II. AGREEMENT for EXCHANGE of FREEHOLDS between a ARTICLES OF AGRMT made the day of, BETN Parties. A., of, &c. (hinafter called the vendor (b), wch expression shl include his succors in title where the case so requires or admits) of the one pt, & B., of, &c. (hinafter called the pchaser (b), wch expression shl include his hrs, exs, ads, & assns, where the case so requires or admits) of the other pt, whby it is agrd as follows: contracts 1. THIS agrmt is entd into by the vendor as tenant for life Vendor [limd owner], of the este known as the X. este, situate, &c., as tenant under the will, dated, &c., of Z., deced, & is intd to be carried for life. (a) The Settled Land Act, 1882, s. 3 (iii.) and s. 4 (2, 5), authorises the tenant for life to make an exchange of the settled land or any part thereof for other land, including an exchange in consideration of money paid (i.e. by either party) for equality. The exchange may be subject to restrictions or reservations on either side, s. 4 (6); and by the Act of 1890, s. 5, extending s. 17 of the Act of 1882 (which applied only to mineral properties), easements or rights of any kind may be granted or reserved over or in relation to the settled land or the other land, or may be given or taken in exchange for land or any other easement or right. As to conveyances, see ss. 20, 24: and as to incumbrances, s. 5. Where the tenant for life is the owner of the land to be exchanged for the settled land, the trustees of the settlement are to stand in his place for the purpose of exercising the statutory powers; Act of 1890, s. 12. The general provisions stated p. 456 et seq. as to sales, conveyances, and re-investments, apply, as far as may be, to exchanges, except that (as pointed out at p. 463) s. 16 of the Act of 1890, extending the definition of "trustees of the settlement," does not apply to exchanges. By s. 18, money required for equality may be raised by mortgage; see a Precedent of such a mortgage in Vol. II., MORTGAGES. (b) These expressions, although not strictly appropriate to an exchange, are used for convenience. K.E.-VOL. I. T T Provisions of Settled Land Act, 1882, as to exchanges. Conveyance by vendor. Reservation of right of way. Conveyance by purchaser. Right of way. into effect under the powers of the Settled Land Acts, 1882 to 1890, as extended by the sd will. 2. THE vendor shl convey to the pchaser the pce of land, &c., wch is delineated on the plan hto annexed & thrin coloured -, formg pt of the X. este afsd [inclusive of the site of so much of the proposed new road shown on the sd plan as passes through the sd X. este] with the appurts thof & the inhance thof in fee simple in posson [subjt as hinafter exprd] in conson & exchange for the pces of land hby agrd to be conveyed by the pchaser to the vendor [& the rt of way or road hinafter agrd to be grted in exchange by the pchaser to the vendor through the este of the pchaser known as the Y. este] [& of the sum of moy to be pd by the pchaser for equality as hinafter mentd]. 3. Provons as to outgoings, tenancies, &c., affect the land given [& taken] in exchange. 4. Paymt of moy for equality, p. 639; the moy to be pd "at the option of the vendor to his trees or into Ct, &c." [5. THE sd convce to the pchaser shl also be subjt to the reservon hinafter agrd to be made to the vendor of the rt of way & road hinafter mentd, so far as the same passes through the land hinbfe agrd to be conveyed to the pchaser.] 6. In conson & exchange for the pce of land hinbfe agrd to be conveyed to the pchaser the pchaser shl grt & convey to the vendor the pce of land, pcels, with the appurts thof & the inhance thof in fee simple in posson [togr with the rt of way & road hinafter mentd so far as the same passes through the sd este of the pchaser known as the Y. este, wch is delineated on the sd plan & thrin coloured -]. [7. THE vendor & his lessees & tenants shl be entled in common with the pchaser & all other psons for the time being entled thto to a rt of way & road & with or witht horses & other animals, carts, carriages, & other vehicles for the convce of minl produce, &c., state pposes, through, along, & over the new road to be made by the pchaser aş hinafter mentd through the sd Y. este, & the land hby agrd to be conveyed to the pchaser, from common to the high road leadg from to as shown on the sd plan, such rt of way & road to be secd to the vendor as to the pt thof wch passes through the land hinbfe agrd to be conveyed to the pchaser by way of reservon as afsd, & as to the pt thof wch passes through the Y. este of the pchaser by way of grt & convce in exchange as afsd.] road. [8. THE pchaser shl at his own sole expse make & construct Making the sd road (a), includg the portion thof passg through the land hinbfe agrd to be conveyed to the pchaser, of an uniform width of not less than feet throughout, & pperly metal the same to the satisfon in all respts of the surveyor of the vendor, & complete the same on or bfe the day of -, & at all times keep in repair & maintain the sd road in good order & fit for use & traffic until the same shl be adopted by the parish or other local authority, & shl in the sd assurce or deed enter into a pper covt in that behalf.] covenants as to 9. THE pchaser shl in the assurce of the land hby agrd to Restrictive be conveyed covt as follows, namely, restrictive corts as to bldg, dc., on "the land hby agrd to be conveyed to the pchaser," see building. p. 424. The covts to be entd into as afsd shl be framed so as to be bindg so far as may be on the pchaser, his hrs & assns, & all psons from time to time entled to or intted in the sd land hby agrd to be conveyed, & so that such covts shl enure for the benefit of the vendor & all psons from time to time entled to or intted in the X. este afsd. 10. Usual provons as to title to land given by vendor in exchange-identity-expses-time for delivery of pchaser's requons -rescindg of contract & misdescription. See "CONDONS OF SALE" & 66 CONTRACTS FOR SALE." 11. Provons as to title to be deduced by pchaser. Provisions as to pur 12. THE vendor shl be subjt to the like restrons & stipulons chaser's as to the expses incidental to such dedon of title as last afsd, title. & as to the time for deliverg requons & objons with respt to such title as are hinbfe contd & made bindg on the pchaser with respt to the title to the land hby agrd to be conveyed in exchange to him. 13. THIS agrmt shl, subjt to the stipulons hinbfe contd, be Complecompleted & carried out on the at the office tion. of Messrs., the vendor's solors, by the exon by the sd day of (a) It is a question whether the power in s. 16 of the Settled Land Act, 1882, to lay out and appropriate roads, &c., extends to authorising the expenditure of capital money in the construction, &c., of the roads, &c.; see ss. 21 (iii.) and 25 (xvii.); but if the site of the roads is sold or given in exchange, this liability may be imposed on the purchaser. Construction of roads out of capital money. respive pties & all other necy pties, if any, of a pper assurce or deed, to be prepared by & at the expse of the pchaser; & the expse of the perusal on behalf of & exon by all pties other than the vendor or his trees (shd their concurrce be necy) of such assurce or deed shl be borne by the pchaser. Provon as to covts of tenant for life as at p. 239. A duplicate of the sd assurce or deed, to be prepared by & at the expse of the vendor, shl be exted by the pchaser. 14. Provons as to posson & outgoings, & as to munimts See retained by the respire pties. 66 CONDONS OF SALE" & "CONTRACTS FOR SALE." AS WITS, &c. III. Parties. Recitals. Agreement to exchange. Completion. As to exchanges by the Board of Agriculture. AGREEMENT for an EXCHANGE to be carried out by the MEM OF AGRMT made the day of BETN A., of, &c., of the one pt, & B., of, &c., & C., of, &c., of the other pt. Recitals showg the title of the pties; AND WHAS the sd A. has agrd with the sd B. & C. to make such exchange as is hinafter mentd: NOW IT IS HBY AGRD as follows: 1. THE sd A. shl give to, & cause to be vested in the sd B. & C., their hrs & assns, the has descd in the 1st schdle hto, with the appurts, in exchange for the hds descd in the 2nd schdle hto, with their appurts, wch shl be given by the sd B. & C. to or caused by them to be vested in the sd A., his hrs & assns. 2. THE exchange shl be effected within calr months from the date hrof, & shl be carried out & perfected by the (a) See 8 & 9 Vict. c. 118, s. 147, &c. ; 9 & 10 Vict. c. 70; 10 & 11 Vict. c. 111, ss. 4 & 6; 12 & 13 Vict. c. 83, ss. 7 & 11; 15 & 16 Vict. c. 79, s. 17, &c.; 17 & 18 Vict. c. 97; 20 & 21 Vict. c. 31, s. 4, &c.; 31 & 32 Vict. c. 89; 39 & 40 Vict. c. 56, s. 33, and see note on Precedent I., p. 638. The designation of the "Copyhold Enclosure and Tithe Commissioners" was, by the Settled Land Act, 1882, s. 48, altered to "The Land Commissioners for England; and the functions of that body are now by the Board of Agriculture Act, 1889 (52 & 53 Vict. c. 30), s. 2, transferred to the Board of Agriculture. دو Board of Agriculture under the provons of the Acts of Parliament relatg to the exchange of lands. 3. ALL the costs & expses of & incidental to these psnts, & Costs. the carrying out & perfectg of the sd exchange, shl be borne & pd as to one moiety by the sd A., & as to the other moiety by the sd B. & C. 4. In case, by reason of the default of eir of the sd pties Rescission. hto, the sd exchange shl not be perfected within calr months from the date hrof, it shl be lful for the pty not in default at any time after the expiron of such period, to determine this agrmt by notice in writg to the other of the sd pties [in wch case the pty in default shl reimburse the other pty on demand all costs & expses incurred by him or them in relon to the sd intd exchange]. IN WITS, &c. IV. CONVEYANCE of FREEHOLDS with the concurrence of a ment. paid for PARTIES, A., owner of ppty conveyed by this deed, 1; B., mtgee, 2; C., owner of ppty conveyed by deed of even date, 3. Recite A., Recital. seisin in fee of, "the hds descd in the 1st pt of the schdle hto: subjt to mtge to B. for securg £— & intt. AND WHAS the sd AgreeA. has agrd with the sd C. for the exchange of the sd hds hby grted for a pce of land & hds belonging to the sd C. situate, &c., wch are descd in the 2nd pt of the schdle hto: [AND for the paymt by the sd C. to the sd A., or, "by the sd A. to the Sum to be sd C.," of the sum of £ for equality of exchange]; agrmt equality. of B. to concur, p. 373. AND WHAS by an indre bearg even Deed of date hwith, & made, &c., the sd pce of land & hds agrd to be even date. given in exchange by the sd C., as afsd, have been conveyed to the sd A. in fee simple in conson of the assurce hby made [& of the paymt by the sd A. to the sd C. of the sd sum of £ agrd to be pd for equality of exchge as afsd], NOW WitTHIS INDRE WITNETH that, in psuance of the sd agrmt nesseth. |