Mortgagor to

hereinafter contained (8), that is to say, PROVIDED MORTGAGES ALWAYS, and these presents are upon this express condition, that if the said (mortgagor) his heirs, Mortgagee in jee. executors, administrators, or assigns, do and shall well and truly pay (9), or cause to be paid unto demption.

(Concise Form.)

Proviso for re

(8) If the premises consist principally of houses or other Insurance. buildings, the mortgagor should insure previous to the execution of the deed, and assign the policy. See the form of such assignment, post, rider (A), also rider (D).

day of

(9) If the proviso be for the transfer of stock, say,
"Do and shall, on or before the
next ensuing the date of these presents, purchase or trans-
fer, or cause to be purchased or transferred £

3 per cent. consolidated bank annuities, in the books of the
governor and company of the Bank of England, into the
name or names, or for the proper use and benefit of the
said (mortgagee) his executors, administrators, and assigns,
or unto such other person or persons as he or they shall, in
writing under his or their hand or respective hands, direct
in that behalf; and also do and shall in the mean time, and
until such purchase and transfer shall be well and effectually
made and perfected, well and truly pay, or cause to be paid
unto the said (mortgagee) his executors, administrators, or
assigns, at or in the common dining hall of the Inner
Temple in the city of London, between the hours of ten
and twelve of the clock in the day-time; such sum and
sums of lawful money of that part of the United Kingdom
of Great Britain and Ireland called England, as he the said
(mortgagee) his executors, administrators, or assigns, would
have been entitled to receive as and for the dividends, or
annual proceeds of the said £
3 per cent. consolidated
bank annuities, in case the same had continued in his or
their name or names, for his and their use and benefit, and
at such time and times, and in such manner as the said
dividends and proceeds shall from time to time be paid or
payable, then," &c.

Transfer of

stock,

Mortgagor to

(Concise Form.)

MORTGAGES the said (mortgagee) his executors, administrators, or assigns, at or in the common dining hall of Mortgageen fee. the Inner Temple, London, between the hours of twelve and two of the clock in the day-time, the full and just sum of £ of such lawful and current money as hereinbefore is mentioned, with interest for the same, after the rate of £5 of like lawful money for every £100 by the year, at the times and in the manner following, that is to say, the sum of £ (10) being one half

Bills of exchange.

Payments by instalments, &c.

And it is held, that a loan of stock and payment of the dividends by the borrower is not usury, even though it exceed the legal interest upon the sum produced by the sale. See Tate v. Wellings, 3 Durnf. and E. 531; Saunders v. Kentish, 8 ib. 162; Sed vide Moore v. Battie, Amb. 371; Doe v. Barnard, 1 Esp. Rep. 11; Rike v. Ledwell, 5 Cop. 164; Maddock v. Rumbell, 8 Cash. 304; Clarke v. Giraud, 1 Mad. 511.

But if five per cent. be taken, it must be computed on the market price of stock at the time, and not on the sum at which it may have been purchased.

If the redemption is to be on bills of exchange being duly honoured, see post, rider (Q).

(10) If the mortgage be intended to be paid off by instalments within a given period, say,

"The sum of £

of lawful money, &c. being the

and

years interest

said principal sum of £
thereon, after the rate of five per cent. for every £100 for a
year, in the manner following, (that is to say) the sum of
part thereof on the

£

next ensuing; the further sum of £

thereof on the

year

day of

day of

now

other part

which will be in the

being the

and the further sum of £

residue and in full payment of the said sum of

on the

day of

which will be in the year

and do and shall make all the said payments without," &c. Then, &c.

months' interest for the same and also for the then remainafter the rate aforesaid, and making

ing sum of £

interest for the same and also for the then remaining sum after the rate aforesaid, and making together

of £

day of

; and the sum of

the remainder and in full of the said principal sum of

£

; and the further sum of £

for six months'

interest thereupon, after the rate aforesaid, and making

sum of £

day of

being other part thereof, on the
together with interest for the same, and

also for the remaining sum of £
the further sum of £

ing part of the said sum of £

year

up to that time;

being other and the remain

on the

day of

then next following, and which will be in the

up to that time."

If the whole principal sum be to remain upon mortgage for a Money to re

MORTGAGES next ensuing, and the further sum of £ being the said principal sum of

Mortgagor to

and one

Mortgagee in fee. other half year's interest for the same after the rate aforesaid, on the

(Concise Form.)

day of then next following (11), and which will be in the year

Security for subsequent

loans.

suing the date hereof; the like sum of £

being

one other half year's interest for the said principal sum of

the year

;

which will be in

on every then next

and

day of

day of

which will be in

and do and shall on such last mentioned day, well and truly pay, or cause to be paid, the full sum of £ being the principal sum of £

with the half year's interest which will be then due thereon." Then, &c.

And see post, rider (G.)

(11) If the mortgage be intended to secure the repayment of further sums, which may hereafter be advanced by the mortgagee, add,

“And in case the said (mortgagee) his executors or administrators, do or shall at the request of the said (mortgagor) or his heirs, advance or lend any further sum or sums of money unto or for the benefit of the said (mortgagor) or his heirs, then if he the said (mortgagor) his heirs, executors, or administrators, do and shall at or before the expiration of six calendar months next thereafter well and truly pay, or cause to be paid, unto him the said (mortgagee) his executors, administrators, or assigns, all and every such sum and sums of money, as by any writing to be indorsed hereupon, and signed by the said (mortgagor) his heirs or assigns, shall appear to be advanced to him or them by the said (mortgagee) his executors or administrators, with interest for the same, in the manner and after the rate aforesaid, to be computed from the time of

Mortgagor to concise Form.) Mortgagee in fee.

without any deduction or abatement whatsoever, MORTGAGES for or by reason of any taxes, charges, assessments, impositions, cause, matter, or thing whatsoever, [and of such last mentioned payment, do or shall give unto the said (mortgagee) his executors, administrators, or assigns, three calendar months previous notice thereof in writing under the hand or hands of the said (mortgagor) his heirs, executors, or administrators,] then and in such case the grant and release hereby made shall cease and be void to all intents and purposes whatsoever. [Or then and in such case the said (mortgagee) his heirs, executors, administrators, or assigns, shall and will at any time or times after such last mentioned payment, upon the request, and at the costs and expense of the said (mortgagor) his

such advancement, at the place hereinbefore appointed for
payment of the said sum of £
then, &c." (as in

the text.)

This clause declaring that the land shall be a security for any further sum advanced as well as that now lent, will have the effect of making any subsequent loan a part of the first transaction, and give the mortgagee a priority over any future mortgagee who shall advance money between the first and second loan of the first mortgagee, and that notwithstanding the first mortgagee shall at any time have notice of the second or intervening mortgage. See Gordon v. Graham, 7 Vin. Ab. 52, pl. 237. Unless (ex parte Herbert, 13 Ves. 183), the mortgagor commit a secret act of bankruptcy subsequently to the first loan, in which case the mortgagee cannot tack the second loan to the first, and the assignees may redeem on payment of the first loan only, except (by 46 Geo. III. c. 135) the commission did not issue till after two months from the second loan.