No. XXXIII. Conveyance in Fee to secure the Payment of Money by Receipt of the Rents and Profits of the Premises, usually styled a Welsh Mortgage (1). Variations where the Wife of the Mortgagor is entitled to Dower. Where the Mortgagor took the Estate to himself and a Where the Mortgage is by Demise. Other Variations as in the Margin below (2). THIS INDENTURE, of parts, made the day of , [* in the year of the reign, MORTGAGES Welsh Mortgage of Freeholds. (1) A Welsh mortgage, (in the nature of the vivum vadium Welsh mortof ancient times) is where land is conveyed to the mortgagee to gage. hold until he has received the principal money lent, with interest, out of the annual rents and profits of the estate; but as this mode of payment will suit the convenience of but few lenders, and subjects the mortgagee to an account of receipts and expenditures, and due management of the estate, whilst his possession, it is in very little use. See an informing note on this species of assurance in the valuable edition of Power of Mortgages, by Mr. Coventry, Vol. I. p. 373, n. (E). (2) A Welsh mortgage being so very unusual a security, it has been thought sufficient to introduce one or two variations only. * If brevity be particularly desired, those parts of the pre- Brevity. cedent included within brackets may be omitted. VOL. V. Y Y MORTGAGES &c. and] in the year of our Lord Welsh Mortgage of Freeholds, Parties. Recitals. of the of the one part, and (the mortgagee) of, &c. other part (2). WHEREAS, &c. (3). AND WHEREAS the said (mortgagor) having occasion for the sum of £ hath agreed with the said (mortgagee) for the loan to him thereof, upon having a conveyance made to him of the said lands and hereditaments, to the intent that he may be repaid the same with interest after the rate of £5 per cent. per annum out of the rents and profits thereof, in WITNESS, that the manner hereinafter expressed. NOW THIS INDENTURE WITNESSETH, that in pursuance of the said agreement, and in consideration of the sum of £ of lawful money (4) of the United in consideration of the money lent. Wife. Trustee. Trustee. Recitals. Previous debt. Consideration bank annuities. (1) If the wife of the mortgagor be entitled to dower out of the land intended to be conveyed, make her a party, and vary the draft agreeably to ante, No. XXVI. If the mortgagor took the estate to himself and a trustee to prevent dower, make such trustee a party, and see ante, No. XXIX. (2) If it be wished that the estate should be conveyed to a trustee, make him a party. (3) Here may be recited the mortgagor's title to the inheritand see ante, p. 62. ance; If the mortgage be made for a debt already owing to the mortgagee, say, "The sum of £ now justly due and owing to the said (mortgagee) from and by the said (mortgagor) at the time of the sealing and delivery of these presents, as the said (mortgagor) doth hereby fully admit and acknowledge, HE the said (mortgagor) HATH," &c. (as above.) (4) If the consideration be a transfer of money in the funds, or other than money, see ante, p. 65. Kingdom of Great Britain and Ireland, of English MORTGAGES value and currency, to the said (mortgagor) in Welsh Mortgage hand well and truly paid by the said (mortgagee) of Freeholds. at or before the sealing and delivery of these presents, the receipt whereof the said (mortgagor) doth hereby acknowledge, and of and from the same doth acquit, release, discharge, and exonerate the said (mortgagee) his heirs, executors, administrators, and assigns, and every of them, as well by these presents as by a receipt for the same sum hereupon indorsed, HE the said (mort. The mortgagor gagor) HATH granted (1), bargained, sold, alien- leases, &c. ed, and released, and by these presents DOTH grant, bargain, sell, alien, release, and confirm unto the said (mortgagee) and his heirs, ALL, Parcels. &c. (2) [or howsoever otherwise the said messuages, lands, tenements, and hereditaments, or any of them, now are, or is, or heretofore were or was situated, tenanted, called, known, described, or distinguished, and also all other the messuages, lands, tenements, and hereditaments, (if any) grants and te (1) If the mortgage be by demise, say, "Sold and demised, and by these presents duth, &c. unto the said (mortgagee) his executors, administrators, and assigns." Demise. (2) Here describe the subject of the conveyance by its an- Parcels. cient and present name, situation, tenancy, &c.; in the present case, however, where the mortgagee is to take immediate possession of the premises, they need not be set out with particular detail, as the evidence furnished by the acquiescence of the mortgagee will supply minute inaccuracies. Welsh Mortgage General appurtenances. MORTGAGES which are described or comprised in a certain indenture of bargain and sale for a year, hereinafter of Freeholds. referred to, and mentioned to bear date the day next before the day of the date hereof.] ToGETHER with all [houses, outhouses, buildings, barns, stables, coach-houses, dove-houses, yards, cellars, vaults, areas, benefit and advantage of ancient and other lights, ways, paths, passages, gardens, orchards, waters, land covered with water, water-courses, timber and other trees, woods, underwoods, and the ground and soil thereof, mines, quarries, rights and privileges of common, and of feeding and foldage of every kind, and all] and all manner of [other] rights, privileges, easements, advantages, appendages, and appurtenances whatsoever, to the said messuages, lands, tenements, hereditaments, and premises, or any part thereof respectively. belonging, or in any wise appertaining, or reputed or deemed so to be, or with the same or any of them now or heretofore holden, used, occupied, or enjoyed, (ALL (1) which said messuages, lands, tenements, sale for a year. and hereditaments, are now in the actual possession of or legally vested in the said (mortgagee) by virtue of a bargain and sale for a year, to him thereof made by the said (mortgagor) for five shillings consideration, by indenture bearing date Reference to the bargain and Demise. (1) If the mortgage be by demise, omit all reference to a bargain and sale for a year. on the day next before, and executed previously MORTGAGES to the sealing and delivery of these presents, for Welsh Mortgage the term of one year, commencing from the day of Freeholds. next preceding the date of the same indenture, and by force of the statute made for transferring uses into possession), and the reversion and reversions, remainder and remainders, of and in the said hereditaments and premises, and every of them respectively; and the rents, issues, profits, and proceeds, to arise or become payable for or in respect of the same, or of any part thereof, from the day of now last past. And all the estate, right, title, interest, use, trust, pro- in or may be in the possession or lawful power of deeds. the said (mortgagor) his heirs or assigns. To To hold to the HAVE AND TO HOLD the messuages, lands, tene- trustees) in fec. mortgagee (or (1) If the premises be leasehold, say, 66 Together with the said in part recited indenture of lease, and counterparts of all underleases, in any of the powers therein contained, and all and every the rents thereby reserved or made payable." Leasel olds. |