No. II. SHORT FORM OF FURTHER CHARGE TO BE INDORSED UPON BETWEEN (mortgagor), of, &c., of the one part, and (mortgagee), of, &c., of the other part. also an arrear 2. WHEREAS the principal sum of 1,500l. secured by the within- Recital that principal money written indenture, is still owing from the said (mortgagor) to the is still due, and said (mortgagee), and also an arrear of interest amounting to the of interest, and sum of 3001, as the said (mortgagor) doth hereby testify and also of agreeacknowledge, the repayment of which said last-mentioned sum it charge. hath been agreed between the said (mortgagor) and (mortgagee) shall be secured by way of further charge upon the hereditaments ment for further (a) Although as a general rule interest cannot be made payable upon interest, Although ineven where there is an express agreement to that effect (Wat. Con. edit. Merri- terest cannot be field, 261; Thornhill v. Evans, 2 Atk. 330), still there is nothing to prevent reserved upon parties, on an account stated between them, from making interest then due to interest, yet such carry interest from the time of the settlement (Bonham v. Riley, 2 Bro. as is actually C. C. 2); for when such interest has accrued due it becomes a debt, and as due may be converted into such may be made the subject of a mortgage security, and carry any rate of legal principal, and interest the parties may agree upon: (Brown v. Barkham, 1 P. Wms. 652; may then carry Kelly v. Bellew, 4 Bro. P. C. 495; Bickman v. Cross, 2 Ves. 471.) interest. No. II. and premises comprised in the within-written indenture of Short Form of mortgage. further Charge to be indorsed upon Mortgage Deed for securing an Arrear of Interest. Testatum, by which mortgagor further charges mort gaged premises with further advance. 3. Now THIS INDENTURE WITNESSETH, that in pursuance of the said recited agreement, and in consideration of the premises, the said (mortgagor) DOTH by these presents covenant and declare with and to the said (mortgagee), his executors, administrators and assigns, that all and singular the hereditaments and premises comprised in the within-written indenture, with their appurtenances, shall from henceforth be charged with and be a security unto the said (mortgagee), his executors, administrators and assigns, not only for the repayment of the said principal sum of 1,500l thereby secured, and interest as therein expressed, but also for the said sum of 300l. now due to the said (mortgagee) as aforesaid, and interest thereon at the rate of 51. for every 100%. by the year, to be computed from the day of the date of these presents; AND that the same hereditaments and premises, or any part thereof, shall not be redeemed or redeemable, either at law or in equity, until full payment to the said (mortgagee), his executors, administrators, or assigns, as well of the said sum of 300l. and interest hereby secured, as also of the said sum of 1,500l, so secured thereon as aforesaid. [HERE INSERT declaration that powers of sale in original mortgage shall extend also to further charge; and also covenant for payment of principal and interest secured by way of further charge; and for further assurance, as in last precedent, clauses 6, 7, 8, pp. 323, 324.] IN WITNESS, &c. No. III. MORTGAGE BY WAY OF FURTHER CHARGE TO SECURE EXIST- 1. Parties. 2. Recital of surrender or copyholds to mortgagor's use. 3. That principal is still due, together with an arrear of interest. 4. Also that money has been from time to time advanced to mort gagor, who requires a stil lfurther 5. Testatum, by which mortgagor 6. Covenant to surrender copyholds 7. Proviso for redemption. 1. THIS INDENTURE, made the day of A.D. 18 BETWEEN (mortgagor) of, &c., of the one part, and (mortgagee) of, &c., of the other part. WHEREAS [HERE RECITE original mortgage, ut ante, No. I., clause 2, p. 320.] › Parties. 2. AND WHEREAS at a Court Baron for the manor of B., in the Recital of surrender of (a) Although as a general rule a mortgagee who makes a further advance, Practical after a notice of a puisne incumbrance is postponed until that incumbrance is observations. satisfied, still this rule only holds where the original mortgage is for a fixed and stated sum; for where a mortgage is made to secure future advances, a subsequent loan in pursuance of those terms would have a priority over a second mortgage, notwithstanding the first mortgagee had express notice of the puisne mortgage at the time he made his further advance: (Gordon v. Graham, 2 Vin. Abr. 52; Vernon v. Bethell, 2 Eden, 110; Coote Mort. 513.) No. III. way of further Charge to secure existing Debts, county of C., on the day of the said (mortgagor) was Mortgage by admitted tenant of the copyhold hereditaments and premises hereinafter described. To HOLD the same with the appurtenances unto the said (mortgagor), his heirs and assigns for ever, at the and a further will of the lord, according to the custom of the said manor, subject to the rents, heriots, suits and services therefore due and of right accustomed. Sum advanced to the Mort gagor on the execution of the Mortgage, &c. copy holds to 3. AND WHEREAS the said principal sum of 1,500l., together mortgagor's use. with the sum of 751. for an arrear of interest, is now due to the That principal, said (mortgagee), upon his said hereinbefore recited mortgage with an arrear of interest is still security. due. Also that money has been from time to time advanced to further advance. 4. AND WHEREAS the said (mortgagor) is further indebted to the said (mortgagee) in the sum of 225l. for money lent and mortgagor, who advanced by the said (mortgagee) to the said (mortgagor), at various still requires a times. AND WHEREAS the said (mortgagor) hath also requested the said (mortgagee) to lend him the further sum of 2004, which the said (mortgagee) has agreed to do on having the whole of the moneys so due to him as aforesaid, as also the said sum of 2001 intended to be now advanced, secured by way of further charge on the freehold hereditaments and premises, and by a mortgage of the said copyhold hereditaments and premises in manner hereinafter appearing. 5. NOW THIS INDENTURE WITNESSETH, that in pursuance of the said agreement, and in consideration of the said sum of 1,500 so due and owing from the said (mortgagor) to the said (mortgagee) as aforesaid, as also in consideration of the said sum of 751. so now due for interest as aforesaid; also in consideration of the said sum of 2251. so due and owing from the said (mortgagor) to the said (mortgagee), for moneys so lent and advanced as aforesaid; and also in consideration of the sum of 2001. sterling paid by the said (mortgagee) to the said (mortgagor) on the execution hereof, the receipt of which said last-mentioned sum of 2007., and that the said several sums of 75l. and 2257., as well as the said sum of 1,500l. are still due and owing from the said (mortgagor) to the said (mortgagee), the said (mortgagor) doth hereby acknowledge and therefrom DOTH acquit, release, exonerate, and for ever discharge the said (mortgagee), his heirs, executors, administrators No. III. Mortgage by way of further Charge to secure existing Debts, and a further Sum advanced to the Mortgagor on the execution of the Mortgage, &c. surrender use. 6. AND THIS INDENTURE FURTHER WITNESSETH, that for the Covenant to considerations aforesaid, and for the more effectually securing the copyholds to repayment of the said several sums of 1,500l., 75l., 225l, and mortgagor's 2001, making together the sum of 2,000l. and interest, HE the said (mortgagor) doth hereby for himself, his heirs, executors and administrators, covenant [CONTINUE covenant from mortgagor to surrender copyholds to mortgagee's use, and in the meantime to stand possessed thereof in trust for mortgagee, ut ante, Section IV., No. III., clauses 3, 4 and 5, pp. 202 to 204.] 7. PROVIDED ALWAYS, that if the said (mortgagor), his heirs, Proviso for redemption. executors, administrators or assigns, shall on the day of next, pay unto the said (mortgagee), his executors, administrators or assigns, the full sum of 2,000l. sterling, together with interest for the same, at the rate of 51. for every 100% by the year, without deduction, THEN the said (mortgagee), his heirs or assigns, will, at the request and costs of the said |