No. XIII.

MORTGAGE BY APPOINTMENT BY FATHER, TENANT FOR LIFE,
AND HIS SON, TENANT IN FEE, UNDER A POWER OF
APPOINTMENT; THE MORTGAGE MONEY BEING TRUST
MONEYS ADVANCED ON A JOINT ACCOUNT.

BETWEEN (father) of, &c., of the first part, (son), of, &c., of the second part, and (two mortgagees), of the third part.

day of

Parties.

and Recital of deed creating power

2. WHEREAS by indenture dated the made between the said (father) of the first part, the said (sun) of of appointment the second part, and (trustee) of the third part, AFTER RECITING that the said (father) was tenant for life of the hereditaments and premises therein and hereinafter described, with remainder to the said (son) in tail male general, with divers remainders over; IT IS WITNESSED, that for the purpose of barring and destroying the estate tail of the said (son), and all estates, rights, titles, interests and powers to take effect after the determination, or in defeasance of such estate tail, and to limit the same to the uses thereinafter declared, the said (father) did thereby grant and convey, and the

No. XIII.

Father, Tenant

his Son, Tenant

a Power of

fc.

said (son), with the consent of the said (father), as the protector Mortgage by of the settlement creating the entail (testified as therein mentioned), Appointment by did grant, release and confirm unto the said (trustee) and his heirs, for Life, and the hereditaments and premises hereinafter described, TO HOLD in Fee, under the same with the appurtenances unto the said (trustee) and his Appointment, heirs, TO SUCH USES, upon such trusts, and for such ends, intents and purposes, as the said (father) and (son) should from time to time, or at any time, by deed or deeds jointly appoint, and in default of such appointment, and so far as any such appointment, if incomplete, should not extend, TO THE USE of the said (father) and his assigns, during the term of his natural life, without impeachment of waste; with remainder TO THE USE of the said (son), his heirs and assigns for ever.

Of agreement for loan.

Testatum by which father and son

appoint.

Proviso for redemption.

3. AND WHEREAS the said (mortgagees), at the request of the said (father) and (son) have agreed to advance the sum of 3,300L on the security of the said hereditaments and premises, in manner hereinafter appearing.

4. NOW THIS INDENTURE WITNESSETH, that in consideration of the sum of 3,300l. sterling paid by the said (mortgagees) to the said (father) and (son) on the execution hereof, the receipt of which the said (father) and (son) do, and each of them doth, hereby acknowledge, and thereof do by these presents release and for ever discharge the said (mortgagees), their heirs, executors, administrators and assigns, THEY the said (father) and (son) in exercise and execution of the power limited to them by the said hereinbefore recited indenture, and of every other power and powers in them vested, or in any wise enabling them in this behalf, Do by this present deed, jointly, absolutely and irrevocably appoint, that ALL [DESCRIBE PARCELS] with their and every of their rights, members and appurtenances, shall from henceforth be and enure TO THE USE of the said (mortgagees), their heirs and assigns for ever; SUBJECT nevertheless to the proviso for redemption, and the powers, provisoes, declarations and agreements hereinafter limited, expressed and declared; (that is to say,)

5. PROVIDED ALWAYS, AND IT IS HEREBY DECLARED, that if the said (father) and (son), or either of them, or the heirs, executors,

administrators or assigns of the said (son), shall on the

of

Father, Tenant

for Life, and

his Son, Tenant

in Fee, under a Power of Appointment, fc.

next, pay, or cause to be paid, unto the said (mortgagees) Mortgage by or the survivor of them, his executors, administrators or assigns, Appointment by the full sum of 3,300l. sterling, together with interest for the same at the rate of 51. for every 100l. by the year without deduction, THEN and in such case, and at any time thereafter, the said (mortgagees), their heirs or assigns, will at the request and costs of the person or persons for the time being entitled to the equity of redemption of the said mortgaged hereditaments and premises, reconvey and reassure the same hereditaments and premises, according to the equity of redemption thereof, to the person or persons entitled to the same, free from all incumbrances created in the meantime by the said (mortgagees), their heirs or assigns.

6. PROVIDED ALWAYS, AND IT IS HEREBY FURTHER DECLARED, Power of sale. that if default shall happen to be made in payment of the said sum of 3,300l. and interest, or any part of the same respectively, at the time hereinbefore appointed for payment thereof, THEN and in such case, and at any time thereafter, it shall be lawful for the said (mortgagees), or the survivor of them, his executors, administrators or assigns, without the necessity of any concurrence on the part of the said (father) and (son), or either of them, or the heirs or assigns of the said (son), or even against their or his express consent, to make sale, &c. [CONTINUE power of sale; foreclosure clause; covenants from mortgagor for payment of principal and interest; that he has good right to convey; for quiet enjoyment and freedom from incumbrances; and for further assurance; AND ALSO covenants from mortgagee that mortgagor shall enjoy until default, and that mortgagee will not exercise power of sale without giving mortgagor six months' previous notice, ut ante; No. I., clauses 8 to 17 inclusive, pp. 35 to 39.]

that mortgage

money is

7. AND IT IS HEREBY DECLARED by and between the said Declaration (mortgagees), that the said sum of 3,300l., so advanced by them as aforesaid, is trust moneys advanced by them out of moneys advanced on a joint account. belonging to them on a joint account, and that in the event of the death of either of them during the continuance of this security, the same principal sum and interest shall be paid to the survivor

No. XIII. of them, or the executors, administrators or assigns of such Mortgage by survivor, whose receipt or receipts shall be a sufficient discharg Appointment by for the same, without the concurrence of the executors of Father, Tenant for Life, and administrators of him who shall first depart this life, anything in Fee, under hereinbefore contained to the contrary thereof or in anywise nota Power of

his Son, Tenant

Appointment,

fc.

withstanding.

IN WITNESS, &c.

No. XIV.

MORTGAGE WHERE MONEY IS ADVANCED IN DISTINCT RIGHTS
BY TWO MORTGAGEES, ONE TAKING A LONG TERM IN ONE
MOIETY AND A FEE IN THE OTHER MOIETY, AND THE
OTHER MORTGAGEE A FEE IN THE FIRST MOIETY, AND
A LONG TERM IN THE REMAINING ONE. (a)

BETWEEN (mortgagor), of, &c., of the first part, (mortgagee A.), of, &c., of the second part, and (mortgagee B.) of, &c., of the third

part.

(a) Mr. Coote, in his learned Treatise upon Mortgages, mentions that it has Practical been suggested that in cases where two persons are advancing money at the remarks. same time on one estate, and each is desirous of having a lien on the whole property, and yet of avoiding a mutual trustee, the intended object may be carried out by limiting one moiety of the estate to one mortgagee for a long term of years, with remainder to the other mortgagee in fee, or so vice versa to the other mortgagee. Upon these suggestions the above precedent has been framed.