Leasehold Trust to sell. Mortgagor to [PROVIDED ALWAYS (1) nevertheless, and it is MORTGAGES hereby declared and agreed between the said (mortgagor) and (mortgagee) that until some de- with Power or fault shall be made in payment of the principal or interest money intended to be hereby secured, enjoy till dehe the said (mortgagor) his executors, admini- fault. strators, and assigns, shall and may peaceably hold, possess, and enjoy all and singular the messuages and premises hereby assigned or otherwise assured, or intended so to be, and the rents and profits thereof, without any hinderance or disturbance from, or by the said (mortgagee) or any person or persons lawfully possessing any estate, right, title, or interest from, under, or in trust for him.] PROVIDED ALSO (2), and it is here- Mortgagee will by further agreed between the said (mortgagor) tice. and (mortgagee) (but as between them only, and without prejudice to any sale which may be made under these presents, or so as in anywise to affect any purchaser under the same,) and the said (mortgagee) for himself, his heirs, executors, and administrators, doth hereby covenant and declare with and to the said (mortgagor) his executors, administrators, and assigns, that notwithstanding any such default may be made as afore not sell till no other buildings, add a covenant by the mortgagor to insure them, as ante, p. 98. (1) See ante, p. 57, n. (1). (2) See ante, p. 252, n. (2). Leasehold with Power Or accept the money after notice. MORTGAGES said, yet he the said (mortgagee) his executors, administrators, or assigns, shall not nor will make Trust to sell any sale or contract for sale of the said premises, or any part thereof, nor enter into the possession or receipt of the rents or profits thereof, until he or they shall have given to the said (mortgagee) his executors, administrators, or assigns, three calendar months' previous notice in writing of his Mortgagee will or their desire or intention so to do. [AND further, that upon payment or tender to the said (mortgagee) his executors, administrators, or assigns, at or at any time after the expiration of such notice, of all principal and interest money due upon the security of the said premises, and all costs and expenses which shall have been incurred by reason of any such default as aforesaid (no sale or contract for sale of the said premises having been made or entered into by the said (mortgagee) his executors, administrators, or assigns,) he and they shall and will at the costs and charges of the said (mortgagor) his executors, administrators, or assigns, accept the same, and assign and assure all and singular the said premises unto him the said (mortgagor) his executors, administrators, and assigns, or as he or they may direct, free from all incumbrances by him the said (mortgagee) his executors, administrators, or assigns, committed or occasioned (otherwise than under the trusts of these presents) in like manner as if the same had been paid at the time firstly herein before And will reconvey to mortgagor. appointed for payment thereof (1). IN WIT- MORTGAGES NESS, &c. Leasehold with Power or Trust to sell. (1) See various provisos, &c. to be inserted when circum- Additional stances may require it, ante, p. 452, notes. clauses, &c. If the assignment be made to a trustee, instead of the mort- Trustee. gagee himself, add power to appoint new trustee in case of death, &c. as ante, p. 503. MORTGAGES Leaseholds, with Trust for Sale. No. XL. Mortgage of Leasehold Premises, with a Trust (1) (vested in a Trustee) for Sale in Default of Pay Parties. reign, &c. and] in the year of our Lord of the (a first part, (the mortgagee) of, &c. of the Power trust. Two trustees. (1) As to a power or trust for sale, see ante, p. 508. * If brevity be particularly desired, those parts of the precedent included within brackets may be omitted. (2) Two trustees are recommended in conveyances of freeholds for sale, (see ante, p. 480, n. (2)) ; the same reason, in the case there mentioned, so far as respects the security of the money to arise from the sale, holds good here, but in every other respect one only will be sufficient, as there is not any probability of the executors or administrators of the trustee being a minor-or the mortgagee himself may, as has been before observed, have the trust for sale. Leaseholds, Sule. Recitals. of the said (mortgagee) with the approbation of the MORTGAGES said (mortgagor) for the purposes hereinafter expressed) of the third part. WHEREAS, &c. (1). with Trust for AND WHEREAS the said (mortgagor) having occasion for the sum of £ hath agreed with the said (mortgagee) for the loan to him thereof, at interest, to be secured by the bond of the said (mortgagor), and such assignment of the messuages, &c. comprised in the said lease, as hereinafter is expressed. AND WHEREAS in pursuance of the said agreement, the said (mortgagor) hath this day executed a bond (2) or obligation in writing, bearing even date herewith, in the penal sum of £ conditioned to be void on payment of the said sum of £ and interest, on the day in considera of now next ensuing, in the manner therein and hereinafter expressed. Now THIS INDENTURE WITNESS, that WITNESSETH, that in further pursuance and exe- tion of the cution of the said agreement, and in consideration money lent, of the sum of £ of lawful current money (3) of that part of the United Kingdom of Great Britain and Ireland called England to the said (mortgagor) in hand well and truly paid by the said (1) Recite here the lease as in No. XXXVI.; and if the Recitals. mortgagor be an assignee of the premises, recite the assignment to him, as in p. 731, n. (1). (2) As to a bond, see ante, p. 32, n. (1). And for the form Bond. of this bond, see WILDE'S SUPPLEMENT. (3) If the consideration be a transfer of money in the funds, Loan not money or other than money paid down, see ante, p. 65, n. (3). paid down. |