concurs to

postpone his

life estate, that

until bill filed or

possession taken

&c., power of leasing may be exercised.

or in which he that these presents and the security hereby made shall not, (during so long time as the said A. B., her executors, administrators, or assigns, shall permit and suffer the said C. D. to continue in the possession or receipt of the rents and profits of the said stable and coach-houses and hereditaments, without bringing an action of ejectment, or filing a bill for sale of the said premises or foreclosure thereof, and without calling in the said principal sum of £, or any part thereof, by legal notice or demand in writing), hinder, debar, or prevent the said C. D. from leasing or demising the said stable-yard &c., or any part thereof, to any person or persons (a) pursuant to the said recited power to him in that behalf reserved, in and by the said hereinbefore in part recited indenture of the &c.; but that every lease so granted by the said C. D., pursuant to the said power, before any such action of ejectment brought, or bill filed for sale or foreclosure, or legal demand made in writing of the said principal sum of £, or any part thereof, by the said A. B., her executors, administrators, or assigns as aforesaid, shall be as effectual and valid as if these presents had never been made: Provided that the rent or rents reserved, and the benefit of the covenants contained in every such lease, shall be subject and liable to the mortgage and security hereby made, and be considered as included therein in the same manner to all intents and purposes as if such leases had been granted or made before the execution of these presents, any thing herein contained to the contrary thereof in any wise notwithstanding.

That mortgagor may grant leases.

[From MS. collection of John Coles, Esq.]

XXXII. Provided always, and it is hereby declared and agreed by and between the said parties to these presents, and the said C. D. [mortgagee], for himself, his heirs, executors, and administrators, doth hereby covenant, declare, and agree with and to the said A. B. [mortgagor], his heirs and assigns, that during the subsistence of the said mortgage hereinbefore contained, and notwithstanding failure may be

(a) If mortgagor be seised in fee,"at rack or improved rents."

made in payment of the said sum of £

and interest, or

any part thereof respectively, on or at the day, time, and place appointed or mentioned in the proviso hereinbefore contained for payment thereof, it shall and may be lawful to and for the said A. B., his heirs and assigns, at any time hereafter and from time to time, (until the said C. D., his executors, administrators, or assigns, shall, by ejectment or other action or proceeding at law or in equity, recover or seek to recover the possession of the said hereditaments and premises, or by bill or other suit or proceeding in equity foreclose or seek to foreclose the equity of redemption of the said mortgaged premises), by indenture or indentures under the hand and seal or hands and seals of the said A. B., his heirs or assigns, to demise, lease, or grant all or any of the said lands, hereditaments, and premises which have been usually letten to rent unto any fit and proper person or persons who may be willing to take the same for any term or number of years not exceeding twenty-one years; so as the lease or leases which shall be so granted be made to take effect in possession, and not in reversion or by way of future interest; and so that in all and every of the said leases there be reserved and made payable, half-yearly or oftener, during the continuance of the term thereby respectively to be granted, the best and most improved yearly rent or rents, to be incident to the immediate reversion of the said premises, that can be reasonably had or obtained for the same, without taking any sum or sums of money, or other thing by way of fine, premium, or foregift, for granting the same; and so as the lessees to whom the same shall be respectively granted do respectively enter into all usual and proper covenants to pay the rent thereby to be respectively reserved, to repair the said messuages, erections, and buildings, and manure and manage the pasture or meadow lands so to be demised, according to the usual course of husbandry in the neighbourhood, and to quit and surrender up the said premises at the end of the term or terms in or by such lease respectively to be granted; and so as in every of the said leases there be contained conditions of re-entry on nonpayment of the rent or nonperformance of the covenants therein respectively to be reserved and contained, and an express

To insure the life of surviving mortgagor.

exception and reservation of all timber and trees likely to become timber, and a clause or clauses whereby the lessee or lessees respectively shall be prohibited from committing waste, and all other usual and proper covenants and agreements by and on the part of the said lessee or lessees respectively. And the said C. D., for himself, his heirs, executors, and administrators, doth hereby covenant, promise, and agree to and with the said A. B., his heirs and assigns, that he the said C. D., his executors, administrators, and assigns, shall and will from time to time, at the request, cost, and charges of the said A. B., his heirs or assigns, become a party to, and seal and deliver, or otherwise allow, ratify, and confirm all and every the lease and leases which shall be granted in conformity to the true intent and meaning of the last-mentioned proviso or agreement, and the terms and restrictions therein mentioned or referred to: Provided always, that the effect or operation of such allowance, ratification, or confirmation of any such lease or leases shall not be in anywise to defeat or prejudice the right of the said C. D., his heirs, executors, administrators, or assigns, to enter into and recover and retain possession of the said mortgaged premises by virtue of these presents, and the mortgage hereby made or intended to be made subject only to such lease or leases as shall be so granted as aforesaid.

XXXIII. And lastly, it is hereby further provided, declared, and agreed, by and between the parties to these presents, that in case either of them the said A. B. and C. D. shall happen to depart this life during the continuance of the said sum of £, or any part thereof, on this present security, then and in that case, or at any time afterwards, and from time to time during the continuance of the said sum of £, or any part thereof, on this present security, it shall or may be lawful to and for the said E. F., his executors, administrators, or assigns, at the costs and charges of the said trust estate, to insure and keep insured in his or their name or names, in any one of the public insurance offices in the city of London or the city of Westminster, the sum of £, to be paid on the death of the survivor of them the said A. B. and C. D.; and that all and every sum

and sums of money which shall become due and payable to the said E. F., his executors, administrators, or assigns, upon, under, or by virtue of any such insurance or insurances as aforesaid, shall be held upon, for, under, and subject to the same trusts, ends, intents, and purposes as are hereinbefore expressed and declared of and concerning the money to arise or be produced by or from the sale or sales to be made pursuant to the trusts hereinbefore contained.

mortgage.

XXXIV. And it is hereby further understood and agreed, To insure that in case the said buildings shall at any time hereafter buildings in not be insured, or insured in any less sum than £—, it (Short form), shall or may be lawful to and for the said A. B., his executors, administrators, or assigns, to insure the same in the sum of £—; and, if he, she, or they shall think fit, to renew such insurance from time to time; and that the said piece or parcel of ground, &c. hereby assigned, or otherwise assured or intended so to be, shall not be redeemed or redeemable until the premiums which shall be paid for such insurance, and interest thereon, at the rate of £5 per cent. per annum, shall have been fully paid or satisfied; and that the money (if any) which shall become due or payable under or by virtue of any such insurance or insurances shall be applied, in the first place, in discharging the principal money, and premiums of insurance, and interest thereon, which shall be due under or by virtue of these presents; and that the surplus, if any, thereof shall belong and be payable and paid to the said C. D., his executors, administrators, or assigns.

XXXV. And the said A. B. and C. D. hereby declare, that the said sum of £ is advanced by them out of money belonging to them jointly, on a joint account; and also direct and appoint, that in the event of the death either of them in the lifetime of the other of them, and

of

(a) This clause is used when the mortgagees advance the money from a trust estate. Persons who advance money jointly on a security are, in the presumption of a court of equity, tenants in common of the money, or entitled to it in aliquot parts. That presumption, as often as it is incongruous with the fact, should be rebutted.

That the money is advanced by jointly on a joint account (a).

two mortgagees

That the money advanced on a

to two persons

as partners jointly, and

shall be pay

able to the survivor of them, &c.

during the continuance of the said sum of £, or any part thereof, or the interest thereof, or of any part thereof on this present security, the same sum of £, and the interest thereof, or such part of the same as from time to time shall remain unpaid, shall belong and be payable and paid to the survivor of them the said A. B. and C. D., his executors, administrators, or assigns, in exclusion of the executors or administrators of such one of them the said A. B. and C. D. as shall first depart this life, any law or usage to the contrary notwithstanding.

XXXVI. And the said A. B. and C. D. do hereby sevesecurity belongs rally declare, that the said sum of £ is advanced by them out of money belonging to them on their partnership account as bankers; and do hereby direct and appoint, that in case either of them shall die in the lifetime of the other of them, and during the continuance of the said sum of £, or any part thereof, on this present security, the whole of the principal money and interest then due and owing on this security shall belong and be paid to the survivor of them the said A. B. and C. D., his executors, administrators, or assigns (a), any law or usage to the contrary notwithstanding.

Another form.

XXX VII. And the said A. B., C. D., and E. F. hereby declare, that the said sum of £-- is part of their partnership effects; and that notwithstanding the death of any one or more of them, the same sum and the interest thereof shall be payable and paid to the survivors or survivor of them, without any contribution by or on the part of the executors or administrators of such one or more of them as shall have departed this life.

(a) "As part of the partnership effects of the said A. B. and C. D., without the consent, privity, or concurrence of the executors, administrators, or assigns of such one of them the said A. B. and C. D. as shall have first departed this life."