OF MORTGAGES OF ESTATE..

A

MORTGAGE (mortuum vadium, or dead pledge) is a pledge or pawn of lands, &c. on account of money borrowed, or for fome debt otherwife contracted, and is moft ufually made by way of leafe for a long term of years, by affignment of fome temporary intereft or by leafe and releafe in fee, that is to fay, made as an estate of inheritance to the perfon it is pledged to, who is called the mortgagee, whilft on the other hand the pledgor is termed the mortgagor. It is an inftrument or deed made on condition, that until failure in payment of principal and intereft due, the mortgagor is to poffefs and enjoy the lands, &c. mortgaged; and though failure be made, he and his reprefentatives have a right to redeem the mortgage, which in law is termed the equity of redemption. Lit. 332. Although as foon as an estate is created, the mortgagee may immediately enter on the lands, the ufual way agree that the mortagor fhall hold the land till the day affigned for payment: when in cafe of failure, whereby the estate becomes abfolute, the mortgagee may enter upon it and take : poffeffion without any poffibility at law of being executed by the mortgagor, to whom the land is now forever dead. Blackft. Com. When a mortgagee fhall have received full fatisfaction and payment of the fum really due to hinì by mortgage, he fhall, at the requeft of the mortgagor, acknowledge and caufe fuch fatisfaction and payment to be entered in the margin of the record of fuch mortgage in the register's office, and shall fign the fame, which fhall forever after discharge fuch mortgage, and perpetually bar all actions that may be brought. Maff Laws.

thereon.

1

is to

Real estates conveyed or pledged by mortgage are redeemable on payment of the monies borrowed thercon, with intereft, or performing the condition on which the fame was mortgaged or conveyed, (deducting the rents and profits) the mortgagee or any under him, may have received over and above the repairs and improvements made by him, unless ·

the mortgagee, or perfon claiming under him, hath by procefs of law, or by open and peaceable entry, made in the prefnce of two witneffes, taken actual poffeffion thereof, and ontinued that poffeffion peaceably three years.. Ibid..

A Mortgage of an Estate, in Fee.
[See under Deeds, page 104.]

A Mortgage by indenture of a Meffuage, &c. for

the one part, and C. D. of, &c. of the other part, witneeth, That the faid A. B. for and in confideration of the fum of dollars to him in hand paid by the faid C. D. at or before the fealing or delivery of these prefents, the : receipt whereof he the faid A. B. doth hereby acknowledge, hath granted bargained and fold, and by thefe prefents doth grant, bargain and fell unto the faid C. D. his execu.. tors, administrators and affigns, All that meffuage, &c. (Here defcribe the premises after the manner before defcribed in leafes.) And alfo the reverfion and reverfions, remainder and remainders, rents, iffues and profits of all and fingular he faid premises, and of every part and parcel thereof, with the appurtenances To have and to hold the faid meffuage, &c. and premises above mentioned, and every part and parcel thereof, with the appurtenances, unto the faid C. D. his executors, adminiftrators and affigns, from the day before the day of the date of these presents, for and during, and ! unto the full end and term of five hundred years from thence next enfuing and fully to be complete and ended; yielding and paying therefor yearly during the faid term, at or upon day of one pepper corn, if demanded : Provided, and these prefents are upon this condition and it is the true intent and meaning hereof, and of the faid parties hereunto, that if the faid A. B. his heirs or affigns, do and fhall well and truly pay, or caufe to be paid, unto the faid C. D. his executors, administrators or affigns the full fum of

the

with legal intereft for the fame, on or...

before the day of next enfuing the day of the date hereof, without any deduction, defalcation, or abatement whatsoever for or by reafon of any taxes, affeffments or impofitions whatfoever, either ordinary or extraordinary, already impofed or hereafter to be impofed on the faid premi fes, or any part thereof, that then and from thenceforth thefe prefents, and every matter and thing herein contained, fhall: ceafe, determine, and be utterly null and void to all intents and purposes; any thing herein contained to the contrary thereof in any wife, notwithstanding. And the faid A. B. for himself, his heirs, executors and adminiftrators doth covenant promife, grant and agree, to and with the faid C. D. his executors, administrators and affignis, that the faid A. B. his heirs, executors or adminiftrators, fhall and will well and truly pay, or cause to be paid unto the faid C. D. his execcutors, adminiftrators or affigns, the faid fum of, &c. with legal intereft for the fanie, on or before the faid

day of next, without any deduction, as aforefaid, according to the true intent and meaning of these presents : And alfo, that he the faid C. D. his executors, › administrators and affigns fhall and may at all times, after default fhall be made in payment of the said sum of, &c. and intereft, or any part thereof. at the time herein before limited for payment thereof, peaceably and quietly have, hold, occupy, poffefs and enjoy all and fingular the faid meffuage, &c. and other the premises, above granted, bargained, and fold, or mentioned or intended fo to be, with the appurtenances as aforefaid, for and during all the reft, refidue and remainder of the faid term of five hundred years which fhall be then to come and unexpired, without the let, fuit, hindrance, moleftation, interruption, or eviction of him the faid A. B. his heirs and affigns,, or of any other perfon or perfons whatfoever, lawfully claiming or to claim by, from or under him them or any of them: And further, that he the faid A. B. and his heirs, and all and every other person and perfons having or lawfully claiming any right, title or intereft in or to the faid premifes, or any part or parcel thereof by, from or under him or them, fhall and will, after default fhall be made in payment of the faid fum, &c. and interest, or any part thereof, as aforefaid make, do and execute, or caufe or procure to be made, done and executed all and every fuch further and other lawful and reasonable act and

ed and released premises now are and be, and at all times from and after default fhall happen to be made of or in payment of the faid fum of, &c. and intereft aforefaid, or any part thereof, fhall forever be, remain and continue free and clear, and freely and clearly acquitted and discharged of and from all manner of former and other gifts, grants, mortgages, judgments, charges or incumbrances whatfoever, heretofore made, committed, done or fuffered by him the faid A. B. And that the faid C. D. his heirs and affigns, fhall and may from time to time, and at all times after any fuch default shall happen to be made in payment of the faid fum of, &c. and intereft as aforefaid, or any part thereof, peaceably and qui etly have, hold, occupy, poffefs and enjoy, all and fingular the faid premifes, with the appurtenances, and every part and parcel thereof, without the let, hindrance, molestation, interruption or disturbance of him the faid A. B. his heirs or affigns, or of any other períon or perfons, lawfully claiming or to claim by, from or under him, them, or any of them; and further, that he the faid A. B. his heirs and affigns, and all and every other perfon and perfons having or lawfully claiming any eftate, right, title or intereft of or in the faid hereby granted and releafed premises, or any part thereof, fhall and will at any time or times after fuch default made in payment, as aforefaid, make and execute, do and fuffer all fuch further and other acts, matters, things, devices and affurances inthe law whatfoever, for the further and better conveying and affuring of all and fingular the premises, with the appurtenances hereby granted unto him the faid C.D. his heirs and affigns, to the only proper ufe and behoof of the faid C.D. his heirs and affigns forever, abfolutely freed and discharged of and from the provifo or condition herein before contained, and of and from all equity of redemption by virtue or colour thereof, according to the true intent and meaning of these prefents, as by the faid C. D. his heirs or affigns, or his or their counfel learned in the law fhall be reasonably advised, devised or required. And lastly, it is covenanted and agreed upon, by and between both the faid parties to these prefents, and it is hereby declared to be the true intent and meaning hereof, and of the parties hereunto, that until default fhall be made in payment of the faid fum of, &c. and legal interest for the fame as aforefaid, according to the time above limited for payment thereof, it fhall and may be lawful to and for the

faid A. B. his heirs and affigns, peaceably and quietly to have, hold, occupy, poffefs and enjoy all and fingular the faid premifes above granted and released, and every part thereof, with the appurtenances, and to have, receive, and take the rents, iffues and profits thereof, to his and their own particular use and benefit; any thing herein contained to the contrary thereof in any wife, notwithstanding. In witnefs, &c.

TH

A Mortgage of Goods.

HIS indenture made, &c. between H. J. of, &c. of the one part, and K. L. of, &c. of the other part, witneeth, That the faid H. J. for and in confideration of the fum of, &c. to him in hand well and truly paid by the faid K. L. at or before the fealing and delivery of these prefents, the receipt whereof the faid H. J. doth hereby acknowledge, and thereof, and therefrom doth acquit, release, exonerate and forever discharge the faid K. L. his heirs, executors and adminiftrators, and every of them by these prefents, hath granted, bargained and fold, and by thefe prefents doth grant, bargain and fell unto the faid K. L. his executors, administrators and affigns, All and fingular the goods, furniture and household stuff herein after particularly mentioned and expreffed (that is to fay) one, &c. (here infert fully an account of all the goods mortgaged.) To have and to hold all and fingular the faid goods, &c. herein before granted, bargained and fold, or mentioned or intended fo to be unto the faid K. L. his executors, adminiftrators and affigns, to the only proper use and behoof of the faid K. L his executors, adminiftrators and affigns forever: Provided always, and these prefents are upon this condition, that if the faid H. J his executors or adminiftrators, fhall and do well and truly pay or caufe to be paid unto the faid K. L. his executors, adminiftrators or affigns the full fum of, &c. with legal intereft for the fame, on or before the day of then, and in fúch cafe, thefe prefents, and every matter and thing herein contained, thall ceafe, determine and be utterly void to all intents and purpofes; any thing herein. contained to the contrary thereof in any wife notwithstanding. And the faid H. J. for himself, &c. [Here infert a covenant for payment of the money borrowed, according to the directions laid down in the preceding mortgages.] And the

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