-that till repayment, the same shall be a charge on the premises;

-for right to assign,

and for further assurance.

any policy to be effected as aforesaid, on the first day on which the same respectively ought to be paid, and forthwith deliver the receipt for the same to the said C. D., his executors, administrators, or assigns; and that the said A. B., his executors or administrators, will, on demand, repay to the said C. D., his executors, administrators, or assigns, all monies (if any) which shall be expended by him or them in keeping on foot the said existing policy, or effecting or keeping on foot any new policy in lieu thereof, with interest thereon, at the rate aforesaid, from the time or respective times of the same having been expended; AND THAT, until such monies shall be repaid with interest, the said existing policy, and any new policy to be effected as aforesaid, and the monies to become payable under the same respectively, shall be charged with the payment thereof (a); AND THAT he the said A. B. now hath power to assign the said premises unto the said C. D., his executors, administrators, and assigns, in manner aforesaid, and free from incumbrances; AND THAT he the said A. B., his executors and administrators, and every other person claiming any estate or interest in the

(a) The two preceding covenants (except the engagement by the mortgagor to pay the premiums) may be dispensed with, if it is wished to shorten the deed, as they do little more than particularise the rules of equity. See Hodgson v. Hodgson, 2 Keen, 704; Burridge v. Row, 1 You. & Coll. N. C. 183.

sale (a).

premises, will, at all times, at his or their own cost, execute and do all such assurances and things for further or better assuring the said premises unto the said C. D., his executors, administrators, and assigns, in manner aforesaid, and for enabling him and them to recover and receive the monies assured or to become payable under the said policy or policies, as by him or them shall be reasonably required. AND IT IS Power of HEREBY DECLARED, that the said C. D., his executors, administrators, or assigns may, at any time or times after the said -day of next, without any further consent on the part of the said A. B., premises herein before expressed to be hereby assigned, or any new policy to be effected as aforesaid, either by way of surrendering the same to the office by which the same respectively has been or may be granted, or otherwise, and either by public auction or private contract, AND may execute and do all such assurances and things for effectuating any such sale, as he or they shall think fit: PROVIDED ALWAYS, and it is hereby declared, that the said C. D., his executors, administrators, or assigns, shall not execute the power of sale hereinbefore contained, until he or

sell the said policy and

(a) The 23 & 24 Vic. c. 145, referred to above, p. 129, n. (b), does not extend to mortgages of personal property, so that in mortgages of such property the power of sale must be retained.

Power not cised till events hap

to be exer

certain

pen.

I

Limitation of amount to be secured.

they shall have given to the said A. B., or left at his usual or last known place of abode, a notice in writing to pay off the monies for the time being owing on the security of these presents, and default shall have been made in such payment for calendar months after giving or leaving such notice, or until there shall be more than seven calendar months' interest due upon some principal money for the time being owing on the security of these presents. [Purchasers not to be bound to see that such events have happened. Mortgagee's receipt to be a discharge to purchasers. Trusts of the purchase-money. Power may be exercised by any person entitled to give a receipt for the mortgage-money. Mortgagee's indemnity clause: supra, pp. 146, 147.] PROVIDED LASTLY, that the total amount of money hereby secured, or to be ultimately recoverable hereupon, shall not exceed the sum of £- (a). IN WITNESS &c.

(a) The exemptions in the Stamp Act, 13 & 14 Vic. c. 97, tit. MORTGAGE, of monies advanced for the insurance of any life or lives, applies only to cases in which an estate or interest, held upon such life or lives, is granted, assigned, or assured, or an annuity is granted or secured for such life or lives, and not to the case where a policy of assurance only is made the security. The proviso in the text, however, is not necessary, as the deed will be a good security for whatever amount the ad valorem stamp will carry, and (if the proviso be omitted) the amount may be extended by increasing the stamp.

Notice of the assignment of a policy of assurance should be given to the office by which it is granted.

XLI.

MORTGAGE of an ESTATE for LIFE and a POLICY of ASSURANCE to several.

THIS INDENTURE, made the day of Parties. 18—, BETWEEN A. B., of &c. [mortgagor],

creating the

of the one part, and C. D., of &c., E. F., of &c., and G. H., of &c., [mortgagees], of the other part. WHEREAS by an indenture dated the Recital of day of and expressed to be made settlement between [parties], the hereditaments hereinafter life estate; expressed to be hereby granted, were in exercise of a power therein referred to, appointed and granted to the use of the said A. B. and his assigns during his life, without impeachment of waste. AND WHEREAS the said C. D., E. F., and G. H., have agreed to lend to the said A. B. the sum of £(a), upon having the repayment thereof with interest at the rate of £per cent. per annum, secured in manner hereinafter appearing. AND WHEREAS as part of the intended security, the said A. B. has effected an assurance on his own life in the names of the said C. D., E. F., and G. H., with the Assurance Society, by a policy dated the

Life

in the sum of

of agreemortgage;

ment for the

of policy of having been

assurance

effected.

£

Witnesseth. £

Considera

tion.

and under the annual premium of (a). Now THIS INDENTURE WITNESSETH, that, in pursuance of the said agreement, and in consideration of £ this day to the said A. B., paid by the said C. D., E. F., and G. H., the receipt, &c. [supra, p. 134], HE the said A. B. doth hereby for himself, his heirs, executors, and administrators, covenant [remainder of covenant for payment of mortgage money, ibid.] Witnesseth. AND THIS INDENTURE ALSO WITNESSETH, that, in further pursuance of the said agreement, and

Receipt.

estate.

Habendum.

for the consideration aforesaid, HE the said Grant of life A. B. doth hereby grant, bargain, sell (b), and demise, unto the said C. D., E. F., and G. H., their executors, administrators, and assigns [parcels, general words, omitting the estate clause, supra, pp. 60, 61], TO HOLD the said premises UNTO the said C. D., E. F., and G. H., their executors, administrators, and assigns, for the term of ninety-nine years, if the said A. B. shall so long Proviso for live, without impeachment of waste: PROVIDED ALWAYS, that, if the said A. B., his heirs, executors, administrators, or

redemption.

the said

day of

assigns shall, on

next, pay to the said C. D., E. F., and G. H., or the survivors

(a) When a policy is effected contemporaneously with a mortgage it is usually taken in the name of the mortgagees.

(b) The words bargain and sell will, without inrolment in this case, give the mortgagee an actual estate without entry.