respect of the said policy hereby assigned pursuant to the POLICY OF covenants and power in that behalf hereinbefore contained, ASSURANCE. then and in such case it shall be lawful for the said C. D., his executors, administrators or assigns, at any time or times thereafter, without the necessity of any further consent or concurrence by or on the part of the said A. B., his executors, administrators or assigns, absolutely to sell and dispose of the said policy, monies and premises hereby assigned, or otherwise assured, or expressed and intended so to be, or any part or parts thereof, either subject to or discharged from the said recited indenture of the

day of and the principal monies

and interest for the time being due and owing on the security of the said indenture, as he or they the said C. D., his executors, administrators or assigns, shall think proper, and either together or in lots, and either by public auction or private contract, and either with or without special conditions and stipulations relative to title or otherwise, at his or their discretion, to any person or persons whomsoever, with full power to buy in the same or any of them, at any such public auction or auctions, or to rescind the contract or contracts for the sale thereof, and to resell the same from time to time without being answerable for any loss or diminution in price: AND FOR the purpose of effectuating such sale or sales, to do, enter into and execute all such other contracts and assurances as the said C. D., his executors, administrators or assigns, shall think proper. AND IT IS HEREBY AGREED AND DECLARED, that the Receipts of receipt or receipts in writing of the said C. D., his executors, be sufficient administrators or assigns, as well for any money assured by, discharges. or to become payable in respect of the said policy of assurance hereby assigned, as also for all money to arise from any such sale or disposition or otherwise payable to him or them, under or by virtue of these presents, shall effectually discharge and relieve the person or persons to whom the same shall be given, and all persons claiming under him, her or them, from being answerable or accountable for the misapplication or non-application, or from being in anywise bound to see to the application of the money therein respectively mentioned to be received, and that the purchaser or purchasers of the said premises or any part thereof, at any such sale or

mortgagee to

POLICY OF sales as aforesaid, shall not be obliged to inquire whether such ASSURANCE. default has been made as aforesaid, or otherwise as to the

of trust as to

monies arising from sale.

necessity or propriety of any sale or disposition which may be made by virtue of these presents, and shall not be affected by express or implied notice that no such default has been made as aforesaid, or that such sale or disposition was unneDeclaration cessary and improper. AND IT IS HEREBY DECLARED, that the said C. D., his executors, administrators and assigns, shall hold the monies which shall arise from any such sale or sales as aforesaid in the first place to pay, retain and satisfy unto himself or themselves the costs and expenses attending such sale or sales, and all other expenses to be incurred in the execution of the said power of sale or relating thereto, or other the trusts or powers hereinbefore contained, and in the next place to retain, pay and satisfy unto the said C. D., his executors, administrators or assigns, all and singular the monies which shall then be due and owing on the security of these presents; and then upon trust to pay the surplus (if any) of the said monies so to arise as aforesaid unto the said A. B., his executors, administrators or assigns, or as he or they Provision in shall direct: PROVIDED ALWAYS AND IT IS HEREBY DECLARED, that in case, at the time of such sale or disposition as aforesaid, charged from any principal monies or interest shall be due and owing on the security of the said recited indenture of the

case policy should be sold dis

prior mort

gage.

day of and under such power of sale or disposition, the said policy and premises shall be sold discharged from the same principal monies and interest respectively, then and in such case the monies arising from such sale or disposition as aforesaid, which shall remain after payment of such costs and expenses as aforesaid, shall be applied in the first place in or towards payment and discharge of all such principal monies and interest respectively, anything hereinbefore contained to the contrary in anywise notwithstanding. [Power of sale not to deprive mortgagee of right to foreclose, supra, p. 203]. PROVIDED NEVERTHELESS, that the total amount of the principal money secured or to be ultimately recoverable, under or by virtue of these presents, shall not exceed the sum of £. PROVIDED money to be ALWAYS that the said C. D., his executors, administrators or recoverable. assigns, shall not incur any responsibility to the said A. B., his

Amount of

principal

ASSURANCE.

not to be

executors or administrators, by reason of the neglect or delay POLICY OF of the said C. D., his executors, administrators or assigns, or any of them, to call for or enforce payment of the monies Mortgagee which shall become payable by virtue of the policy of as- obliged to surance hereinbefore assigned or any part thereof, any rule of ment of law or equity to the contrary notwithstanding. IN WITNESS, monies. &c.

enforce pay

assurance

No. XLV.

A POLICY

MORTGAGE of LEASEHOLDS and of a POLICY of OF LEASE-
ASSURANCE to Two Persons, who make the Advance HOLDS AND
as TRUSTEES; POWER of SALE; COVENANTS for
not calling in, and for not paying off for a definite PERSONS.
Period.

THIS INDENTURE, made the

of &c., and E. F., WHEREAS by an day of

day of

TO TWO

BETWEEN Parties. A. B., of &c., [mortgagor], of the one part, and C. D., of &c., [mortgagees], of the other part: indenture of lease, bearing date the Recite lease. and made, or expressed to be made, between G. H. of the one part, and the said A. B. of the other part, for the considerations therein mentioned, ALL, &c. [parcels, as contained in the lease], and their respective appurtenances, were demised by the said G. H. unto the said A. B., his executors, administrators and assigns, from the day of then last past, for the term of years, at the yearly rent of £ and under and subject to the covenants, conditions and agreements in the said indenture of lease contained: AND WHEREAS by a policy of assurance, bearing date the day of, and numbered -, the said A. B. effected an Assurance

Policy of

assurance.

assurance on his life, in his own name, in the Office, in the sum of £, at or under the annual premium of £: AND WHEREAS the said A. B., having occasion for Agreement for mortgage. the sum of £- hath requested the said C. D. and E. F. to

A POLICY

OF LEASE- advance and lend him the same, which they the said C. D. and HOLDS AND E. F. have consented and agreed to do, on having the repayment thereof, and the interest thereof at the rate hereinafter PERSONS. mentioned, secured in manner hereinafter mentioned: NOW First witnes- THIS INDENTURE WITNESSETH, that in pursuance

TO TWO

sing part. Consideration.

of leaseholds.

of the aforesaid agreement, and in consideration of the sum of £- to the said A. B. paid by the said C. D. and E. F., on or immediately before the execution of these presents, the receipt whereof he the said A. B. doth hereby admit and acknowledge, and of and from the same and every part thereof doth acquit, release and discharge the said. Underlease C. D. and E. F., and each of them, and their and each of their heirs, executors, administrators and assigns for ever by these presents, he the said A. B. by these presents doth demise and lease unto the said C. D. and E. F., their executors, administrators and assigns, ALL AND SINGULAR the messuage or tenement, piece or parcel of land, hereditaments and premises comprised in and demised by the said recited indenture of lease, and the rights, easements and appurtenances to the said hereditaments and premises respectively belonging: To HAVE AND TO HOLD the said messuage or tenement, piece or parcel of land, hereditaments and premises hereinbefore demised, or expressed and intended so to be, unto the said C. D. and E. F., their executors, administrators and assigns, for all the residue and remainder now to come of the said term of

To hold to

mortgagees.

Second witnessing part.

years (except the last ten days of the said term) subject to the proviso for redemption hereinafter contained: AND THIS INDENTURE ALSO WITNESSETH, that in further pursuance of the aforesaid agreement, and for the considerations aforesaid, he the said A. B. by these presents doth assign and set over unto the said C. D. and E. F., their executors, Assignment administrators and assigns, ALL THAT the said hereinbefore recited policy of assurance, and the said sum of £— thereby assured, and all other monies, bonuses, benefits and advantages to be had, recovered, or obtained under or by virtue of the said policy, AND ALL THE ESTATE, right, title, interest, property, claim and demand whatsoever, both at law and in equity, of him the said A. B., of, in, to, out of, or upon the said policy, monies and premises hereinbefore assigned, and every of them,

of policy and monies

A POLICY
TO TWO

mortgagees

and every part thereof, TOGETHER WITH FULL POWER and OF Leaseauthority to ask, demand, sue for, recover and receive, and HOLDS AND give effectual acquittances, releases and discharges for the said sum of £- and other monies in the name or names of the PERSONS. said A. B., his executors or administrators, To HAVE, HOLD, to hold to RECEIVE AND TAKE the said policy of assurance, monies and absolutely. premises herein before assigned, or expressed and intended so to be, unto the said C. D. and E. F., their executors, administrators and assigns, absolutely, subject nevertheless to the proviso for redemption hereinafter contained: PROVIDED ALWAYS Proviso for and it is hereby agreed and declared between and by the said A. B. and the said C. D. and E. F., and the true intent and meaning of them and these presents nevertheless is, that if the said A. B., his heirs, executors, administrators or assigns, shall well and truly pay or cause to be paid to the said C. D. and E. F., or the survivor of them, or the executors or administrators of such survivor, their or his assigns, the sum of £ with interest for the same, at the rate of £5 for £100 by the year (a), on the day of now next ensuing, without any deduction or abatement whatsoever out of the said sum of

or the interest thereof, for or in respect of any present or future taxes, charges, assessments or impositions whatsoever (except the property or income tax), then and in such case they the said C. D. and E. F., or the survivor of them, or the executors or administrators of such survivor, their or his assigns, shall and will at any time after such payment shall be so made as aforesaid, upon the request and at the costs and charges of the said A. B., his executors, administrators or assigns, assign the said messuage or tenement, piece or parcel of land, hereditaments, policy, monies and premises, hereby demised and assigned, or otherwise assured, or expressed and intended so to be, unto the said A. B., his executors, administrators or assigns, or as he or they shall in that behalf order or direct, free from all incumbrances whatsoever, made, done, or committed

redemption.

(a) In this part of the instrument it is better to provide for the Form of payment of the money at the end of six or twelve months, and to proviso. stipulate by a separate proviso that the mortgagor shall not be compelled to pay off for a given time.