mortgagor to two or more. MORTGAGES or otherwise assured as aforesaid, or intended so to be, with their and every of their rights, members, easements, appendances, and appurtenants, unto the said (trustees) their heirs, assigns, and successors, to the use and behoof of them the said (trustees) their heirs, assigns, and successors for ever, but upon trust to convey the same premises to the use of such person or persons for such estate or estates, and to and for such intents and purposes, and in such manner and subject to such powers and declarations as the directors for the time being of the said Insurance Company, or a competent number of them, at any time or times, and from time to time, by any deed or deeds, instrument or instruments in writing, to be by them sealed and delivered in the presence of and attested by two or more credible witnesses, or by any other lawful and sufficient act or deed, shall for and on behalf of the said company direct, limit, or appoint, and in default of and until such direction, limitation, or appointment, upon trust and to the intent that they the said (trustees) and the survivors of them, and their and his heirs and assigns, or other the trustee or trustees of the said premises for the time being do and shall stand seised, possessed of, and interested in the said hereditaments and premises, in trust for all and every the several and respective members or shareholders for the time being of the said company, or other person or persons who for the time being shall or may be entitled unto or interested in the capital stock of the same company, according and in proportion to their respective shares, estates, rights, and interests therein, and to permit the same premises to be holden, enjoyed, and disposed of in the manner and upon and pursuant to the terms, rules, regulations, powers, provisos, declarations, and agreements which in or by the said in part recited indenture of settlement of the day of are expressed or declared, or authorised or directed of or concerning mortgages or other securities made, or authorised to be made or taken to or by the trustees of the said company, but subject nevertheless, as to the said hereditaments and premises, to the proviso, condition, or agreement for redemption and reconveyance of the said premises hereinafter contained. AND WHEREAS Recital of po licy of assur ance. the said (mortgagor) hath caused the said messuages or MORTGAGES tenements and other buildings mentioned or intended to be hereby granted and released, to be insured against loss by fire in the said years, from the Insurance office for the term of instant, for the sum of refer Mortgagor to two or more. L as by the policy thereof, numbered ence being thereunto had, will more fully appear, and it has been agreed by and between the parties hereto that he shall assign the same unto the said (trustee) his executors, administrators, and assigns, upon the trusts hereinafter mentioned. Now THIS INDENTURE FURTHER WITNESSETH, &c. Assignment of (Assignment of policy to the trustee) (1). To have and to policy. hold, receive, take, and enjoy the said policy of insurance, together with all and every the sum and sums of money at any time and from time to time to become due upon or by virtue of the same, and all and every other benefit and advantage to be had or derived therefrom, either at law or in equity, unto and by him the said (trustee) his executors, administrators, and assigns, absolutely, In trust nevertheless for the said (trustees) as trustees for and on behalf of the said Insurance Company as aforesaid, their executors, administrators, and assigns, and to be disposed of as the directors of the same Company shall from time to time direct, and, in the mean time, In trust for the use and benefit of the said Insurance Company, and the several proprietors thereof; But subject always nevertheless to such and the same right or equity of redemption as hereinafter is expressed, with respect to the messuages or tenements, buildings, and other the premises hereinbefore mentioned to be hereby granted and released, that is to say, PROVIDED always, Proviso for reand these presents are upon this express condition, that if, demption. &c. (usual proviso for redemption, covenant for payment of the principal and interest, &c.) (2). AND the said (1) See ante, p. 87. (2) Sec ante, p. 371, et seq. Mortgagor to two or more. Mortgagor will not avail of misnomers, &c. MORTGAGES (mortgagor) for himself, his heirs, executors, and administrators, doth hereby further covenant, promise, and agree, with and to the said (trustees) their heirs, executors, administrators, assigns, and successors, that he the said (mortgagor) his heirs, executors, administrators, or assigns, or any person or persons lawfully or equitably claiming or to claim, by, from, or under him or them, shall not nor will, at any time after default shall be made in payment of the said sum of £ or of the interest thereof, or any part thereof respectively, contrary to the true intent and meaning of the proviso hereinbefore contained in that behalf, plead in abatement, demur to, or otherwise defeat, or seek or attempt to defeat, or impede, or in any other way or manner take or avail himself, or themselves, of any advantage which may or might be had or taken, either at law or in equity, in, to, or against any ejectment, bill of foreclosure, or other action, suit, or proceedings whatsoever, which shall or may at any time hereafter be commenced or carried on against him or them, by or on the behalf of the said Company, for default of payment of the said sum of £. and the interest thereof, or of any part of the same respectively, by reason or on account of any such action, suit, or proceeding being instituted or carried on in the names of the said (trustees) their executors, administrators, assigns, or successors, or of the treasurer, directors, trustees, or other member or members, officer or officers, agent or agents, of or for the said Company, only and without all and every, or any other of the several officers or members thereof, or persons interested therein, being made parties to or named in any such ejectment, bill, action, suit, pleadings, or proceedings, any law, usage, or practice of any court, wherein such proceedings may be had to the contrary in anywise notwithstanding. PROVIDED always, &c. (mortgagor to enjoy till default) (1). Mortgagor to enjoy the premises till de fault. (1) Sec ante, p. 381. |