For raising the rate of interest on principal of mortgage from 44 to 5 per cent. when that rate of interest becomes general. XVII. Provided always, and it is hereby declared and agreed by and between the parties to these presents, as far as they respectively are interested, that if at any time during the continuance of the said principal sum of £———, or any part thereof, on this present security, the rate of interest commonly payable upon loans of money by way of mortgage shall have advanced or risen to £5 per cent. per annum, and the said A. B. and C. D., or the survivor of them, his executors, administrators, or assigns, shall at any time thereafter give to the said E. F., his heirs, executors, administrators, or assigns, one calendar month's notice in writing of their intention to require interest upon the said sum of £ at and after that rate, (such notice to expire on one of the half-yearly days of payment of interest herein before appointed), and shall also (if thereunto required in writing by the said E. F., his heirs, executors, administrators, or assigns, within fifteen days next after the delivery of such notice) deliver unto the said E. F., his heirs, executors, administrators, or assigns, a certificate under the hand of the actuary for the time being of the society for equitable assurances on lives and survivorships, certifying that the rate of interest then commonly payable on loans by way of mortgage is £5 per cent. per annum, then and in that case, and from and immediately after the expiration of such notice as aforesaid, and from time to time during the continuance of the said sum of £— on the security of these presents, interest shall be and become payable by the said E. F., his heirs, executors, administrators, and assigns, upon the said sum of £, or so much thereof as shall then remain unpaid, at and after the rate of £5 per cent. per annum, in the same or the like manner as if interest for the same sum at and after that rate had been hereby made payable immediately upon and after the execution of these presents; And it is hereby declared and agreed, that the delivery of such notice as aforesaid to any one of the heirs, executors, administrators, or assigns of the said E. F. shall be considered as a sufficient notice to all and every the person or persons liable or who may be or become liable to the payment of the interest of the said sum of £, or any part thereof, and notwithstanding any such person or persons may be an infant or infants under the age of twenty-one years; And also that such certificate as aforesaid of the actuary for the time being of the said society for equitable assurances shall be binding and conclusive on all persons liable, or who shall be or become liable, to the payment of the interest of the said sum of 9 or any part thereof. £ XVIII. Provided always, and it is hereby further agreed and declared by and between the parties to these presents, and particularly the said A. B., C. D., and E. F. do hereby, for themselves, their heirs, executors, administrators, and assigns, covenant, promise, and agree with and to the said G. H., his heirs, executors, administrators, and assigns, in manner following, that is to say, that during such time or times as (while the said sum of £, or any part thereof, shall remain due and owing on the security of these presents) the governor and company of the Bank of England shall discount bills, commonly called and distinguished as bills of the first class, at any rate of interest not exceeding £4 10s. for every £100 for the year, they the said A. B., C. D., and E. F. and their assigns, and the survivors and survivor of them, and the executors, administrators, and assigns of such survivor, shall and will accept and take interest after the rate of £4 10s. for every £100 for the year for the said sum of £- in lieu of interest after the rate of £5 for every £100 for the year, any thing hereinbefore or in the condition of the hereinbefore recited bond contained to the contrary thereof in anywise notwithstanding; And that during such time or times as (while the said sum of £- or any part thereof, shall remain due and owing on the security of these presents) the governor and company of the Bank of England shall discount such bills as aforesaid at a rate of interest above £4 10s. for every £100 for the year, but below £5 for every £100 by the year, they the said A. B., C. D., and E. F., and their assigns, and the survivors and survivor of them, and the executors, administrators, and assigns of such survivor, shall and will, in lieu of interest after the rate of £5 for every £100 for the year, accept and take such interest for the said sum of £- or for so much thereof as shall VOL. II. For raising and rate of interest according to the counting bills lowering the terms of dis of the first class in the Bank of England. For reduction of interest on prompt pay ment. For reduction of interest on prompt pay ment. (Another and better form). for the time being remain due, as shall be equal to the rate of interest at which the said governor and company of the Bank of England shall so for the time being discount above £4 10s., but below £5 as aforesaid, any thing herein before or in the condition of the hereinbefore recited bond contained to the contrary thereof in anywise notwithstanding. XIX. Provided always, and it is hereby declared and agreed by and between the parties to these presents, as far as they respectively are interested, and the said A. B., as to the interest of the said sum of £, and the said C. D., as to the interest of the said sum of £- consent and agree that from time to time and at all times during the continuance of the said sums of £- and £, or either of them respectively, on this security, when and as often as interest at and after the rate of £4 10s. for every £100 for a year shall half-yearly, on the day of and the day of in each year, or within twenty days next after each of the same half-yearly days, be paid or tendered to each or either of the said A. B. and C. D., his executors, administrators, and assigns, for or in respect of the said sum so secured to him and them as aforesaid, then and so often each or either of them the said A. B. and C. D., his executors, administrators, or assigns, to whom such interest at and after the rate of £4 10s. per cent. per annum shall be paid at or upon or within the times hereinbefore limited in that behalf, shall or will accept or take the same interest at the rate of £4 10s., in lieu and full satisfaction of the interest at and after the rate of £5 per cent. per annum, hereby and by the said bonds reserved and made payable, any thing hereinbefore or in the said bonds contained to the contrary thereof in anywise notwithstanding; and shall and will from time to time sign and give proper and sufficient acquittances and discharges for the same interest at £5 per cent. accordingly. XX. Provided always, and it is hereby agreed and declared, and the said A. B., for himself, his heirs, executors, administrators, and assigns, doth hereby covenant, promise, and agree with and to the said C. D., his heirs, executors, administrators, and assigns, that if the said C. D., his heirs, executors, administrators, and assigns, do and shall during the continuance of the said sum of £- in each or any part thereof, on this security, well and truly pay or cause to be paid unto the said A. B., his executors, administrators, or assigns, interest for the said sum of £- after the rate of £4 10s. for every £100 by the year, by equal half-yearly payments, on the said day of and day of year, or within forty days next after each or any of the said days respectively, then and in such case, but not otherwise, he the said A. B., his executors, administrators, and assigns, shall and will accept and take the same in lieu of and full satisfaction for interest on the said sum of £- after the rate of £5 per cent. per annum, in manner herein before covenanted (a) and agreed to be paid for the same; and shall and will from time to time sign and give proper and sufficient acquittances and discharges for the same interest at £5 per cent. per annum accordingly, any thing hereinbefore contained to the contrary thereof in anywise notwithstanding. of interest on ment. XXI. Provided always, and it is hereby agreed and de- For reduction clared between and by the said A. B. party hereto, and the said C. D. and E. F., that in case the interest for the said sum of £ shall be duly and punctually paid to the said C. D. and E. F., their executors, administrators, or assigns, on the day of, 18-, next ensuing the date of these presents, and at the expiration of every succeeding period of six calendar months, during such time as the said sum of £shall remain due and owing on the security of these presents, or within one calendar month next after such times respectively; then and in every such case interest for the same sum, after the rate of £4 for every £100 by the year, shall be accepted and taken by the said C. D. and E. F., their executors, administrators, and assigns, in lieu and full satisfaction of the interest which would otherwise be payable for the same. XXII. Provided always, and it is hereby further agreed and declared between and by the said A. B. party hereto, (a) Vide Tit. X. "Of Covenants." That while in terest shall be paid according to the preceding and the said C. D. and E. F., that if the said sum of £- gagee shall not gage for seven years. day of call in the mort 18, hereinbefore limited for payment thereof, and the said A. B. party hereto shall well and truly pay or cause to be paid unto the said C. D. and E. F., their executors, administrators, or assigns, the interest for the said sum of £after the rate aforesaid, by equal half-yearly payments, on the day of ——— and the day of in every year, or within one calendar month afterwards, then and in such case the said C. D. and E. F., their executors, administrators, or assigns, or any of them, shall not nor will before the day of which will be in the year 18-, call upon or compel the said A. B. party hereto to pay them the said C. D. and E. F., their executors, administrators, or assigns, the said sum of £ or any part thereof. That waiver of right to call in mortgagemoney on default of prompt payment shall not prejudice right on subsequent default. XXIII. Provided always, and it is hereby further agreed and declared between and by the said A. B. party hereto, and the said C. D. and E. F., that if at any time or times the interest for the said sum of £ shall be in arrear and unpaid for one calendar month after either of the days or times on which such interest is hereinbefore made payable, and the same interest being in arrear, the said C. D. and E. F., their executors, administrators, or assigns, or any of them, shall nevertheless neglect or forbear to call upon and compel the said A. B. party hereto to pay to the said C. D. and E. F., their executors, administrators, or assigns, the said sum of £, or shall accept the interest which shall be so in arrear, then and in such case the said C. D. and E. F., their executors, administrators, or assigns, or any of them, shall not by such neglect or forbearance, or by such their acceptance of any such interest as aforesaid, be precluded or prevented from calling upon and compelling the said A. B. party hereto to pay to the said C. D. and E. F., their executors, administrators, or assigns, the said sum of £, or from using before the said day of , 18-, any powers or remedies for enforcing the said A. B. party hereto to pay the same, or from filing a bill for foreclosure of the said several manors, &c. hereby released or otherwise assured, or intended so to be, or any of them, or any part thereof. |