SECTION VII.

MIXED MORTGAGE ASSURANCES.

No. L-MORTGAGE OF FREEHOLDS, RENEWABLE LEASEHOLDS FOR YEARS DETERMINABLE ON LIVES, AND OF COPYHOLDS OF INHERITANCE.

No. II.-MORTGAGE OF AN ESTATE IN FEE SIMPLE ABSOLUTE; A REVERSIONARY BASE FEE EXPECTANT ON A PRECEDING LIFE ESTATE; OF LEASEHOLD PREMISES HELD FOR AN ABSOLUTE TERM OF NINETY-NINE Years, and OF RAILWAY SHARES; WITH POWER FOR MORTGAGOR TO REDEEM IN PARCELS, AND ALSO WITH A PROVISO THAT, IN CASE MORTGAGEE SHALL EXERCISE HIS Power of Sale, CERTAIN PORTIONS OF THE MORTGAGED PREMISES SHALL BE FIRST APPLIED TO THAT PURPOSE; ALSO COVENANT FROM MORTGAGee for the PRODUCTION OF TITLE DEEDS.

No. I.

MORTGAGE OF FREEHOLDS, RENEWABLE LEASEHOLDS FOR
YEARS, OF LEASEHOLDS FOR YEARS DETERMINABLE ON
LIVES, AND OF COPYHOLDS OF INHERITANCE.(a) VARIATION
WHERE THE FREEHOLDS ARE CONVEYED BY APPOINTMENT
AND RELEASE.

Parties.

1. THIS INDENTURE, made the

Practical

observations.

(a) In addition to the ad valorem duty on the mortgage, a duty of 17. will

BETWEEN (mortgagor), of, &c., of the one part, and (mortgagee), of, &c., of the other part.

No. I Mortgage of Freeholds, &c.

2. WHEREAS by indenture, in pursuance of the Act for ren- Recital of conveyance of dering a Release as effectual for the Conveyance of Freehold freehold Estates as a Lease and Release by the same Parties, dated the property. and made between (A. B.), gentleman, of

day of

,

the one part, and the said (mortgagor) of the (b) [other part, the

attach upon the surrender of the copyholds. This, either by oversight or design, on the operation was omitted in the schedule to the New Stamp Act (13 & 14 Vict. c. 97), which of the New has made no alteration whatever in the stamps payable upon the surrenders of Stamp Act. copyholds, the schedule annexed to this act being confined to admittances only; consequently the duties under the statute 55 Geo. 3, c. 184, are still applicable to surrenders of copyholds. Under that act copyhold or customary estates whose clear yearly value should not exceed 20s. were exempted out of the preceding duties upon the sale of lands, but were thereinafter otherwise charged, viz., a duty of 17. was charged upon every surrender or admission, whether made in or out of court, where the yearly value exceeded the sum of 20s., and where it did not exceed that sum, a duty of 5s., with a progressive duty to the same amounts respectively where the instrument contained thirty folios or upwards [see Hughes on New Stamp Act, p. 66, n.]; and these duties are still chargeable.

Freehold, leasehold and copyhold estates are often included in the same Practical mortgage deed, nor does the objection that arises in the case of an absolute observations purchase, of including property of different tenures, and which are transmissible in a different course in one deed, hold with respect to a mortgage; because, in the latter case, in whatever way the legal estate may be transmissible, the personal representatives of the mortgagee are always entitled to the custody of the deeds and other documents of title; the heir taking a mere dry legal estate which he is bound to convey according to their directions, and possessing no other control over the property than is for their benefit. Sometimes, where a party is hard pressed for money, and possessed of but little property, and that of various kinds, he is compelled to mortgage every portion of it to constitute a security of adequate value for the amount of advance he may require, and wherever this occurs, if the value be adequate, there is no objection to including the various kinds of property, whatever they may be, in one and the same mortgage deed.

Where the property consists of freehold, leasehold and copyhold estate, the How mortgages freeholds are generally inserted first, then the leaseholds, and lastly the copy of mixed holds. If chattels personal are included, they should be inserted after the property should chattels real, and the copyholds also, if any property of the latter tenure is be penned. included in the mortgage. As most of the clauses that will be required in mixed mortgage assurances have been already supplied, it will be sufficient merely to supply one or two forms, in order to show the manner in which these clauses should be arranged, which may be shifted and varied accordingly as circumstances may require.

(b) If the property was limited to uses to bar dower, substitute for words within brackets above

Recital of

"second part, and (mortgagor's dower trustee) of the third part, conveyance to the hereditaments and premises hereinafter described in, and set

uses to bar dower.

No. I.

hereditaments and premises described in and set forth in the first Mortgage of schedule hereunder written, were conveyed and assured unto Freeholds, &c. and to the use of the said (mortgagor), his heirs and assigns for ever.]

Recital of lease for years, and of covenant for perpetual renewal.

Of lease for years determinable on lives.

3. AND WHEREAS by indenture of lease under the common seal of the mayor and commonalty of the borough of P— in the county of D, dated the day of 18 and made between the said mayor and commonalty of the one part, and the said (mortgagor) of the other part, the said mayor and commonalty demised the messuages and premises in the second schedule hereunder written unto the said (mortgagor), his executors, administrators and assigns, from the Feast of St. Michael the Archangel then last past, for the term of forty years, subject to certain rents and covenants, and with a proviso on the part of the said mayor and commonalty, at the request and costs of the said (mortgagor), his executors, administrators and assigns, to renew the said lease at the end of the first fourteen years of the said term, under the same rents and covenants as were contained in the now-reciting lease, for a like term of forty years, to commence at the expiration of the said term of fourteen years, and so from time to time for ever at the end of every fourteen years, the said (mortgagor), his executors, administrators or assigns, paying unto the said mayor and commonalty for every such renewal the sum of £ executing a counterpart of every such renewed lease.

4. AND WHEREAS by indenture dated the

day of

and

forth in the first schedule hereunder written, were conveyed and assured, and now stand limited to such uses, upon such trusts, and for such ends, intents and purposes, as the said (mortgayor) shall from time to time, or at any time, by deed or deeds appoint; and in default of such appointment, TO THE USE of the said (mortgagor) and his assigns for the term of his natural life without impeachment of waste; with a limitation TO THE USE of the said (mortgagor's dower trustee), his executor and administrators during the life of, and in trust for the said (mortgagor) and his assigns, with the ultimate limitation TO THE USE of the said (mortgagor), his heirs and assigns for ever.

18 and made between (lessor), Esq., of the one part, and the

No. I.

said (mortgagor) of the other part, the messuages, tenements and Mortgage of premises described and set forth in the third schedule hereunder Freeholds, fc. written, were demised by the said (lessor) to the said (mortgagor), his executors, administrators and assigns, from thenceforth for the term of ninety-nine years then next ensuing, if (A. B.), therein stated to be of the age of twenty-three or thereabouts, (C. D.), therein stated to be of the age of nineteen years or thereabouts, and (E. F.), therein stated to be of the age of nine years or thereabouts, or either of them, shall so long live, at and under the rents and covenants in the now-reciting indenture of lease contained.

on the

day of

the

,

of mortgagor to copy holds.

5. AND WHEREAS at a Court Baron holden for the manor of Of admission B— in the said county of Csaid (mortgagor) was admitted tenant of the copyhold hereditaments and premises described and set forth in the fourth schedule hereunder written, TO HOLD the same to him, his heirs and assigns for ever, at the will of the lord, according to the custom of the said manor, subject to the rents, heriots, duties, suits and services, therefore due and of right accustomed.

for loan.

6. AND WHEREAS the said (mortgagor) has requested the said of agreement (mortgagee) to advance him the sum of 5,000l. on the security of the said several freehold, leasehold and copyhold estates hereditaments and premises, which the said (mortgagee) has agreed to do.

which mortgagor conveys

assigns lease

7. NOW THIS INDENTURE WITNESSETH, that in pursuance of Testatum, by the said agreement, and in consideration of the sum of 5,000l. sterling, this day paid by the said (mortgagee) to the said (mort- freeholds, gagor), the receipt of which the said (mortgagor) hereby acknow- hold premises, ledges, and therefrom doth release, exonerate and discharge the leaseholds said (mortgagee), his heirs, executors, administrators and assigns, determinable HE the said (mortgagor) (c) DOTH by these presents grant, release,

and demises

for years

on lives.

(c) If the freehold portion of the premises are to be conveyed by appointment Practical and release, then insert as follows:

B. "in exercise of the power limited to him by the said herein

directions.