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Declaration of The Trusts thereof.
Actual intent of
computed value of the said messuage, lands, and CONVEYpremises comprised in the said recited lease, is much less; and therefore, although the sanie premises are thereby absolutely conveyed to said (relessee) in discharge of the same debt, yet the actual intent and agreement of the parties hereto the parties. was and is that the same premises should be vested in the said (relessee) in order to sell the same at the end of twelve calendar months, if his said debt should not be paid to him with interest within that period, and to apply the money arising thereby as far as it will extend towards the discharge of the same, and interest; and that the said (relessor) should enter into and covenant with the said (relessee) for payment of the deficiency of such produce in manner hereinafter mentioned ; and the said recited conveyance was made absolute as aforesaid, the better to enable the said (relessee) to carry the aforesaid purpose into effect. Now THEREFORE THIS INDENTURE Declara'ijn WITNESSETH, that the said (relessor) doth hereby for himself, his heirs, executors, and administrators, covenant, promise, and agree with and to the said (relessee) his executors, administrators, and assigns, that in case the said (relessor) or his heirs shall not re-purchase the messuage, lands, and hereditaments comprised in the said indenture of release of equal date herewith according to the said proviso therein for that purpose contained, then and in such case, if the clear money to arise and be produced by the sale to be made by the said (relessee) bis heirs or assigns, of the same premises, and the rents and profits thereof, until the same shall be so sold, shall prove insufficient to satisfy and discharge the said debt or sum of
so owing to him as aforesaid, together with interest for the same after the rate of Declaration of for the Trusts
for a year, be the said (relessor) bis thereof. heirs, executors, or administrators, shall and will
within calendar months next after sale of all the same premises, well and truly pay or cause to be paid unto the said (relessee) bis executors, administrators, or assigns, so much or such part of the said debt of
and the interest there. of, as the produce of such sale, and such rents and
profits as aforesaid shall be insufficient to satisfy. Relessec
AND LASTLY, the said (relessee) doth hereby for himself, his heirs, executors, and administrators, covenant, promise, and agree with and to the said (relessor) his executors, administrators, and assigns, to render to him or them a true and faithful account of all monies to be produced by sach sale and of such rents and profits as aforesaid; and also that if such monies, rents, and profits shall prove more than sufficient to
the aforesaid debt of and the interest thereof, together with all costs and expences attending such sale, then and thereupon the said (relessee) his heirs, executors, or adıninistrators shall and will duly pay or cause to be paid the residue or surplus thereof, unto the said (relessor) his executors, administrators, or assigns., IN WITNESS, &c.
As to supporting
an Action upon (The relessor) not having re-purchased the Covenant for lands and premises according to the proviso in the precedent, No. LIV. and the time limited for that purpose having expired, (relessee) sold the same for
which sum was to have been paid last Lady Day, but the (purchaser) refuses to complete the purchase, unless (relessor) will join in the
conveyance, to which his counsel bas given an opinion he is a necessary party, (relessor) refuses to join in the conveyance, and there the matter rests.
Your opinion is desired whether (relessee)
can support an action against (relessor)
the covenant for further assurance ;
redress. I am of opinion that (relessor) is a necessary party to join in the conveyance, or at least he may reasonably be thought so, and that an action will lie for his refusal, previous to which (relessee) should render him an account of the sale and of the rents and profits agreeable to the deed of covenants, and the deed to wbich (relessor's) signature is required should be tendered for execution; and I think he ought to have the draft of it before the tender, to know if he approves it, or wishes to make any and what alterations, for which a reasonable time should be al. lowed.
DECLARATION OF TRUSTS.
For Mortgngee and Mortgagor.
Declaration of the Trusts of a Term for Mort
gagee and Mortgagor. IN TRUST NEVERTHELESS for the said (mort. gagee) his executors, administrators, and assigns, to be from time to time disposed of as be or they shall direct for the better securing the re-payment of the said sum of and the interest thereof, according to the said proviso contained in the said indenture of release and assignment bearing even date herewith, and in the mean time and subject to such disposition or dispositions as may be made thereof as aforesaid, IN TRUST AND TO THE INTENT that the remainder which shall be from time to time to come and unexpired of the said several terms, may wait upou and attend the freehold and inheritance of the said hereditaments and premises, in order to protect the same from all mesne and intervening incumbravces, if any such there barned to be assigned and disposed of as the person or persons who shail from time to time be entitled to such freehold aud iuberitance shall direct or appoint, and upon no other trust, and to and for no other intent or purpose whatever (1).
(1) I conceive this to be the proper mode of declaring & trust of a terin for a mortgagee and mortgagor, although the manner in which the draft was prepared was in the usual form; but in case of forecloure it seems to me that there might be considerable doubts whether the term attended the inheritance upon an assignment in the common form.
RE-GRANT AND RE-CONVEYANCE.
Of Annuity and
Re-grant of an Annuity and Re-conveyance (by
Indorsement) on a Deed of Grant and Con-
This INDENTURE, made, &c. BETWEEN the Parties. within named (grantor) of the first part; the within named (trustees) of the second part; the within named (trustee of a satisfied term) of the third part; and the within nained (grantees) of the fourth part. Whereas a memorial of the Recites that within written indenture, and of the bond and become void warrant of attorney therein recited, hath been neg- memorial.
for want of a fected to be inrolled pursuant to an Act of Parliament made and passed for that purpose in the seventeenth
year of the reign of his present Majesty, by reason whereof the said annuity and the several securities for the same have become void or voidable. AND WHEREAS, the sum of
Payment of the the consideration within mentioned was paid by money as with
the said (trustee of a satisfied term) to the said in. į (grantor) as within expressed, which the said
(grantor) doth hereby acknowledge, testified by bis sealing and delivering these presents. And that the said WHEREAS, the said (grantor) is desirous of grant- sirous of etfecing and well and effectually securing to the ut- said annuity. most in his power unto the said (grantees) an annuity or clear yearly rent-charge of during the lives of the within named (cestui que