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PRECEDENT IV.

SALE OF

BREWERY BY

EXECUTOR AND

TRUSTEE.

19. On payment of purchase

13. Upon payment by the purchaser to the vendor, or other the trustees or trustee aforesaid, of the whole of the said purchase-money, rents, and interest at the respective times, and in manner herein before mentioned and appointed for payment thereof, the said vendor or other the trustees or trustee aforesaid, shall (unless the money conveyance same shall have been conveyed pursuant to the 8th conto be executed by specified parties dition hereinbefore contained,) execute a proper conveyonly. ance and assignment of, or shall otherwise well and effectually assure all the said premises herein before agreed to be sold to the purchaser; and such of the said parties thereto other than the purchaser, as shall then be living shall, if required, join in the said conveyance, assignment, and assurance, for the purpose of confirming the same, and if sui juris, of covenanting in the usual manner for title; but no other person (save and except the mortgagee or mortgagees thereof, if any such there be), shall be required to join or concur in any such convey. ance, assignment, or assurance, and the receipt of the vendor, or other the trustees or trustee aforesaid, shall sufficiently discharge the purchaser from and shall be the only receipt or discharge he shall be entitled to receive or demand in respect of the said purchase-money and interest.

20. Purchaser to mortgage certain lands and life policies to secure part of purchase-money.

14. In order to secure the payment by the purchaser of the purchase-money and interest, and of the whole of the debts and liabilities of the said business, and of the costs, charges, and expenses by these presents agreed to be paid by him, the purchaser, and all other necessary parties (if any), shall at any time hereafter so long as any of such purchase-money, interest, debts, liabilities, costs, charges, and expenses, respectively shall remain unpaid upon the request and to the satisfaction of the vendor, or other the trustees or trustee aforesaid, but at the cost of the purchaser, assure and assign all the hereditaments, the particulars whereof are specified in the schedule to these presents, with their respective rights, easements, and appurtenances (subject only to the incumbrances now affecting the same respectively, as

SALE OF BREWERY BY EXECUTOR AND TRUSTEE.

mentioned in the said schedule), and also the policies of PRECEDENT IV. assurance specified in the same schedule, to the use of and unto the said A. B., his heirs, executors, administrators, and assigns, according to the tenure and nature thereof, and by way of mortgage to an amount not exceeding £- of principal moneys for securing the payment of the said purchase-money, interest, debts, liabilities, costs, charges, and expenses, or so much thereof respectively as shall for the time being remain unpaid, and such mortgage shall contain a power of sale and all such covenants, provisoes, and clauses as the vendor or other the trustees or trustee aforesaid shall require.

gage, property to

be charged.

15. In the meantime, and until the said mortgage 21. Pending exeshall be executed, the said scheduled hereditaments with cution of morttheir rights, easements, and appurtenances, and the said policies of assurance shall be and remain a security, to the amount of the said sum of £ principal money, to the vendor, or other the trustees or trustee aforesaid, for, and shall, to such amount, stand charged and chargeable with the payment to him or them of the said purchasemoney, interest, costs, charges, and expenses, and every part thereof respectively, and be charged as an indemnity to him and them against the payment of the said debts and liabilities, or any part thereof.

insure.

16. The purchaser shall from time to time, so long 22. Purchaser to as the said sum of £, or any part thereof, shall remain unpaid, at his own costs and expenses, insure and keep insured from loss or damage by fire in some respectable public office or offices of insurance in England, in the name of the vendor, the aforesaid brewery, maltkiln, buildings, and plant, in the sum of £ at the least, and all the messuages and buildings comprised in the said schedule, in the sum of £ at the least, and will at all times duly and regularly pay the premiums and duty in respect of the said insurances, and also the premiums and duty in respect of the two life assurances specified in the said schedule hereto, as and when the same shall respectively become due and payable, and produce and

SALE OF BREWERY BY EXECUTOR AND TRUSTEE.

PRECEDENT IV. deliver to the vendor the receipts for the annual premium and other sums respectively payable in respect of every such insurance ten days at the least before the respective times for paying the same respectively shall expire, and in case of the vendor failing or neglecting to do so it shall be lawful for the vendor to pay all, or any sum or sums of money for effecting or keeping on foot every such insurance as aforesaid, and to retain and reimburse himself out of the rents and profits of the premises hereby agreed to be sold, and out of any other moneys which may come to his hands by the sales next hereinafter authorised or otherwise under or by virtue of these presents, all such moneys as he may from time to time have so paid, together with interest thereon at the rate of 5 per cent. per annum, from the time or respective times of paying the same.

23. Power of re

sale on default by

or bankruptcy of money of £

purchaser, &c.

17. If at any time or times before the said purchaseand the said rents and interest shall have been fully paid and satisfied default shall be made in payment of any instalment, or any rent or any interest hereby agreed to be paid, at the respective day or time appointed for payment thereof, or if the purchaser, his heirs, executors, administrators, or assigns, shall become bankrupt or insolvent, or compound his or their debts or assign over his or their estate or effects for the benefit of his or their creditors, shall commit, or permit, or suffer, any breach, non-observance, or non-performance of the agreements and provisions on his part herein contained, or any of them, or if at any time before the sum of £- shall have been paid on account of or in part satisfaction of the said purchase-money of £it shall be found, on any half-yearly examination of the books and accounts of the said brewery concern, that during the twelve months immediately preceding such examination, a loss to the amount of £or upwards has been sustained by carrying on the said concern, then and in every or any such case it shall be lawful for the vendor or other the trustees or trustee aforesaid, and he or they shall be at liberty if he or they shall think fit

SALE OF BREWERY BY EXECUTOR AND

TRUSTEE.

(but it shall not be incumbent on him or them) forthwith PRECEDENT IV. or at any time thereafter, and notwithstanding any intermediate negotiation or litigation, into and upon the premises hereinbefore agreed to be sold, and of any of the existing stock and debts appertaining to the said business, to enter, and dispossess the purchaser, his heirs, executors, administrators, and assigns, and resume or assume possession of the said brewery, hereditaments, and premises hereby agreed to be sold, and all fixtures and utensils which shall for the time being be in or upon the said brewery, hereditaments, and premises, to sell and dispose of all or any of such brewery, hereditaments, and premises, and the said plant and utensils, or any of them, or any part thereof respectively, to any person or persons whomsoever, in such manner, on such terms, and subject to such special or other conditions as he or they shall think fit, and he or they shall be at liberty to buy in, or rescind any contract for sale, and to resell without being responsible for any loss occasioned thereby.

18. Out of the moneys arising from any such sale or disposition, the vendor or other the trustee or trustees aforesaid shall, in the first place, pay and discharge all the costs and expenses incurred by him or them, or by any of the parties hereto other than the purchaser, in or about the said sale and disposition, and any such negotiation or litigation as aforesaid, or otherwise in relation to the premises, and all moneys he or they may from time to time pay or expend for or in respect of the aforesaid insurances, with interest thereon, And in the next place shall apply such moneys in or towards satisfaction of the purchase-money and interest or other money (if any) for the time being remaining unpaid by the purchaser, and by these presents agreed to be paid by him, And then shall pay the surplus (if any) of the moneys arising from any such sale or disposition, unto the purchaser, his executors, administrators, or assigns.

24. Trusts of purchase money on a resale.

make good any deficiency on

19. If the moneys arising from any such sale or dis- 25. Purchaser to position as aforesaid shall be insufficient to pay and satisfy the said costs and expenses, insurance moneys, and

resale.

SALE OF BREWERY BY EXECUTOR AND TRUSTEE.

PRECEDENT IV. interest as aforesaid, and the said purchase-money and interest, or other money referred to in the last preceding clause, the full amount of the deficiency shall immediately after such sale or disposition be made good and paid by the purchaser to the vendor or other the trustees or trustee aforesaid, as liquidated damages (a); and in the meantime and until the same shall be so made good and paid, the same shall bear interest at the rate of 5 per cent. per annum, and shall to any amount of principal money not exceeding, with the other moneys charged thereon, the principal sum of £, be charged and chargeable upon the said scheduled hereditaments and policies of assurance, and the repayment thereof, with interest as aforesaid shall, on the request of the vendor or other the trustee or trustees aforesaid, be secured by such a mortgage as is referred to in the 14th clause of these presents.

26. Vendor's assignees to have vendor's rights.

20. Any assignee under the vendor or other the trustee or trustees aforesaid of this contract, shall have and may use and exercise all and every the powers and rights by these presents conferred, or agreed to be conferred on the vendor or other the trustee or trustees aforesaid, IN WITNESS, &c.

(ADD a Schedule of the property to be mortgaged under clause 14.)

(a) As to paying a fixed sum as liquidated damages, see infra, p. 28, n. (d).

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