COVENANT TO Witnesseth, -that parcels and property described, COLLATERAL agreed, that the repayment thereof, with interest after the SECURITY— rate aforesaid, should be secured by such further charge as INSURE LIFE. is hereinafter contained; and that the said A. B. should enter into such covenant as is hereinafter contained for effecting and keeping on foot a policy or policies of assurance on the life of him the said A. B., in the name or names of the said C. D., his executors, administrators, or assigns, and such other covenants in relation to such policy or policies as are hereinafter contained, and that the said policy or policies, and the monies to be thereby assured, should be held and applied upon and for the trusts, intents, and purposes hereinafter declared and contained of and concerning the same: NOW THIS INDENTURE WITNESSETH, that, in pursuance of the said agreement in this behalf, and for the considerations aforesaid, the said A. B. doth hereby for himself, his heirs, executors, and administrators, covenant with the said C. D., his executors and administrators, that ALL THAT, &c., [first parcels], (being the piece of land herein before referred to as the hereditaments firstly hereinafter particularly mentioned), together with the easements, rights, and appurtenances thereunto belonging, AND ALSO ALL the estate and interest whatsoever of him the said A. B., of and in the manor, &c., [second parcels], (all which said manor, messuages, farm, and lands are the hereditaments hereinbefore referred to as the hereditaments secondly hereinafter particularly mentioned, and a rental or particular of all which said lastmentioned premises is annexed by way of schedule to these presents), and also of and in their rights, easements, and appurtenances, AND ALSO ALL and singular the policies of assurance on the life of him the said A. B., mentioned in the said several indentures of the day of, &c., [enumerating the recited securities], and the monies to become payable under or by virtue of the same respectively, AND ALSO ALL and singular other the premises (if any) in the said indentures, or any of them, mentioned and comprised, and the monies to arise from any sale or sales to be effected under any of the powers of sale in the said indentures respectively contained, or otherwise howsoever, of the said premises or any of them, shall (but subject and SECURITYCOVENANT TO INSURE LIFE. shall, subject to the existing securities, be a collateral security for the mort gage debt. without prejudice to the said herein before recited securities, COLLATERAL so far as the same respectively comprise or affect the said premises or any of them, be and remain as a further security to the said C. D., his executors, administrators, and assigns, for, and be charged and chargeable with, the repayment of the said sum of £1,500, and interest after the rate aforesaid, according to the proviso and covenant for payment thereof in the said indenture of even date herewith contained (b): AND THIS INDENTURE Witnesseth, ALSO WITNESSETH, that, in pursuance of the said agreement in this behalf, and for the considerations aforesaid, 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. shall and will, at his own costs, at any time or times during the continuance of the security intended to be hereby made, upon the request of the said C. D., his executors, administrators, or assigns, effect a policy or policies of (b) It is usual to effect a mortgage upon an equity of redemption, by conveyance, with a proviso for redemption, as in the case of a legal mortgage. This custom is owing partly to abundant caution, apprehensive that the legal estate may perchance not have passed by the prior mortgage, and partly to the convenience of dealing with the security in its accustomed shape. If, for instance, there is to be a power of sale in the second mortgage, it is more convenient, perhaps, to have the proviso for redemption to refer to, although it would seem that a reference to the covenant which there must be for the payment of money would be quite as effective. But when (as in the case in the text) there are several prior mortgages, so that there cannot be the slightest doubt of the legal estate having passed by some of them, and no power of sale is required, all that is required is an equitable security; and such a security may be well and effectually made by means of a covenant in the shape of that in the text. It should be understood, too, that although this method is not very common, it may be safely used in any mortgage of an equity of redemption, and its simplicity and conciseness are evidently strong recom mendations of its more frequent use. Of course, if the charge be intended as a primary security, a covenant must be added for payment of the mortgage-money and interest. In the precedent in the text, and in the last precedent, covenants are added for a right to charge and for further assurance, but they are not of much use and may be omitted if conciseness is required. The observation with regard to notice, supra, p. 597, n. (a), must be borne in mind. further covenant by the mortgagor when required to insure his life. Morgage of an equity of redemption. COLLATERAL SECURITY- COVENANT TO -and to keep on foot the po licies effected. -and do all necessary acts for enabling the mortgagee ment of the money. assurance in the name or names of the said C. D., his executors, administrators, or assigns, in any sum or sums not exceeding in the whole the sum of £- and on the life of him the said A. B., in any office or offices which the said C. D., his executors, administrators, or assigns, shall select, and shall and will, at the like costs of him the said A. B., make all such appearances and answers, and procure all such certificates and other documents, and do all such other acts and things as shall be necessary or expedient for effectuating such policy or policies; AND SHALL AND WILL, during the continuance of this present security, from time to time, duly and punctually pay or cause to be paid all such annual premium or premiums, and other sum or sums of money (if any), as shall from time to time become payable for keeping on foot the said policy or policies of assurance so to be effected on the life of the said A. B., as and when such premium and premiums, sum and sums of money, shall become payable, and shall and will make such payments at least ten days before the last day on which the same respectively must be paid, in order to keep the said policy or policies on foot, and shall and will forthwith deliver the receipt for every such payment to the said C. D., his executors, administrators, or assigns, and shall not nor will at any time, during the continuance of the security intended to be hereby made, do, commit, or suffer any act or thing whereby it may happen that the said policy or policies cannot be effected, or whereby the same, having been effected, may be vitiated or become void or voidable, or the said C. D., his executors, administrators, or assigns, may be prevented or hindered from recovering or receiving the money intended to be thereby respectively assured, or any part thereof; AND SHALL AND WILL, from time to time and at all times hereafter during the continuance of the security intended to be hereby made, upon the to receive pay request of the said C. D., his executors, administrators, or assigns, but at the cost of the said A. B., his executors or administrators, make, do, and execute, or cause to be made, done, and executed, all such further and other acts, deeds, matters, and things whatsoever, for enabling the said C. D., his executors, administrators, and assigns, to obtain COLLATERAL SECURITYCOVENANT TO INSURE LIFE. any advances made by the payment of and receive the monies to be assured by the said policy or policies of assurance, or any of them, as by the said C. D., his executors, administrators, or assigns, or his or their counsel in the law, shall be reasonably advised or devised and required; AND FURTHER, THAT, if and to repay the said C. D., his executors, administrators, or assigns, shall at any time or times hereafter advance or pay, or cause to mortgagee. be advanced or paid, any sum or sums of money, for effecting the said policy or policies of assurance or any of them, or in or towards the payment of the said annual premiums, or any such other sum or sums of money for keeping the said policy or policies of assurance or any of them on foot as aforesaid, then and in such case, and whenever the same shall happen, he the said A. B., his executors, administrators, or assigns, shall and will, from time to time, on demand, pay or cause to be paid to the said C. D., his executors, administrators, or assigns, all and every such sum and sums so to be advanced or paid as last aforesaid, with interest for the same respectively after the rate aforesaid from the time or respective times of the same having been advanced or paid; AND THAT in the and that, till meantime, and until such sum or sums of money shall be paid, with interest as aforesaid, all and singular the premises herein before charged, or expressed and intended so to be, and the said policy or policies of assurance to be effected in pursuance of the aforesaid covenant in that behalf, and all and singular the monies to become payable under or by virtue of the same policies or any of them, shall stand and be charged with the payment as well of such sum or sums of money, and the interest thereon, as of the said sum of £ and interest (c). [Declaration of Miscellaneous trusts of policies and of the money assured, supra, p. 620. clauses and coCovenants by A. B. with C. D., his executors, administrators, and assigns, for right to charge-and for further SO (c) With respect to the advantages and disadvantages of including the policy of assurance in the collateral security, see supra, p. 623, n. (e). Some remarks on the object and utility of the covenants relating to policies of assurance will be found, supra, p. 610, n. (a), and p. 615, n. (c). repayment, such advances shall be a charge on the mortgaged premises. venants. COLLATERAL SECURITY INSURE LIFE. assurance, supra, p. 623, mortgagee's receipt clause, -- COVENANT TO Supra, p. 616,- indemnity clause and limitation of the amount to be secured, supra, pp. 617 and 624]. IN WITNESS &c. THE SCHEDULE to which the above-written indenture refers. ATTENDANT TERM IN TRUST FOR MORTGAGEES. Parties. Recitals. LXIX. ASSIGNMENT of an ATTENDANT TERM in THIS INDENTURE, made &c. BETWEen A. B., of &c., [assignor], of the first part; C. D., of &c., [mortgagor], of the second part; E. F., of &c., [mortgagee], of the third part; and G. H., of &c., [mortgagee's trustee], of the fourth part: [Recitals of the creation of the term and of the subsequent devolution of the freehold and the term in the same manner as on the assignment in trust for a purchaser, supra, Precedents LI. and LII., recital of the mortgage deed, see infra, Precedent LXX., and of the desire of the mortgagee that the term should be assigned, see supra, p. 456]: NOW THIS INDENTURE WITNESSETH, &c. [assignment Habendum. of the term, see supra, pp. 456 and 461], TO HAVE AND TO HOLD the said and hereditaments, and all and singular other the premises hereinbefore assigned, or expressed and intended so to be, unto the said G. H., his executors, administrators, and assigns, IN TRUST for the said E. F., heirs and assigns, and to assign and dispose of the same as he or they shall from time to time direct or appoint, and in the meantime upon trust to permit the residue of the said term of years to wait upon and attend the freehold and inheritance of the premises therein comprised, and to protect the same from all mesne incumbrances, if any such there be, but subject as to the said term of years to the In trust. his |