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Of MORTGAGES.

MORTGAGE is "where one who has borrowed a fum of money of another, grants to the lender an estate, &c. to hold till repayment of the money borrowed, and as a pledge or fecurity for fuch re-payment." The ufual condition of the pledge is, that if the mortgagor repay to the mortgagee the sum lent, on a certain day mentioned in the deed, the mortgagee shall re-convey the estate to the mortgagor, the legal consequence of which is, that unless the money be paid on the day specified, the estate becomes absolutely and unconditionally vested in the mortgagee.

Immediately on the execution of the deed, the mortgagee is entitled to take poffeflion of the estate; but as he is liable to be difpoffefsfed on payment of the money by the borrower on the day limited in the deed, it is customary in practice for the parties to agree that the mortgagor shall continue in poffeffion till failure of the condition, when he may, (though he seldom does) enter upon the lands, &c. as his own rightful estate, and which is at law abfolute and indefeasible. But as it frequently happens, that a necessitous borrower is induced

to pledge lands, &c. of confiderable value for the loan of a finall fum of money, Courts of Equity have long assumed the jurifdiction of compelling the mortgagee to restore the estate on being tendered within a reasonable time his principal, interest, and expences. The time, which, according to the general run of cafes on this subject has been deemed reasonable, is twenty years, after which, a court of equity will feldom interfere. And by 4 & 5 Wil. & Mar. " if a person mortgages his eftate without previously informing the mortgagee in writing, of any prior mortgage, or incumbrance, which he may have voluntarily brought upon the estate, the mortgagee shall hold the estate as an abfolute purchaser, free from the equity of redemption of the mortgagor."

A mortgage may be either in fee, or for a term of years, but the latter is now, most generally adopted, in order that in case of the mortgagee's death, the estate may vest in his personal representatives, who, in either cafe, will be entitled to receive the mortgage money; and a very long term of years, is evidently, when the estate is of sufficient value, as good a security as the fee itself.

See more relative to the extenfive head of Mortgages, 3 Wood Conv. 334. Lil. Conv. 415. 2 Black. Com. 157. Pow. Mortg. paffim. and Co. Lit. 208. (a)

* A mortgage in fee to secure £-- and interest, with covenant to levy a fine to bar dower.

THIS indenture made &c. between A. B.

of, &c. and C. his wife, of the one part, and E. F. of, &c. of the other part, Witneffeth, that for and in confideration of the fum of of lawful money of Great Britain, to the faid A. B. well and truly paid by the faid E. F. at or before the sealing and delivery of these presents, the receipt whereof he the faid A. B. doth hereby acknowledge, and thereof, and therefrom, and from every part thereof doth acquit, releafe, exonerate, and for ever difcharge the faid E. A. his heirs, executors, administrators, and affigns, and every of them by these presents, He the faid A. B. Hath granted, bargained, fold, aliened, released, and confirmed, and by these prefents Doth grant, bargain, fell, alien, release, and confirm unto the faid E. F. (in his actual possession now being, by virtue of a bargain and fale for one whole year to him thereof made by the faid A. B. by indenture, bearing date the day next before the day of the date of these presents, and by force of the statute made for transferring uses into poffeffion) and to his heirs All, &c. and all ways, waters, watercourses, easements, profits, privileges, commodities, advantages, emoluments, hereditaments and appurtenances whatsoever, to the faid messuages, lands, tenements, hereditaments, and premises belonging or in any wife appertaining, or therewith or with any part or parcel thereof, usually held, used, occupied or enjoyed, or accepted, reputed, deemed, taken, or known as part, parcel, or member thereof, or of any part thereof. And the reverfion and reversions, remainder and remainders, yearly and other rents, issues, and profits thereof, and of every part and parcel thereof; and all the estate, right, title, interest, trust, property, claim and demand whatsoever, both at law and in equity of him the faid A. B. of, in, to, or out of the fame premises, every or any part or parcel thereof. And all deeds, evidences, and writings whatfoever, in the custody or power of the faid A. B. which concern or relate to the faid premifes hereby granted and released, or any part or parcel thereof, folely and alone, and true and attested copies of all fuch other deeds, evidences and writings in the cuftody or power of the faid A. B. which concern or relate to the fame premises, or any part or parcel thereof jointly, with any other lands, tenements, or hereditaments, fuch copies to be tranfcribed and taken at the costs and charges of the faid A. B. To have and to hold the faid messuages, lands, tenements, hereditaments, and all and fingular other the premises hereby granted and released, or mentioned and intended fo to be, and every part or parcel thereof, with their and every of their appurtenances unto the faid E. F. his heirs and affigns, To the only proper use and behoof of the faid E. F. his heirs and affigns for ever, subject nevertheless to such provifo or con

Covenant

dition for redemption of the said premises as hereinafter is mentioned and contained. And to levy a for the better and more effectually fecuring the fine to bar payment of the faid fum of £ - together dower. with lawful interest for the fame unto the faid E. F. his executors, administrators, and assigns, in manner hereafter mentioned, and for extinguishing the dower and title to dower of the faid C. the wife of the faid A. B. of, in, and to the faid messuages, lands, hereditaments and premises so granted and released; and for fettling, conveying, and affuring the fame, To and for the several uses, estates, intents and purposes hereinafter limited and declared of and concerning the fame, he the faid A. B. doth hereby for himself, his heirs, executors, and administrators, and for the faid C. his wife, covenant, promife, and grant, and she the faid C. doth confent and agree to and with the faid E. F. his heirs and affigns, that they the faid A. B. and C. his wife shall and will at the costs and charges of him the faid A. B. in Hilary Term now next, or fome other subsequent term, acknowledge and levy in due form of law in his Majesty's Court of Common Pleas at Westminster, before the justices of the fame Court, unto the faid E. F. and his heirs one fine fur conuzance de droit come ceo, &c. with proclamations to be thereupon had according to the statute in that cafe made and provided, and according to the usual course of fines with proclamations for assurance of messuages, lands, tenements, and hereditaments in the faid court, of all and fingular the hereinbefore mentioned and intended to be hereby granted and released messuages, lands, tenements, hereditaments, and premises, by such apt and fit names, descriptions, quantities, and qualities of land,

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