XXIII.

CONVEYANCE of an EQUITY OF REDEMPTION (a).
THIS INDENTURE, made the

18—,

day of

BETWEEN V. of, &c. [vendor], of the one part, Parties. and P. of, &c. [purchaser], of the other part;

the

mortgage

WHEREAS by an indenture of mortgage dated Recital of day of, 18-, and expressed to be (particumade between the said V. of the one part and lar form). M. of the other part, in consideration of the sum of £250 paid by the said M. to the said V., the said V. covenanted with the said M. for payment to the said M., his executors, administrators, or assigns, of the principal sum of £250 with interest for the same at the rate therein mentioned on the -day of -, 18-, then next, and in case of default in payment of the said principal sum on the day aforesaid, for payment to the said M. his executors, administrators, or assigns, thereafter of interest on the said principal sum half-yearly as therein mentioned. And by the same indenture the hereditaments hereinafter assured were conveyed by the said V., unto and to the use of the said M., his heirs and assigns, subject to a proviso for the redemption

(a) See Elph. Introd. 127; Edwards, 343; Goodeve, 201, 218; Wms. 530.

C.P.C.

4

State of

debt.

thereof upon payment to the said M., his executors, administrators, or assigns, of the sum of £250 with interest for the same as aforesaid;

AND WHEREAS there is now owing to the said mortgage M. on the security of the said indenture of mortgage the principal sum of £250, with the sum of £5 for interest thereon, making together the sum of £255.

Contract for sale.

Witnesseth.

Grant.

Haben

AND WHEREAS the said P. has contracted with the said V. for the absolute purchase of the hereditaments hereinafter assured and the inheritance thereof in fee simple subject to the herein before recited indenture of mortgage, and the said principal sum of £250 and the interest now due and hereafter to accrue due thereon, which are to be borne and paid by the said P., for the sum of £300, making with the said principal sum of £250 and the said sum of £5 now due for interest the sum of £555;

NOW THIS INDENTURE WITNESSETH that, in pursuance of the said agreement and in consideration of the sum of £300 now paid by the said P. to the said V. (the receipt whereof the said V. doth hereby acknowledge), and in consideration also of the covenant on the part of the said P. hereinafter contained, the said V. as BENEFICIAL OWNER doth hereby GRANT unto the said P., his heirs and assigns,

ALL THOSE [parcels],

TO HAVE AND TO HOLD the same UNTO AND

1

ject to

TO THE USE OF the said P., his heirs and assigns, dum, subSUBJECT to the hereinbefore recited indenture of mortgage. mortgage, and to the payment of the said principal sum of £250 now owing as aforesaid upon the security of the said indenture of mortgage and the interest now due and henceforth to accrue due in respect thereof;

mortgage

AND the said P. doth hereby covenant with the Covenant by pursaid V., his executors and administrators, that chaser to he the said P., his heirs, executors, administrators, vendor indemnify or assigns, will pay to the said M., his executors, against administrators, or assigns, on such payment being debt. lawfully demanded, the said principal sum of £250 so owing on the security of the said recited indenture of mortgage as aforesaid, and the interest now due and henceforth to accrue due in respect thereof, and will at all times keep the said V., his heirs, executors, and administrators effectually indemnified against the same, and every part thereof, and all actions, proceedings, costs, charges, claims, and demands whatsoever in respect thereof.

PROVIDED ALWAYS that, if the said V., his heirs, executors, or administrators, shall be called upon to pay and shall pay the said principal sum of £250 and interest or any part thereof respectively, the money so paid by him or them with interest thereon at the rate of £5 per cent. per annum from the time of payment thereof shall be and the same is hereby made a charge upon the

said

hereditaments and premises hereby assured for the benefit of the said V., his heirs, executors, and administrators.

IN WITNESS, &c.

Recital of seisin of mortgagor

-or agree

mortgage.

XXIV.

MORTGAGE in fee of FREEHOLDS (a).

THIS INDENTURE, made the 1st day of July, 1892,

BETWEEN A. of, &c. (hereinafter called the mortgagor), of the one part, and M. of, &c. (hereinafter called the mortgagee) of the other part;

WHEREAS the mortgagor is seised of the hereditaments hereby mortgaged for an estate in fee simple in possession free from encumbrances;

AND WHEREAS the mortgagee has agreed with ment for the mortgagor to lend him the sum of £1,000 upon having the repayment thereof with interest at the rate hereinafter mentioned secured in manner hereinafter appearing:

Witnesseth.

NOW THIS INDENTURE WITNESSETH that, in pursuance of the said agreement and in consideraConsidera- tion of the sum of £1,000 now paid by the

tion.

mortgagee to the mortgagor (the receipt whereof

(a) As to mortgages, see Elph. Introd., Ch. vi., p. 142; Edwards, Ch. ii., p. 183; Goodeve, Ch. vii., p. 187; Wms. 527.

for pay

the mortgagor doth hereby acknowledge), the mortgagor hereby COVENANTS with the mortgagee Covenant to pay to him on the 1st day of January next (a) ment of the sum of £1,000 with interest thereon in the principal meantime at the rate of £5 per cent. per annum, interest; computed from the date hereof;

and

interest

AND also so long as any principal money shall of remain due under these presents after the said after 1st day of January next to pay to him interest default. thereon at the rate aforesaid, by equal halfyearly (b) payments on the 1st day of July and the 1st day of January in every year;

nesseth,

AND THIS INDENTURE ALSO WITNESSETH that, Witin further pursuance of the said agreement, and secondly. for the consideration aforesaid, the mortgagor As BENEFICIAL OWNER (c), doth hereby GRANT unto Grant of the mortgagee,

lands.

ALL THAT [parcels]

TO HAVE AND TO HOLD the same UNTO and Habendum.

(a) The day fixed is generally six months from the date of the mortgage.

(b) Sometimes the interest is made payable quarterly. (c) These words imply absolute covenants for title by virtue of Conv. Act, 1881, s. 7 (1) (C). The express covenants for title formerly inserted in a mortgage were similar in form to the covenants given above, p. 3, n., but with the omission of the qualifying words ("notwithstanding anything by the said [covenantor] or any of his ancestors done or knowingly suffered ") so that they were absolute covenants against the acts and defaults of the whole world and against paramount titles or incumbrances: see Elph. Introd. 174; Goodeve, 221, 377; Elph. N. & C. Interp., p. 473.