No. XLVIII. *An Agreement for regulating the rate of Interest to be paid by Incumbents on Mortgages made of their Benefices (1) under an Act of Parliament. WHEREAS in the year the Rev. A. B. Clerk, rector [vicar or curate], of the parish church [or curacy or chapelry], AGREEMENTS. Interest Money. (1) The act of 17 Geo. III. c. 53 (explained by 21 Geo. III. c. 66), having empowered incumbents of livings to borrow money, by way of mortgage, upon the security of their benefices, for the purpose of building a convenient house, or residence, the act of 4 Geo. IV. c. 89, in 4 Geo. 4. c. 80. further explanation and amendment of the first mentioned act, authorizes incumbents who have mortgaged their benefices under those acts, for the amount of two years of the net income, to lay the value of such benefices before the ordinary; upon which, the act declares, sec. 1. that the incumbent of such living or benefice, and the mortgagee or mortgagees thereof, may, with the consent of the ordinary and patron, agree that the yearly payments in discharge of the principal money secured by the mortgage of such living or benefice, and to become due after such agreement, shall be made at the rate of £5 per cent. or £10 per cent. per annum, as the case may require, according to the directions of the former acts and that act, on the sum which two years' net income and produce of the said living or benefice shall appear to amount unto, and every such agreement shall be valid and effectual; and the mortgage made of every such living or benefice shall remain in force as a security for the yearly payments thereby agreed to be made, as well as for payment of the interest arising on such mortgage, and with all the powers and remedies for enforcing the same given by the former acts, until the money borrowed, and the interest, and also all costs occasioned by the non-payment thereof, shall be fully paid, in like manner as if such yearly payments had been mentioned in the said mortgage. Sec. 2. That every such agreement shall be in writing, under the hands of the ordinary, patron, incumbent, and mortgagee, or the common seal of such of them as shall be a body corporate aggregate; and in case any such agreement shall relate to any chapelry or perpetual cure, the incumbent whereof shall be nominated by the rector or vicar, such rector or vicar shall be required to be a party to the agreements, together with the patron. Sec. 3. authorises the governors of the Bounty of Queen Anne, to make such agreements; and also, sec. 7. to reduce the rate of interest on mortgages made to them, if it appear to the governors to be fit and proper; and also the Colleges and Halls in the universities of Oxford and SUP.-VOL. I. Interest Money. of in the county of and the diocese of the Bishop and under the jurisdiction of the said bishop [or such other ecclesiastical person or corporation as shall be ordinary], as ordinary, by virtue and pursuant to the directions of an act of parliament passed in the 17th year of the reign of his majesty King George the Third, intituled, " An act to promote the residence of the parochial clergy, by making provision for the more speedy and effectual building, rebuilding, repairing, or purchasing houses and other necessary buildings and tenements for the use of their benefices," obtained the consent of the said ordinary and of the patron of the said church [or curacy or chapelry], to borrow and take up at interest, on mortgage of the glebe, tithes, and emoluments of the said living, the sum of L , being the amount of two years' net income and produce of the said living, as then estimated and proved in the manner by the said act directed; and the said sum of £ vanced by C. D., and a mortgage of the glebe, tithes, and emoluments of the said living, by indenture bearing date the day of was ad day of was duly made and executed to him for securing the repayment thereof, with interest at the rate of £ per cent. per annum, by yearly payments, according to the directions of the said act, and of another act passed in the 21st year of his said Majesty's reign, to explain and amend the same: AND whereas the several yearly payments which have become due upon the said mortgage, up to and including the last, together with all interest arising upon the said mortgage to that time, have been discharged, and there now remains due on the security of the said mortgage, the principal sum of £ with interest thereon, from the said day of [if the incumbent entering into the agreement is a successor of him who made the mortgage, or the mortgagee is representative or assignee of him to whom the mortgage was made, the facts are to be here stated in proper recitals, and the proper parties are to be named in the subsequent parts of the agreement, instead of the parties to the mortgage]: AND whereas the said A. B. pursuant to the directions of an act passed in the 5th year of the reign of his majesty King Geo. IV. intituled [set forth the title to Cambridge, and for all other corporate bodies, if it appear to them fit and proper so to do. Sec. 4. directs that a copy of every agreement shall be registered in the office of the registrar of the bishop or ordinary; and the registered copy, or a copy thereof certified under the hand of the registrar to be correct, shall be legal evidence, in case such agreement be lost or destroyed. Sec. 5. exempts this agreement from stamp. AGREEMENTS. this act], has laid before the ordinary of the said living a just and particular account in writing, signed by him, and verified as by the Interest Money. said last-mentioned act is required, of the present income or produce of the said living, and of the outgoings therefrom; and the said ordinary has caused enquiry to be made of the truth of the said account, and the result of the said enquiry to be certified to him as by the said act required; and according to the said account and the certificate returned to the said ordinary, the net income and produce of the said living appears now to amount to the sum of £ and therefore two years' net income and produce thereof will amount to the sum of and no more AND whereas the said C. D. is willing L of and that debt shall be to accept such reduced yearly payments in discharge of the principal money remaining due on the said mortgage, as by the said last-mentioned act authorized and herein-after mentioned; Now IT IS HEREBY Mortgagor and AGREED by and between the said A. B. and C. D. with the consent of mortgagee agree the said ordinary, and of the patron [or patrons] of the liquidated by yearly payments said church [or of the rector or vicar of the parish church of per who is entitled to the nomination of the curate of the cent. said curacy or chapelry of the patron of the said parish church, or if any other person or persons shall according to the act be required to act for the patron, such person or persons shall be named with a proper description], testified by the said ordinary and patron signing this agreement [or if either of them shall be a body corporate aggregate, then by the said ordinary or [patron] signing, and the said patrons (or ordinary) causing their common seal to be affixed to this agreement;] and by virtue of the powers of the said last-mentioned act of parliament, that the yearly payments in discharge of the said sum of £ remaining due on the said mortgage as aforesaid, shall be made at the rate of £5 per cent, or £10 per cent. as the case may require, according to the directions of the said several acts of parliament, of the said sum of £ the amount of two years' net income and produce of the said living, according to the late account and certificate herein-before mentioned; and the said mortgage of the said living is, pursuant to and by virtue of the said last-mentioned act, to be and remain in force as a security for the yearly payments hereby agreed to be made, as well as for payment of the interest arising on the said mortgage, and with all the powers and remedies for enforcing the same given by the said firstmentioned act, until the money borrowed on the said mortgage, and all interest for the same, and also all costs and charges which shall be occasioned by the non-payment thereof shall be fully paid and discharged. Dated, &c. AGREEMENTS. Pay Expences. No. XLIX. *Agreement on the Sale of a Ship and Freight for the Purchaser to pay the previous Expence of Outsets, &c. Agreement to pay previous expences. WHEREAS A. B., of, &c., by writing or bill of sale under his hand and seal, bearing even date herewith, for the considerations therein mentioned, did sell to C. D., of, &c., one full and equal thirty-second part of and in all that ship or vessel called the of the burthen of tons, or thereabouts, now, &c. AND whereas, before and at the time of the sealing the said recited bill of sale, it was agreed between the said A. B. and C. D. that the said C. D., his executors and administrators, should pay all or any debts or sums of money which might be owing and unpaid on account of the said part of the said ship, for her outset for any former voyage or voyages, or otherwise, if any such should be due. Now therefore the said C. D., in consideration of the said sale so to be made, and in pursuance of the said agreement, doth hereby, for himself, his executors and administrators, covenant, promise, and agree, to and with the said A. B., his executors, administrators, and assigns, that he the said C. D., his executors and administrators, shall and will bear and pay all such debts, sum and sums of money which, at or before the day of the date hereof, are or may be due, owing, and unpaid on account of the said thirty-second part of the said ship to him sold as aforesaid, for or on account of the said ship's outset for any former voyage or voyages, or otherwise howsoever, and thereof and therefrom, and from all actions, suits, payments, charges, and damages by reason thereof, shall and will, at all times hereafter, save and keep harmless and indemnified the said A. B., his executors and administrators, and his and their goods and estates. IN WITNESS, &c. No. L. *An Agreement between Merchants or Owners of a ship and cargo with another Owner to pay their proportion of Bills drawn by the Captain or Master. AGREEMENTS. Pay Bills. day of in the year BETWEEN us whose hands and seals are hereunto ARTICLES of agreement entered into this or thereabouts, whereof Now WITNESS part, and A. B., of, &c. part owner also of the said ship, of the Recital. WITNESS. Parties agree to pay equal proportions of bills to be drawn. |