be not paid CVI. And the said A. B., party hereto, doth hereby, for By mortgagor, that if principal himself, his heirs, executors, administrators, and assigns, and interest further covenant, promise, and agree with and to the said C. D. and E. F., their executors, administrators, and assigns, that in case the said sum of £- and interest shall not be day of day of next, the said A. B., party within the year, he will not discharge or re deem the mort gage until a certain time, mortgagees. paid on the hereto, his heirs, executors, administrators, or assigns, shall unless called not nor will pay to the said C. D. and E. F., their ex- upon by the ecutors, administrators, or assigns, the said principal sum of £ hereby secured, or any part thereof, before the said - which will be in the year of our Lord 18, or before the same day redeem, or by any means whatsoever endeavour to redeem the said several manors &c. hereby released or otherwise assured, or intended so to be, unless the said C. D. and E. F., their executors, administrators, or assigns, shall previously call in the said principal sum of £, or demand payment thereof, or by some writing under their hands agree to accept payment thereof, or proceed at law or in equity to recover possession of or to foreclose the equity of redemption of the said several manors &c. hereby released or otherwise assured, or intended so to be; but that the said principal sum of £, or so much thereof as shall not be called in or accepted by the said C. D. and E. F., their executors, administrators, or assigns as aforesaid, shall in the meantime, and until the said day of which will be in the year of our Lord 18-, remain and be charged upon, and be secured by and out of the said several manors &c. hereby released or otherwise assured, or intended so to be, any thing hereinbefore contained to the contrary thereof in anywise notwithstanding (a). CVII. And the said A. B. doth hereby for himself, his heirs, executors, administrators, and assigns, covenant, promise, and agree with and to the said C. D. and E. F., their heirs, executors, administrators, and assigns, that he the said A. B., his heirs, executors, administrators, or assigns, shall not nor will, at any time during the continuance of this (a) Vide Tit. IX. art. xxv. By mortgagee that mortgagor shall have the privilege of prior mortgage. redeeming a By mortgagee that leases granted by mortgagor shall be binding, and for confirmation of them (a). security, unless with the approbation and consent of the said C. D. and E. F., their heirs, executors, administrators, or assigns (testified by some writing under their hands), join or concur in any redemption of the said hereinbefore in part recited mortgage of the &c., except by the said C. D. and E. F., their heirs, executors, administrators, or assigns; it being the express agreement of the said parties to these presents, that they the said C. D. and E. F., their heirs, executors, administrators, or assigns, shall have the sole and exclusive privilege of redeeming and discharging the said mortgage, if they shall think fit. CVIII. And further, that all leases which from time to time during the continuance of the said sums of £ and £ -, or either of them, on this present security, shall be granted by the said A. B. [mortgagor] or his assigns, of all or any of the said messuages &c., either on building, repairing, or improving leases, and without any premium or fine to be taken for granting the same leases respectively, shall be binding on the said C. D. [mortgagee], his heirs, executors, administrators, and assigns, and all persons claiming or to claim by, from, under, or in trust for him or them; and that the said C. D., his heirs, executors, administrators, or assigns, on the request and at the costs and charges of the said A. B., his heirs, executors, administrators, or assigns, or of such lessee or lessees, his, her, or their executors, administrators, or assigns, shall or will make, do and execute, or concur in all such acts, deeds, and assurances as shall be necessary to confirm or give effect to the same lease or leases as to and against the said C. D., his heirs, executors, administrators, and assigns. (a) According to Keech v. Hall, Dougl. 21, Smith's Leading Cases, i. 293, which has since been frequently confirmed, the lease of a mortgagor, granted after the mortgage, and without the privity of the mortgagee, does not bind the latter; who accordingly may recover in ejectment against the tenant, without giving him notice to quit. When building land, therefore, is the subject of mortgage, it is often expedient to introduce into the mortgage a covenant by the mortgagee to join in granting building leases, &c., according to the Form above given; or a power of leasing may be reserved to the mortgagor. Vide Tit. IX. art. xxxii. CIX. And the said A. B. doth for himself, his heirs, executors, and administrators, further covenant, promise, and agree with and to the said C. D., his heirs, executors, administrators, and assigns, by these presents, that he the said A. B., his heirs, executors, or administrators, shall and will, during the continuance of the said sum of £, or of any part thereof, on this security, at his own costs and charges, insure and keep insured from loss or damage by fire the messuages or tenements and buildings hereby appointed and released, or expressed and intended so to be, in the joint names of them the said A. B. and C. D., in no less a sum than £, in the fire insurance office, or in some other good and reputable office for insuring buildings against loss or damage by fire; and that all and every the policy and policies of insurance of the said messuages or tenements and buildings shall stand and be a security or securities for the payment of the said sum of £ hereby lent and advanced, and the interest thereof, jointly with these presents; and in case of any loss or damage by fire happening to the said messuages or tenements and buildings, that then the money or monies due or recoverable upon the said policy or policies of insurance shall be received by, or immediately on recovery thereof be paid to, the said C. D., his heirs, executors, administrators, and assigns, and be by him or them, so far as the same will extend, fully and faithfully applied, laid out, and expended in rebuilding, repairing, and reinstating the said messuages or tenements and buildings; and the messuages or tenements and buildings, when so rebuilt, repaired, and reinstated, shall stand and be a security for, and be charged and chargeable with the repayment of the said principal sum of £ and interest to the said C. D., his executors, administrators, and assigns, in manner hereinbefore mentioned, according to the true intent and meaning of these presents. CX. And the said A. B. doth for himself, his heirs, executors, and administrators, covenant, promise, and agree with and to the said C. D., his executors, administrators, and assigns, by these presents, that he the said A. B., his executors, administrators, and assigns, shall and will from void, to effect a fresh one; with a declaration, that, in the event of the burnt down or damaged, mo ney to be received under be laid out in rebuilding or repairing the premises, time to time, and at all times during the continuance of the security intended to be hereby made, well and truly pay or cause to be paid to the said insurance company all premises being such annual premium or premiums and duty, and sum and sums of money as shall due on the said instrument or grow policy of insurance, so as to keep the same on foot; and the policy shall shall and will, whenever thereunto requested by the said C. D., her heirs or assigns, produce and shew forth to her or them the said instrument or policy of insurance, and the receipt for the premium and duty payable in respect thereof, yearly and every year until the repayment of the said sum of £ and interest; and that in case the said A. B., his heirs, executors, administrators, and assigns, shall neglect or refuse to make any such payment or payments, it shall and may be lawful to and for the said C. D., her executors, administrators, or assigns, to pay such annual premium or premiums and duty, and sum and sums of money, so as to keep the said instrument or policy of insurance on foot; and in case the same shall at any time become void, or shall not continue on foot, then to insure or cause to be insured the said messuages, tenements, and premises, firstly and secondly hereinbefore granted and released, or expressed and intended so to be, in any office or offices for insuring houses from loss or damage by fire, in any sum or sums of money not exceeding the sum of £, and so on from time to time, as and when such insurance or insurances shall cease; and to pay all the expenses of effecting such insurance or insurances, and all the annual premium or premiums and duty, and sum and sums of money which shall from time to time become payable for keeping such insurance or insurances on foot; And that the said A. B. shall and will from time to time, on demand, well and truly pay or cause to be paid unto the said C. D., her executors, administrators, or assigns, all and every sum and sums of money which shall be paid or advanced by the said C. D., her executors, administrators, or assigns, in or towards payment of any such premium or premiums, duty, sum or sums of money, or expenses, with interest for the same respectively after the rate of £5 per cent. per annum, from the time or respective times of paying or advancing the same; and that in the mean time, and until such sum or sums of money shall be repaid with interest as aforesaid, the said messuages, hereditaments, and premises hereinbefore granted, released, and demised respectively, or expressed and intended so to be, shall stand and be charged therewith, and shall not be redeemed or redeemable until full payment thereof respectively. And it is hereby agreed and declared, that in case the said messuages, hereditaments, and premises so insured as aforesaid, or any of them, or any part thereof, shall at any time or times during the continuance of the said security be burnt down or destroyed or damaged by fire, then and in such case, and so often as the same shall happen, all such sum or sums of money as shall or may be recovered or received upon or by virtue of the aforesaid instrument or policy of insurance, or any other such insurance as aforesaid, shall be laid out and expended in the rebuilding or repairing of the said messuages, hereditaments, and premises, or such part thereof as shall be burnt down, destroyed, or damaged by fire as aforesaid, or be retained and applied in discharge of the monies due or to become due on the present security. CXI. Covenant, promise, and agree with and to the said C. D., his executors, administrators, and assigns, that he the said A. B., his heirs, executors, or administrators, shall and will, within ten days next after the execution of these presents, at his or their own costs and charges, insure or cause to be insured in the office for equitable assurances on lives and survivorships, or in some other office for assurances on lives and survivorships, the sum of £- on the life of the said A. B., during so long time as the said principal sum of £ and interest, secured by the said bond of even date herewith, or any part thereof, shall remain due and unpaid; and that the policy or policies of assurance so to be obtained shall be made and executed to and taken in the name of the said C. D., or otherwise the same policy or policies, and all monies to become payable in respect thereof, shall be assigned to him the said C. D., his executors, administrators, and assigns, when and as soon as such policy or policies shall be obtained; and that he or they shall be interested in the same policy or policies, and all monies to become payable To assure life for the benefit of a mortgagee. |