same premises or a competent part thereof, (b) to raise such sum or sums of money, not exceeding the sum of £ as No. XV. Mortgage in Fee by Trusts of a Will, &c. the said (trustees) should deem expedient for certain purposes Trustees under in the now reciting will expressed, and subject thereto upon certain other trusts therein declared and contained. AND the said (testator) thereby empowered the said (trustees), or other the trustees or trustee for the time being of his said will to give receipts to any purchasers or mortgagees which should effectually exonerate them from all responsibility with respect to the application of the moneys to be so paid and advanced. AND the said testator appointed the said (trustees) joint executors of his said will. 3. AND WHEREAS the said (testator) died on or about the day of Of death of testator and his will without having altered or revoked his said will, probate of which was duly proved by his said executors therein named in the Prerogative Court of the Archbishop of Canterbury on for loan. 4. AND WHEREAS the said (mortgagee), at the request of the Agreement said (trustees), has agreed to advance the sum of £ the security of the said hereditaments and premises. on ? 5. Now THIS INDENTURE WITNESSETH, that in consideration Testatum. of the sum of £ sterling, this day paid by the said (mortgagee) to the said (trustees), the receipt of which the said (trustees) do hereby acknowledge, and therefrom do release, and for ever discharge the said (mortgagee), his heirs, executors, administrators and assigns, THEY the said (trustees), DO by these presents grant, release, and confirm unto the said (mortgagee) [and his heirs], (c), ALL, &c. [DESCRIBE parcels; INSERT general words; (b) If the trustees take a term only in the property, add here " for the whole or any part of the said term of 1,000 years." (c) If the property is limited to the trustees for a term, omit words in brackets above. No. XV. Mortgage all-estate clause, (d) and all-deeds clause; ut ante, No. I., clause 5, p. 33.7 6. TO HAVE AND TO HOLD the said (short general description) and all and singular other the hereditaments and premises hereinbefore described, and hereby granted and released, with their appurtenances, unto and to the use of the said (mortgagee), [his heirs and assigns for ever,] subject to the proviso for redemption hereinafter contained. (e) [INSERT proviso for redemption, ut ante, No. I., clause 7, p. 33; and also covenant from trustees that they have done no act to incumber ; (ƒ) Vol., I. Part II., Sect. I., No. V., clause 6, p. 61.] IN WITNESS, &c. Proviso that if interest is (d) The all-estate clause must be omitted if the trustees take only a term. (e) If the trustees have only a term, substitute for words in brackets above"executors, administrators and assigns, from henceforth, for all the rest, residue and remainder of the said term of 1,000 years, excepting the last seven days thereof." (f) Where trustees are the mortgaging parties they can only be required to covenant that they have done no act to incumber. A. PROVIDED ALWAYS, AND IT IS HEREBY COVENANTED, punctually paid DECLARED AND AGREED by and between the said parties hereto, that if the said (trustees), their heirs, executors, administrators or assigns, shall on the mortgagee will not call in interest for a certain fixed sum of £ sum of £ day of pay or cause to be paid unto the said (mortgagee), his executors, administrators or assigns, the being one half-year's interest on the said principal at the rate of £ for every 1001. by the being one other half-year's day of following, year, and the like sum of £ day of the payment of the said principal sum of £ hereby secured, or No. XV. Mortgage in Fee by Trusts of a Will, &c. attempt to foreclose the equity of redemption of the said here- Trustees under ditaments and premises, or to exercise the power of sale hereinbefore contained concerning the same, in default of payment of the said principal sum and interest at the time herein before appointed for the payment thereof. AND it is hereby further covenanted, declared and agreed, that if the said (mortgagee), his heirs, executors, administrators or assigns shall at any time or times hereafter, commence or prosecute any such proceedings as aforesaid, either at law or in equity, by virtue of these presents, or any clause, matter or thing herein contained, except default shall be made by the said (trustees), their heirs, executors, administrators or assigns in payment of the interest hereby reserved at the time and in manner aforesaid, THEN and in every such case, this present covenant and proviso shall and may be pleaded in bar, and be deemed a sufficient defence and answer to any such action or suit. AND it is also hereby moreover covenanted, declared and agreed, that the said (trustees), their heirs, executors, administrators or assigns will not pay or tender unto the said (mortgagee), his executors, administrators or assigns, the said principal sum of , nor institute any proceeding in equity for the redemption of the said hereditaments and premises until the said which will be in the year 18 day of down timber for repairs. B. PROVIDED ALWAYS, AND IT IS HEREBY FURTHER DECLARED Power to cut AND AGREED, that it shall be lawful for the said (trustees), their heirs and assigns, so long as they shall remain in the possession of the said hereditaments and premises, to fell and cut down all such timber and other trees standing or growing upon the said hereditaments and premises, as they shall think proper, for the purpose of amending or repairing all or any part of the mansion-house, messuages, farm-houses, outbuildings, palings, fences, gates, posts, or stiles, or for any other purposes for which timber may be required for the necessary reparation of the said hereditaments and premises, so and in such manner, as that the same premises may from time to time, and at all times be kept in a proper and sufficient state of repair. No. XV. Mortgage in Fee by Trustees under Will, &c. C. PROVIDED NEVERTHELESS, AND IT IS HEREBY MOREOV DECLARED AND AGREED, that if the said (trustees), their heirs Trusts of a assigns, shall in any one year fell and cut down a greater quant of the said timber or trees, than will amount to the value £ all and every such cutting down to excess shall accounted as waste, and the said (trustees), their heirs or assig committing the same, shall be liable to all the penalties to wh persons committing waste are liable either at law or in equity. Proviso that power be restricted to a certain annual amount. , No. XVI. MORTGAGE IN FEE BY THE ASSIGNEES OF AN INSOLVENT BETWEEN (provisional assignee and creditors' assignee) of the first (a) The Insolvent Court, under the statute 1 & 2 Vict. c. 110, is authorized to Practical direct a mortgage instead of a sale in certain cases, where such a course would observations. be more beneficial to the interests of the insolvent and his creditors; as, in the instance of contingent reversionary interests, which, if sold immediately would fetch a small sum in proportion to what it might produce at a future period. The act above alluded to, after reciting that "certain persons whose estates Insolvent Court may, by an order under this act, have been vested in the said provisional assignee, authorized to may be entitled to annuities for their own lives, or other uncertain interests, or to direct mortgages in certain cases. reversionary or contingent interests, or to property under such circumstances that the immediate sale thereof for the payment of their debts may be very prejudicial to them, and deprive them of the means of subsistence, which they might otherwise have after payment of their debts; and it might be proper in some cases to authorize the raising of money by way of mortgage for payment of the debts, or part of the debts of such person, instead of selling the property |