Trustees to Power. To hold to purchasing trustees on the trusts in second inden ture of settle ment mentioned. mises, or any of them, jointly with other here- PURCHASES. ditaments or property of equal or greater value (1); such copies, when first required, to be made and Trustees under delivered at the expense of the said (trustees for sale) and (their celles que trusts) or some or one of them, their or his heirs, executors, or administrators, but all future copies to be made and taken at the expense of the said (purchasing trustees), their heirs or assigns, or other person or persons requiring the same. TO HAVE AND TO HOLD the messuages, lands, tenements, hereditaments, and premises hereinbefore and in said indenture of bargain and sale described, and hereby limited and appointed, and granted, and released, or otherwise assured, or intended so to be, with their and every of their rights, members, and appurtenances, unto the said (purchasing trustees) and their heirs, to the use and behoof of them the said (purchasing trustees) their heirs and assigns for ever; but nevertheless upon such and the same trusts, and to and for such and the same ends, intents, and purposes, and with, under, and subject to such and the same powers, provisoes, conditions, limitations, agreements and declarations respectively, as in and by the said hereinbefore in part recited indenture of release, of the day of are (1) If the title deeds are not to be delivered to the purchaser, Schedule of but a covenant entered into for the production of them, as con tained in an underwritten schedule, add, deeds. "And whether mentioned in the schedule here underwritten or hereunto annexed or not." PURCHASES. declared or expressed concerning the said sum of and the lands so thereby directed to Trustees to Power. £ Trustees under be purchased therewith as aforesaid, or such and so many of them as now are, or hereafter may be capable of taking effect, and as are or may be good, valid, or supportable, by the rules of law or of equity, and to or for no other uses, trusts, intents, or purposes whatsoever. AND the said (trustees for sale) for themselves, &c. (covenant by the selling trustees that they have not incumbered)(1). AND the said (celles que trusts) for themselves severally and respectively, &c. (Add covenants by the celles que trusts for the title) (2). IN WITNESS, &c. (3). Covenant by the trustees that they have not incumbered. Covenant by celles que trusts for the title. Production of deeds. Provisoes, &c. Stamp. Execution, &c. (1) See ante, p. 215. (3) If any of the title deeds are retained by the vendor or his predecessors in title, add a covenant for their production, or otherwise as directed, Vol. I. No. XVI. p. 183, in notes, and p. 196. For various covenants, provisoes, clauses, &c. to be inserted when required by particular circumstances attending the title, or by agreement of parties, see variations, Vol. I. No. XVI. p. 188, et seq. *** As to the stamp to be impressed, see Vol. I. INTRODUCTION, p. xcvi. also 4 Elem. Conv. 2d edit. p. 86. As to the execution, attestation, receipt for consideration money, &c. &c. see Vol. I. No. XV. p. 158, n. (82); No. XVI. p. 184, n. (28), et seq.; and see also INTRODUCTION, Vol. I. p. xliv. and lxxxiv. et seq., also 4 Elem. Conv. 2d edit. p. 88, et seq. No. LI. Conveyance by a Vendor to a Purchaser where Part of the Purchase Money is suffered to remain upon the Security of the Premises. Variations where the Security is made by a separate Also where the whole of the Purchase Money is so And where the Purchase Money secured on the Pre- PURCHASES. Purchase Money secured on the Estate. (1) If the vendor be tenant in tail, see ante, Vol. I. No. XXII. Tail. If entitled to a moiety or other undivided part, see ih. No. Moiety, &c. XXVI. If the vendor be married, and his wife entitled to dower, Wife of vendor. make her a party with her husband. (2) Where a purchaser cannot pay down the whole of the Securing purpurchase money, and makes a mortgage to the vendor or other chase money. person for the residue, a usual way is to make the conveyance immediately to the purchaser to the use of the vendor (or mortgagee) either in fee or for a term ; see Brade, P. Bk. p. 62. But PURCHASES. named and appointed for the Purchase Money Estate. Recitals. purposes hereinafter mentioned) of the third part. WHEREAS, &c. (1). secured on the AND WHEREAS the said (purchaser) hath contracted with the said (vendor) for the absolute purchase of the fee-simple and inheritance of the said lands and hereditaments, for the sum of £ free from incumbrances, (except as hereinafter is expressed) (2). AND WHEREAS it not being convenient for the said (purchaser) to pay down Purchase money to be paid by instalments. the more proper mode seems to be (whether both the purchase and mortgage be carried into effect by the same deed, which it may be, and frequently is, or by different deeds) for the conveyance to be taken to a trustee to the use of such vendor (or mortgagee) for a term or in fee, and not to the vendor himself. And the covenant for the title must be with such trustee ; for as the purchaser must, according to the established practice, enter into general or absolute covenants with the vendor for the title, upon his assuming the character of a mortgagor, and as he took limited covenant only from his vendor, these latter covenants, if the purchaser covenants with the vendor himself, will be extinguished, and the benefit of them lost, if the mortgage be in fee, and if for a term, will be suspended during such term: and by making the conveyance to a trustee the danger will be avoided of the premises becoming liable to any judgment or other subsisting incumbrances of the purchaser, which might attach upon them, on their being vested in him. (1) Recite the seisin or title of the vendor. (2) If the purchase money is to be paid by instalments, and secured on the estate, in the mean time, say “AND WHEREAS it has been agreed that the said purchase several instalments of £ money shall be paid by each, at and upon the days and times hereinafter mentioned, and that such payments with interest after the rate of £5 per cent. per annum, in the mean time shall be secured upon the said premises in the manner hereinafter expressed.” the whole of the said purchase money, the said PURCHASES. (vendor) hath agreed, that the sum of £ Purchase Money Estate. part of the said purchase money, (or that the secured on the said purchase money), shall be secured upon the said premises, and that the same shall for that purpose be conveyed to the said (trustee) to the uses hereinafter expressed (1). Now THIS WITNESS, that INDENTURE WITNESSETH, that in pursuance of the said agreement, and in consideration (2) of the paid. in consideration of £ HOW (1) If the security is intended to be by a separate mortgage (for the form of which see Vol. IV.) instead of the words within inverted commas, say " AND WHEREAS in pursuance of the said agreement the said lands and hereditaments, by indenture [or indentures] already prepared and engrossed, and made or expressed to be made between the said (purchaser) of the one part, and the said (vendor) of the other part, (or as the case may be), and bearing or intended to bear even date herewith, are intended forthwith and immediately upon the execution of these presents, to be conveyed and assured to the said (vendor) and his heirs, [or executors, or administrators] and assigns, in fee-simple, [or for the term of years, from the date hereof], subject to a proviso or agreement therein contained, for the redemption of the same premises, on repayment of the said sum of £ with interest for the same, at the time and in the manner therein expressed, as by reference to the said indenture [or indentures respectively] will more fully appear." Purchase money secured by a separate deed. (2) If the whole of the purchase money is to remain on the The whole premises, say purchase money to remain on being so mortgage "In consideration of the sum of £ secured to be paid by the said (purchaser), to the said (vendor) on the year day of which will be in the together with interest for the same in the mean |