XVI. CONVEYANCE of the EQUITY of REDEMPTION of PREC. XVI. PARTIES, A., vendor, 1; B., purchaser, 2. Recite mortgage Recitals. in fee from A. to C., p. 320, noticing the covenant for payment. State of mortgage debt, p. 340: AND WHAS the sd B. has Contract. contracted with the sd A. for the absolute pchase of the sd nesseth. and hereds hby granted, and the inheritance thof in fee simple, subjt to the hinbefore recited indre of mtge, and the sd principal sum of £, and the interest now due, and hereafter to accrue due thereon, which are to be borne and paid by the sd B., for the sum of £, making, with the sd principal sum of £and the sd sum of £- now due for interest, the sum of £: NOW THIS INDRE WitWITNETH that, in psuance, &c., and in conson, &c. (the rect, &c.,) and in conson also of the covenant hinafter contd on the pt of the sd B., the sd A., as beneficial owner (b), doth hby grant unto the sd B., his hrs and assigns, par- Grant. cels, p. 344, omitting general words and estate clause, see pp. 357, 359; Habendum to B. in fee, p. 359, subjt to the hinbefore recited indre of mtge, and to the paymt of the sd principal sum of £ now owing as afsd upon the secy of the same indre, and the interest now due, and henceforth to accrue due in respect thof. Covenant by B. with A. to indemnify A. against mortgage debt, p. 395. IN WITNESS, &c. (c). (a) See Elph. Introd. Conv., p. 148. See also the next Precedent. As to the stamp, see the Stamp Act, 1870, s. 73. (b) See p. 366, note; p. 406, note (e). The express covenants for title would be by A., subject to the mortgage, p. 365. (c) Notice of the conveyance should be given to the mortgagee. See Dart, V. and P., 693. PREC. XVII. Recitals. XVII. CONVEYANCE of EQUITY of REDEMPTION of LEASE- PARTIES, A., vendor, 1; B., mortgagee, 2; C., purchaser, 3. Recite lease to A., p. 325; Mortgage from A. to B., p. 320; noticing the covenant for payment; State of mortgage debt, Agreement p. 340; Contract for sale, see last Precedent, and p. 337; [AND currence of WHAS it has been arranged that the sd B. shall concur in mortgagee. these presents for the ppose of releasing the sd A. from his for con personal liability under the covenants contd in the hinbefore recited indre of mtge or otherwise for paymt of the sd mtge debt and interest, and the other covenants hinafter referred to in mner hinafter expd, in conson of the sd C. entering into the substituted covenants in that behalf Or waiver hinafter contd :] [or, AND WHAS the sd B. has, at the re Consolida- (a) On the subject of the Consolidation of Mortgages, see Dav. Prec. tion of vol. ii., part 2, 4th ed., pp. 288, et seq.; Elph. Introd. Conv., p. 231; mortgages Harter v. Colman, 19 Ch. D. 630. The right of consolidation is abolished Stamp. where the mortgages, or one of them, is made after 1881 by the Conv. Act, 1881, s. 17; but only if a contrary intention is not expressed in the mortgage deeds, or one of them, so that it cannot be certain that the mortgagee may not still have the right. If the mortgagee releases the vendor's covenant, no question of consolidation can of course arise. To complete the purchaser's protection as against a transferee of the mortgage (whether the covenant or the right of consolidation is released), notice of this deed should be endorsed on the mortgage. This deed requires an ad valorem conveyance stamp on the amount of the purchase and mortgage moneys (see the Stamp Act, 1870, s. 73), as well as an ad valorem stamp of 6d. per cent. on the mortgage money in respect of the new covenant for payment (if any) as a substituted security (see the Act, Schedule, Title, MORTGAGE), or a 10s. stamp in respect of the release of the right of consolidation, if inserted. tion. nesseth. ment. witnesseth. quest of the sd A. and C., consented to release the right PREC. XVIL which he, his hrs, exs, ads, or assigns, may now, or at any of right of time hereafter, have of consolidating any other mtge debt consolidaor secy with the sd mtge debt of £, in mner hinafter mentd]: NOW THIS INDRE WITNETH, that in Witpsuance, &c., and in conson, &c., (the rect, &c.), and in conson also of [the rele hinafter contd by the sd B.], [the covenant hinafter contained by the sd C.], the sd A., as beneficial owner (see p. 366, note; p. 406, note (e)), doth Assignhby assign unto the sd C., his exs, ads, and assigns, parcels by reference to lease, p. 347, form xvII., omitting general words and estate clause, see pp. 357, 359, habendum to C., subject to rent and covenants, p. 362, and to the mortgage, see p. 361, covenant by C. with A. to indemnify him in respect of rent and covenants of lease, p. 393 [and against mortgage debt, if not released by the mortgagee, p. 395, the latter covenant, if inserted, being amalgamated with the former]: [AND THIS INDRE ALSO WITNETH that in conson of Further the covenants on the pt of the sd C., hinafter contd, the sd B. doth hby release and absolutely discharge the sd A., his Release hrs, exs, and ads, from his and their personal liability under from mortthe covenants contd in the sd indre of mtge of &c., or gage debt. otherwise, to pay the sd mtge debt of £ or the interest thereon, and the other personal covenants by the sd A. therein contd (except the covenants [thereby implied] for title to and further assurance of the sd premes): AND IN Covenant CONSON of the premes, the sd C. doth hby covenant with the sd B., his exs, ads, and assigns, &c., Covenant for pay- mortgage ment of mortgage money and the interest thereon from the day of last, and future interest, see "MORTGAGES,' and also that he, the sd C., his exs, ads, and assigns, will duly perform and observe all the other covenants, on the pt of the sd A., in the sd indre of mtge contd (except the covenants [thereby implied] for title to and further assurance of the sd premes) ] [or, AND THIS INDRE Further FURTHER WITNETH that the sd B. doth hby, at the request of the sd A. and C., release to the sd C., his exs, Release. of vendor for pay ment of debt. witnesseth. consolida tion. PREC. XVII. ads, and assigns, all such rights as he, the sd B., his hrs, exs, ads, or assigns, may, or but for this release, might Of right of at any time or times hereafter have or exercise of consolidating any other mtge debt or secy with the sd sum of £- or the sd secy for the same, so as to charge the sd and hereds hby assigned with any sum or sums of money other than the sd principal sum of £————, and the interest thereon, from the day of last]: PROVD ALWAYS that nothing herein contd shall prejudice or affect the power of sale contd in the sd recited indre of mtge. IN WITNESS, &c. PREC. XVIII. XVIII. RELEASE of EQUITY of REDEMPTION of FREEHOLDS to the MORTGAGEE (a). VARIATION where the mortgage is kept on foot for the Purchaser's PROTECTION (b). PARTIES, A., vendor, 1; B., mortgagee and purchaser, 2. Recitals. Recite mortgage in fee from A. to B., p. 320; State of Agreement. mortgage debt, p. 340: AND WHAS the sd A. has agrd with the sd B., for the absolute sale to him of the sd hereds and premes hby assured, in conson of the sd B. releasing the sd A. from the sd sum of £- owing on the secy of the sd Purchase of equity (a) A mortgagee may purchase the equity of redemption from the mortgagor, if there is no undue pressure or unfairness in the transaction; see Dav. of redemp- Prec. vol. ii. part 1, 294, note. The power formerly possessed by a mortgagee tion by of harassing the mortgagor, and making it difficult for him to find a person mortgagee. to take a transfer of the mortgage, by refusing to produce the title deeds, has been removed by the Conv. Act, 1881, s. 16. As to keeping mort gage debt alive, (b) See Dav. Prec., vol. ii., part 1. See also Prec. X. It is considered to be beyond question that the mortgage debt may be kept alive by a simple declaration without an assignment to a trustee. See Adams v. Angell, 5 Ch. D. 634. nesseth. indre of mtge as afsd, and all interest henceforth to accrue PREC. XVIII. due thereon in mner hinafter mentd, and of the paymt by the sd B. to the sd A. of the sum of £- -, making with the sd sum of £the sum of £, [but so nevertheless that the sd sum of £ so owing on the security of the sd indre of mtge as afsd, shall be kept on foot as a subsisting charge on the sd premes for the benefit of the sd B., his hrs and assigns, in mrer hinafter appearing]. NOW THIS WitINDRE WITNETH that in psuance, &c., and in conson of the sum of £ upon the execution of these presents paid by the sd B. to the sd A., (the rect, &c.), and in conson also of the rele hinafter contd by the sd B. to the sd A. of the sd sum of £ so owing as afsd and the interest thereon, the sd A. as beneficial owner (see p. 406, note (e)), doth hby grant and rele unto the sd B., his hrs and assigns, Grant. parcels p. 344, omitting general words and estate clause, see pp. 357, 359; Habendum to B. in fee, free from equity of redemption p. 364: AND IN CONSON of the premes the sd Release of B. doth hby rele the sd A., his hrs, exs, and ads, from debt. the sd sum of £- owing on the secy of the sd indre of mtge as afsd, and all interest to accrue due thereon, and from all actions, proceedings, claims, demands, and liability in respect thof or otherwise under the sd indre of mtge: [PROVD ALWAYS, and the sd B. doth hby declare that Proviso keeping the sd sum of £, and the interest to accrue due in alive mortrespect thof, shall not merge in the equity of redemption of gage. the sd hereds and premes, but shall be considered and kept on foot as a subsisting charge on the sd premes, and be vested in the sd B., his exs, ads, and assigns, in trust for him, the sd B., his hrs and assigns, and so as to protect him and them against all mesne incumbrances, charges and estates, if any such there be.] [If the muniments of title which are in the possession of B. relate to any property retained by A. add acknowledgment and undertaking by B., p. 391]. IN WITNESS, &c. mortgage |