1434 Ecclesiastical Leases.-Leases for lives (1170), or for any term not exceeding twenty-one years, granted by any ecclesiastical persons or corporations, are chargeable with a duty, irrespective of rent, of thirty-five shillings only.

TENANT RIGHT.

1435. What is called "tenant right" is a custom or covenant which becomes tantamount to a lease for lives (1170) whereby the lease is perpetually renewable or transferable at the will of the tenant on specified conditions, with or without the payment of certain fines.

1436. Prevalent in Ireland.-In Ireland, tenant right has been customary to such an extent, that one-seventh of all the land in that country is estimated to be let on leases which are renewable or transferable at the option of the lessee; and

1437. Cause of Violence.-The great contrast in the status of a lessee, who holds under a renewable lease, as compared with that of a yearly tenant, has led to that jealousy and violence on the part of the latter in Ireland; but,

1438. Only a Custom.—It appears that tenant right, where it does prevail, is not sanctioned by law unless there is an express agreement for renewal, duly recorded in a binding and effectual legal document; hence,

1439. Only upon Honour.—A landlord who grants a farm lease subject merely to a vague custom of renewal, is not legally bound to renew, unless he is good-natured enough to honour the custom of his ancestors; and thus,

1440. Prior to 1870.-The only security of tenure which the Irish tenant had previously to 1870, was the exercise of such personal terror and indirect compulsion as he could covertly bring to bear towards enforcing the custom; but,

1441. Since 1870.-By the Irish Land Act of 1870, Irish tenant right is placed on a different basis of statutory provisions; though, 1442. Partial Recognition in England.-Tenant right, as partially prevalent in the north and west of England, is only customary, and as such is not legally binding upon the landlord.

BUILDING LEASES.

1443. During the last hundred years the great demand forhouses in the neighbourhood of London and the largest, towns of the

M

kingdom, has extensively introduced the system of building leases, subject to what is called a ground rent.

1444. Mode of Initiation.-The initiation of a building lease is usually an engagement by a builder, on his part, to erect certain buildings upon a plan and under the superintendence of the lessor's architect; and the lessor covenants, on his part, to grant a lease for (usually) 99 years, as soon as the roof is fairly on the buildings covenanted for.

1445. Variable Covenants.-The nature and extent of covenants in building leases are infinitely various, according to the cupidity or carelessness of the lessor, the vigilance of his lawyer, and the capacity of his architect.

UNIFORM BUILDINGS.

1446. In addition to a reservation in building leases of superintendence by the lessor's architect, there is generally a covenant to the effect that the houses shall be of a certain class, as, for instance, "four third-rate messuages or tenements of uniform structure and appearance, and of the value of £850 each at the least; and also fifty fourth-rate messuages or tenements, on the other part of the said ground, as referred to on the plan.”

FREE RIGHT OF SALE.

1447. One of the essential requirements of a building lease is that the builder, who almost invariably builds on speculation, shall have the right of selling or assigning the lease; hence, also,

1448. Copies of Documents.—It is usually reserved in a building lease that in the event of the original lessee assigning his title, either by sale or mortgage, copies of all the documents shall be furnished to the lessor, within (say) three months after their execution.

HEAVY LIABILITIES.

1449. As building leases invariably stipulate that the lessee shall build, complete, and keep in repair the buildings covenanted for, a mortgagee of unfinished buildings may become liable to finish them; and

1450. Responsibilities of Purchasers.-Whoever buys a building lease after the buildings are nominally completed, takes all the future responsibility of making good defects, maintenance, and repairs;

and

1451. Compulsory Observance of Covenants.-Every building lease contains a proviso that the lessor may re-enter and recover

possession if the rent is at any time in arrear for (say) twenty-one days, or if any other covenant be broken; while,

END OF BUILDING LEASES.

1452. Upon the expiration of a term of building lease, the whole Property reverts to the lessor's descendants, and the lessee last in Jossession is bound to deliver up, in more or less good repair, cording to the stringency or otherwise of the original covenants.

REPAIRING LEASES.

1453. The urgency of modern requirements for house accommoon, has led to a further application of the principle of building cases, in what are called repairing leases.

1454. Covenants to Restore.-When a house has fallen into decay, has, from its ancient construction, become unadapted for the Sccupation of a desirable tenant, it is a common thing for such case to be let on a lease which binds the lessee to restore or dernize the house; therefore,

1455. Resemblance to Building Leases.-All the points to be served by both parties to a repairing lease, exactly correspond to se required in a building lease.

FARMING LEASES.

1456. The great demand for good agricultural land has enabled tern landlords who are disposed to grant leases of farms, to ct most stringent covenants from their tenants; therefore, 1457. Unqualified Covenants.-Most farmers are bound, under alified covenants, to hold their farms subject to conditions e different from those required or expected in any other case. 1458. Game. The law sanctions and sustains covenants in leases ecting game, that the lessee shall refrain from taking it, and 4 the lessor shall be at liberty to enter upon the farm to take the e at any reasonable time.

1459. Usual Farming Covenants.

Farming leases usually tant for conditions as to mode of cultivation and management; instance, that the lessee shall :—

1460. Cultivate according to the custom of the neighbourhood; 1451. Not plough or convert into tillage more than half the farm ; 1452. Keep the remaining half in grass;

1463. Not mow more than once a year;

454. Not have more than twenty acres of coleseed or trefoil; 1465. Not sow garlic;

1466. Not allow more than two successive crops of white corn; 1467. Lay down pasture after every second crop of white corn; 1468. Not to carry away grass, hay, or straw;

1469. To use or consume all grass, hay, and straw upon the farm ;

1470. Apply the dung of cattle in a prescribed manner;

1471. Leave one-third of tillage in fallow the last year of lease; 1472. Not make alterations.

UNLIMITED VARIETY OF FARMING COVENANTS. 1473. There is no limit to the number of covenants and conditions which may be legally imposed upon the lessee of a farm; and

1474. Farming Interests.-Whether covenants in a farming lease are beneficial or detrimental to good farming, he is absolutely bound by them, and forfeits his lease upon any material infringement.

MINING LEASES.

1475. Nothing requires more care in entering upon than a mining lease, as the circumstances of the case will always impose obligations entirely unknown in any other department of human affairs; consequently,

1476. Peculiar Covenants.-Mining leases necessarily contain covenants as to the existing mines, and the mode of working, or as to commencing mining operations, as the case may be.

SURFACE RENT.

1477. The rent arising out of a mining lease is usually reserved upon the area, or, as it is called, "surface rent:" and

ROYALTY.

1478. Most mining leases are subject to "royalty," a term understood as applying to a rateable charge, in the nature of rent, upon the produce of the mine.

1479. Metals and Minerals.-Royalty is almost universally charge able upon mines of metals and minerals, including coal; and

1480. Brick Fields.-The system of royalty commonly applies to the results of brick making where the clay is procured on the spot and

1481. Quarries and Sand Pits.-Quarries of stone and pits o sand and gravel are usually chargeable with rent in the nature o royalty.

MORTGAGE.

1482. A mortgage is described in legal phrase as a redeemable estate or right, which one person has in the property of another, for securing the payment of an existing or intended debt or charge.

UNIVERSALLY APPLICABLE.

1483. Mortgage may be effected upon any kind of property, either real or personal; but,

1484. Personal Property.-Personal property under mortgage, especially of late years, is usually referred to as being subject to a bill of sale () or pledge" (), which, though really a mortgage, under another name, is not what is popularly understood by the term; for,

1485. Security upon Land.—A mortgage, in the more important sense of the word, is a security upon land; and

CHATTELS REAL.

1486. Mortgages upon land come under the head of chattels real, from which point of view they are here exclusively treated; for,

DISTINCTION FROM PERSONALTY.

1487. Chattels real, though in a sense personal property, are surrounded by so many conditions peculiar to property in land, that mortgages upon land should not be mixed up with more considerations of securities arising out of strictly personal property, which are subject to several very different laws.

1488. It is authoritatively stated that more than half the lands of Great Britain are encumbered by mortgage.

SPONTANEOUS MORTGAGE.

1489. When land is sold, and the whole of the purchase-money is Let paid, a mortgage arises spontaneously; for,

1490. Lien upon Land.-When a vendor of land receives only 2 portion of the stipulated purchase-money, he has, without any special deed to that effect, an equitable lien upon the property in perpetuity, for the balance unpaid, with the interest; and

1491. Nature of Lien.-An equitable lien upon real property has all the force and effect of a formal mortgage (1512).

1492. Interest Impliedly Chargeable.-The interest chargeable upon an equitable lien, is four per cent. at the least.