Power of sale. him (a). AND IT IS HEREBY DECLARED, that, if default shall be made in payment of the said sum of or the interest thereon, or any part thereof, respectively, on the said day of next, it shall be lawful for the said C. D., his executors, administrators, or assigns, without any further consent on the part of the said A. B., his heirs, executors, administrators, or assigns, to sell the said premises, either together or in parcels, and either by public auction or private contract, with full power to buy in, or to rescind any contract for sale, and to resell, without being responsible for any loss which may be occasioned thereby; AND to do and execute all such acts, deeds, and assurances for effectuating any such sale as the said C. D., his executors, administrators, or assigns, shall think fit; AND THAT, upon a sale presentatives, of all or any of the said premises herein before ing the legal expressed to be hereby granted by any person or persons who may not be seised of the legal estate, the person in whom the legal estate shall be vested shall do and execute all such acts and assurances for carrying the sale into effect as the person or persons by whom the sale shall be -after a sale, made shall direct; AND THAT, after a sale of all or any of the said premises hereinbefore expressed to be demised, the said A. B., his executors, administrators, and assigns, shall stand possessed days left in the said A. B. of the On sale by personal re persons hav estate to join; mortgagor to hold the re version in trust for purchaser. of the last (a) See supra, p. 139, n. (a). said term of years in the premises sold, be exercised events shall upon trust for the purchaser or purchasers thereof: PROVIDED ALSO, and it is hereby declared, that Power not to the said C. D., his executors, administrators, or till certain assigns, shall not execute the power of sale herein- happen. before contained until he or they shall have previously given or left on some of the said premises a notice in writing to the said A. B., his heirs, executors, or administrators, to pay off the monies for the time being owing on the security of these presents, and default shall have been made in such payment for six calendar months after giving or leaving such notice, or until some half-yearly payment of interest, or a part of some such half-yearly payment, shall have become in arrear for three calendar months (a): PROVIDED ALSO, that, upon Purchasers any sale purporting to be made in pursuance of bound to see the aforesaid power, no purchaser shall be bound events have to inquire whether either of the cases mentioned in the clause lastly hereinbefore contained has happened, nor whether any money remains upon the security of these presents, nor as to the porpriety or regularity of such sale; and notwithstanding any impropriety or irregularity whatsoever in any such sale, the same shall, as regards a purchaser, be deemed to be within the aforesaid power and be valid accordingly. AND IT IS Mortgagee's HEREBY DECLARED, that the receipt of the said a discharge to C. D., his executors, administrators, or assigns, (a) See supra, p. 140, n. (a). not to be that such happened. receipt to be purchasers. for the purchase-monies of the premises sold, or any part thereof, shall effectually discharge the purchaser or purchasers therefrom, and from being concerned to see to the application thereof, or being accountable for the non-application or misTrusts of the application thereof. AND IT IS HEREBY DE purchase money. Mortgagee's indemnity clause. CLARED, that the said C. D., his executors, administrators, and assigns, shall hold the monies to arise from any sale in pursuance of the aforesaid power, UPON TRUST, in the first place, thereout to pay all the expenses incurred on such sale, or otherwise in relation to the premises; and, in the next place, to apply such monies in or towards satisfaction of the monies for the time being owing on the security of these presents; and then to pay the surplus (if any) of the monies to arise from such sale to the said A. B., his executors, administrators, or assigns, as personal estate, whether the same shall have arisen from the sale of the said freehold or leasehold premises: PROVIDED ALWAYS, that the said C. D., his executors, administrators, or assigns, shall not be answerable for any involuntary losses which may happen in the exercise of the aforesaid power and trusts, or any of them. IN WITNESS &c. THE SCHEDULE to which the above-written INDENTURE refers. XXII. MORTGAGE of FREEHOLDS, COPYHOLDS, and THIS INDENTURE, made &c., BETWEEN A. B., Parties. lease; ment for of &c., [mortgagee], of the other part. WHEREAS, Recital of &c. [recite the lease, and its being vested in the mortgagor, ut supra, p. 121]. AND WHEREAS -of agreethe said C. D. has agreed to lend the said A. B. the mortgage. sum of £- -, upon having the repayment thereof, with interest at the rate of £ per cent. per annum, secured in manner hereinafter appearing. NOW THIS INDENTURE WITNESSETH, that, in Witnesseth. pursuance of the said agreement, and in considera- Covenant to pay principal tion of the sum of £- to the said A. B. this and interest. day paid by the said C. D., &c. [receipt and covenant for repayment of principal with interest, supra, p. 136.] AND THIS INDENTURE ALSO Witnesseth. WITNESSETH, that, in further pursuance of the Conveyance said agreement, and for the consideration aforesaid, of freeholds. he the said A. B. doth hereby grant unto the said C. D., his heirs and assigns [freehold parcels, general words, supra, p. 125]; TO HOLD the said premises Habendum. UNTO the said C. D., his heirs and assigns, TO THE USE of the said C. D., his heirs and assigns. AND Witnesseth. Demise of leaseholds. Habendum. Proviso for redemption. THIS INDENTURE ALSO WITNESSETH, that, in last (a); years, except the days thereof: PROVIDED ALWAYS, that, day of per if the said A. B., his heirs, executors, administra- (a) See supra, p. 122, n. (b). |