FREEHOLDS AND LEASEHOLDS. Power of sale. On a sale of the freeholds by the executors or administrators of a surviving mortgagee, his heirs to convey the legal estate. AND IT IS HEREBY further provided and declared, that if default shall be made in payment of the said principal sum of £—, or the interest thereon, or any part thereof respectively, at the times herein before appointed for the payment of the same respectively, it shall be lawful for the said N. O., P. Q. and R. S., or the survivors or survivor of them, or the executors or administrators of such survivor, their or his assigns, at any time or times after such default shall have been so made, without any further consent on the part of the said L. M., his heirs, executors, administrators, or assigns, to make sale and dispose of the said mansion-house or messuage, land, ground, hereditaments, and premises herein before released and assigned respectively, or expressed and intended so to be, or any part or parts thereof, either together or in parcels, and either by public auction or private contract, with full power upon any such sale or sales to make any stipulations as to title or evidence of title or otherwise, which they or he shall deem necessary; AND ALSo, with full power to buy in the same premises, or any part or parts thereof, at any sale or sales by public auction, or to rescind any contract or contracts for the sale of the same premises or any part thereof, and to re-sell the premises which shall have been so bought in, or as to which any contract or contracts for sale shall have been rescinded as aforesaid, without being responsible for any loss which may be occasioned thereby; AND THAT for the purposes aforesaid or any of them, it shall be lawful for the said N. O., P. Q., and R. S., or the survivors or survivor of them, or the executors or administrators of such survivor, their or his assigns, to make and execute, or cause to be made and executed all such agreements, deeds, conveyances, assignments, and assurances, as they or he shall think fit; AND IT IS HEREBY also agreed and declared, that, upon any sale or sales which shall be made of the said hereditaments and premises hereinbefore released, or expressed and intended so to be, or any of them, under the power of sale hereinbefore contained, by the executors or administrators of the survivor of them, the said N. O., P. Q., and R. S., or by any other person or persons, who may not be seised of the legal estate in the premises to be sold, the heirs of such survivor, or any other person or persons in whom the legal estate of the same premises, or any part thereof shall be vested, shall make such conveyances and assurances of the same, for the purpose of carrying the sale thereof into effect, as AND LEASEHOLDS. Power not to be exercised till certain events have the person or persons by whom the sale shall be made shall FREEHOLDS direct (ƒ): PROVIDED ALSO, and it is hereby agreed and declared, that the said N. O., P. Q., and R. S., or the survivors or survivor of them, or the executors or administrators of such survivor, their or his assigns, will not and shall not execute the power of sale hereinbefore contained, unless and until they or he happened. shall have previously given a notice in writing to the said L. M., his heirs, executors, administrators, or assigns, to pay off the monies which, for the time being, shall be due on the security of these presents, or left a notice in writing to that effect at the office of- in and default shall have been made in payment of such monies or some part thereof, for the space of six calendar months from the time of giving or leaving such notice, or unless and until some half-yearly payment of interest, which shall become due on the security of these presents, or a part of some such halfyearly payment, shall have become in arrear for the space of three calendar months after the day on which the same shall become due: PROVIDED Also, and it is hereby agreed and declared, that upon any sale, purporting to be made in pursuance of the aforesaid power in that behalf, the purchaser or purchasers shall not be bound to see or inquire whether either of the cases mentioned in the clause or provision lastly hereinbefore contained has happened, or whether any money remains due on the security of these presents, or as to the necessity or expediency of the stipulations, subject to which such sale shall have been made, or otherwise as to the propriety or regularity of such sale, and notwithstanding any impropriety or irregularity whatsoever in any such sale, the same shall, as far as regards the safety and protection of the purchaser or purchasers, be deemed and taken to be within the (f) If the mortgage of the leaseholds had been by demise, the following clause would have been inserted here; see infra, Vol. III. p. 550, n. (h). "AND THAT after any sale or sales shall have been made under the said power of sale of the said hereditaments and premises hereinbefore assigned, or expressed and intended so to be, or any of them, he the said L. M., his executors, administrators, and assigns, shall and will stand and be possessed of and interested in the said last days of the said term of years upon trust for the purchaser or pnrchasers of the premises comprised in the said term hereby granted, and to assign and dispose of the same as such purchaser or purchasers shall direct." Purchaser not to be bound to see that such events have happened. FREEHOLDS AND LEASEHOLDS. mortgagees to be discharges. Trusts of the purchasemoney. aforesaid power in that behalf, and to be valid and effectual accordingly, and the remedy of the said L. M., his heirs, executors, administrators, or assigns, in respect of any breach of the clause or provision lastly hereinbefore contained, or of any impropriety or irregularity whatsoever in the said sale, shall be in damages Receipts of the only; AND IT IS HEREBY also agreed and declared, that upon any such sale as aforesaid, the receipt or receipts in writing of the said N. O., P. Q., and R. S., or the survivors or survivor of them, or the executors or administrators of such survivor, their or his assigns, for the purchase-money of the premises to be sold, shall be an effectual discharge or effectual discharges to the purchaser or purchasers for the money therein respectively expressed to be received, and that such purchaser or purchasers, after payment of his or their purchase-money, shall not be concerned to see to the application of such money, or be answerable for any loss, misapplication, or non-application thereof; AND IT IS HEREBY further agreed and declared, that the said N. O., P. Q., and R. S., and the survivors and survivor of them, and the executors and administrators of such survivor, their and his assigns, shall hold all and singular the monies which shall arise from any sale which shall be made in pursuance of the aforesaid power in that behalf, upon the trusts following, (that is to say) UPON TRUST in the first place by, with, or out of the same monies, to reimburse themselves or himself, or pay or discharge all the costs and expenses attending such sale or sales, or otherwise to be incurred in or about the exercise of the said power of sale, or in anywise relating thereto, or otherwise in respect of the premises; and, in the next place, upon trust to apply such monies in or towards satisfaction of all and singular the monies, which for the time being shall be due or owing on the security of these presents, and then upon trust to pay the surplus (if any) of the said monies, which shall arise from any such sale as aforesaid, unto the said L. M., his executors, administrators, or assigns, for his and their proper use and benefit, and as personal estate (g); AND IT IS HEREBY also agreed and declared, that the aforesaid power of sale shall and may be exercised by any person or persons who, for the time being, shall be Power to be (g) As the property is partly freehold, and partly leasehold, and will probably be sold at one entire price for all, the duty of apportioning the surplus must not be thrown on the mortgagees. Hence, the whole surplus is directed to be paid as personal estate. See infra, Vol. III. p. 477, n. (p). FREEHOLDS AND LEASEHOLDS. Mortgagees not to be liable for involuntary losses. entitled to receive and give a discharge for the monies which, for the time being, shall be due or owing on the security of these presents: PROVIDED ALWAYS, and it is hereby agreed and declared, that the said N. O., P. Q., and R. S., or any of them, their or any of their executors, administrators, or assigns, shall not be answerable or accountable for any involuntary losses which may happen in or about the exercise or execution of the aforesaid power and trusts, or any of them: PROVIDED ALSO, and it is hereby Power of sale lastly agreed and declared, that the aforesaid power of sale or anything herein contained shall not in anywise prejudice or affect the right of the said N. O., P. Q., and R. S., or of the survivors or survivor of them, or of the heirs, executors, or administrators of such survivor, their or his assigns, to foreclose the equity of redemption of the premises aforesaid, or of the unsold part thereof for the time being. IN WITNESS &c. not to affect the right of foreclosure. IV. MORTGAGE of an ESTATE for LIFE, and of POLICIES OF LIFE ESTATE of Assurance on the LIFE of the MORTGAGOR. AND POLICIES. THIS INDENTURE, made, &c., BETWEEN A. B., of &C.; Parties. [mortgagor] of the one part, and C. D., of &c., [mortgagee] of the other part. WHEREAS, under and by virtue of the last will and Recital of mortgagor's title to his life day ⚫ testament of X. Y., late of &c., deceased, bearing date the of the agreement for the mortgage; secured in manner hereinafter appearing; AND WHEREAS, as part of of the mort OF LIFE ESTATE the said intended security, the said C. D. hath effected an assurance on the life of the said A. B. with the Life Assurance Society, AND POLICIES. gagee having effected one assurance on the life of the mortgagor; -and a second. Witnesseth. Receipt. Covenant by the mortgagor for payment of principal and interest. Witnesseth further grant and demise. Parcels. by a policy of assurance, bearing date the day of in the sum of £, and at or under the annual premium of £ ; AND WHEREAS, as further part of the said intended security, the said C. D. hath effected an assurance on the life of the said A. B., with the Life Assurance Society, by a policy of assurance, bearing date the day of numbered and at or under the annual premium of £: NOW THIS INDENTURE WITNESSETH that, in further pursuance of the said agreement, and in consideration of the sum of £ to the said A. B., at or immediately before the sealing and delivery of these presents, paid by the said C. D., (the receipt of which said sum of £- - the said A. B. doth hereby acknowledge, and of and from the same, and every part thereof, doth acquit, release, and discharge the said C. D., his heirs, executors, administrators, and assigns for ever, by these presents): He, the said A. B. doth hereby, for himself, his heirs, executors, and administrators, covenant with the said C. D., his executors and administrators, that he the said A. B., his heirs, executors, or administrators shall and will pay, or cause to be paid unto the said C. D., his executors, administrators, or assigns, the sum of £and the sum of £- as and for one year's interest for the same, at the rate of £ for £100 for a year, making together the sum of £ in the parts, shares, and proportions following, namely, the sum of £, being half-a-year's interest for the said sum of £- at the rate aforesaid, on the next ensuing the date of these presents, which will be in the year 18-, and the sum of £thereof, being the whole of the said principal sum of £another half-year's interest for the same, at the rate aforesaid, on the then next following, which will be in the year 18-, without any deduction or abatement whatsoever for or in respect of any taxes, charges, rates, assessments, or impositions whatsoever: AND THIS INDENTURE ALSO WITNESSETH that, in further pursuance of the said agreement, and for the consideration aforesaid, He, the said A. B. doth, by these presents, grant, bargain, sell, and demise unto the said C. D., his executors, administrators, and assigns, ALL and every the manors or lordships of &c., AND ALL and every the capital and other day of - day of the residue and |