Vender and Mortgagee in Fee. day PURCHASES. the said mortgaged premises, whereby the legal estate therein upon his death descended to and vested in the said (infant) as his eldest son and heir-at-law, and was then vested in him as such heir-at-law; and that the said (infant) was an infant of the age of years and upwards, and he conceived that the said (infant) was a trustee or mortgagee within the intent and meaning of the said act of parliament. AND WHEREAS by an order of the said court made by the right honourable the Lord High Chancellor on the of last past, it was ordered that the said (infant) should, pursuant to the said act of parliament, convey the aforesaid mortgaged premises according to the said master's report, as by the said will, order, and report respectively, reference being thereto respectively had, will more fully appear. AND WHEREAS the said (vendor) hath contracted with the said (purchaser) for the sale to him of the said hereditaments and premises for the sum of £ NOW THIS INDENTURE WITNESSETH, that in pursuance and obedience to the hereinbefore in part recited order of the High Court of Chancery (1), and for and in consideration of the sum of five shillings of lawful money to him the said (infant) in hand paid by the said (purchaser), the receipt whereof is hereby acknowledged, he the said (infant) by the direction of the said (vendor), testified, &c. HATH bargained, sold, remised, and released, and by these presents DoтH bargain, sell, remise, release, and confirm unto the said (purchaser) and his heirs, ALL, &c. TO HOLD, &c. as ante, p. 133. of (1) If the reconveyance is intended to be made to the vendor in order to enable him to convey to the purchaser, (and see ante, p. 119, n. (1)), say, "And to the intent that the said hereditaments and premises, and the legal estate therein, may be vested in the said (vendor), for the purpose of enabling him to execute a good conveyance thereof to the said (purchaser), and for and in consideration of, &c. paid to the said (infant), &c. He the said (infant) HATH, &c. and DOTH, &c. bargain, &c. unto the said (vendor) and his heirs, ALL, &c." as above. No. XXXVII. Conveyance by a Vendor and a Mortgagee for a Term to a Purchaser (1); the Term assigned to merge. Variations where it is assigned to attend, &c. Where the Mortgagee is himself the Purchaser. PURCHASES. Vendor and Mortgagee for a Term. third part (2). WHEREAS by an indenture bearing Recital of mort gage for a term, (1) If the conveyance be of a moiety or other undivided part, Moiety, &c. see Vol. I. No. XXVI. (2) If the purchaser be married, and his wife dowable, make a Wife of purtrustee party, as "Being a trustee named and appointed by and on behalf of the said (purchaser) for the purposes hereinafter mentioned, of the 4th part," as ante, No, XXXI. p. 2, n. (1). chaser. If the term be intended to be assigned to a trustee to at- Term to attend, tend the inheritance by the same assurance by which the inhe ritance is conveyed, make him a party of the third part, and VOL. II. L PURCHASES. date on or about the Vendor and a Term. year and made or expressed to be made Mortgagee for between the said (vendor) of the one part, and the said (mortgagee) of the other part: the said Wife. Parcels. the purchaser of the fourth part; but if it is to be assigned by a separate deed (which is preferable), see WILDE'S SUP. or INDEX, Voc. ASSIGNMENT. Although the mortgagor be married, yet if the mortgage was made before marriage, his wife need not be a party in respect of dower, for "if a person purchases an estate of inheritance, which is in mortgage for a term of years, whether he only purchases the equity of redemption or discharges the mortgage, the wife of the mortgagor will not be entitled to her dower in equity;" and if judgment be given for her at law it will be with a cesset executio during the term, which, if the term be of long duration, deprives her virtually of her dower, Co. Lit. 208, a. n. (1). But if the mortgage were subsequent to the marriage, she will be dowable, unless a fine was levied by her, and the limitation of the estate subject to the mortgage was to uses preventing an ulterior seisin in the husband during the coverture, and see Co. Lit. ub. Sup. and ante, No. XXXVI. p. 133, n. (3). (1) Insert here an accurate description of the premises from the mortgage deed-sometimes instead of introducing a description of the premises here, they are referred to by a general description of "The several messuages, lands, &c. hereinafter particularly described, and mentioned or intended to be by these presents granted and released;" But as by inserting them here, the purchaser cannot fail to take Vendor and a Term. To hold the same, with their appurtenances, unto PURCHASES. the said (mortgagee) his executors, administrators, and assigns, from the day next before the day of Mortgagee for the date of the said indenture, for the term of years, thence next ensuing, at the yearly rent of a pepper-corn if demanded; subject nevertheless, to a proviso or agreement therein contained, that if the said (vendor) his heirs, executors, or administrators, or any person or persons on his or their behalf, should pay, or cause to be paid to the said (mortgagee) his executors, administrators, or assigns, the said sum of £ with interest for the same, after the rate of on the day of . £5 per cent. per annum, which would be in the year he the said (mortgagee) his executors, administrators, or assigns, should and would, upon the request, and at the expense of the said (vendor) his heirs or assigns, assign or surrender the said messuages, lands, tenements, and hereditaments, unto the said (vendor) his heirs, exe from the mortgagee all the lands, &c. which were demised to him, and the mortgagee is in no danger of conveying, or assuming to convey more, this seems to be in general the more safe and better way for both parties; but the propriety of this or the other mode, will often depend upon particular circumstances; as where, for example, a part only of the mortgaged premises are proposed to be conveyed to the purchaser; in this case, to prevent the necessity of repeating the description of the lands purchased, it may be proper to postpone such description to the operative part of the deed; with the addition of "Being part and parcel of the messuages, &c. comprised in the hereinbefore in part recited indenture, of," &c. Vendor and u Term. Default made. PURCHASES. cutors, administrators, or assigns, or unto such other person or persons, and upon and for such Mortgagee for trusts, ends, intents, and purposes, as he or they should lawfully direct in that behalf, for all the residue which should be then to come of the said term (1). AND WHEREAS the said principal sum of £ was not paid to the said (mortgagee) at the time in the said proviso or agreement appointed for the payment thereof, nor hath the same since been paid, whereby his estate and interest in the said hereditaments became and still is absolute at law, for the residue of the said term of years, and redeemable only in equity. WHEREAS, (2) there is now due to the said (mortgagee) for principal and interest upon the said mortgage, the sum of £ Mortgage money now due. Contract for purchase. AND [and (or as the case may be) the further sum of £ for costs and Term void. Mortgage previously discharged. (1) Or, if such were the case, "Then the said term should cease and be void to all intents and purposes whatsoever." And in this case if the money were paid on the day appointed, the term became extinguished, and cannot now be assigned; but if it were not paid on the day mentioned in the proviso, the condition upon the performance of which the term was to cease, not being performed, the term still has continuance, and may be made subservient to any purpose the owner of the inheritance may choose. (2) If the mortgage has been already paid off, see variations to No. XXXVI. |