1432
THE HONGKONG GOVERNMENT GAZETTE, 22ND SEPTEMBER, 1905.
Payment
[99.] If, in either of the cases aforesaid, upon such pay- [95.]
into Court of ment or tender, any mortgagee shall fail to assign or release
mortgage money on refusal to accept.
Sum to be paid when mortgage exceeds the value of the
lands.
Payment
into Court of money when refused on tender.
Sum to be paid where
part only of mortgaged lands taken.
his interest in sneb mortgage as directed by the Promoter, or if he fail to adduce a good title thereto to his satisfac- tion, or if he be abseut from the Colony, whether temporarily or permanently, or in hiding, or cannot after diligent enquiry be found, then it shall be lawful for the Promoter to pay into Court, in the mauner provided by this Ordinance in like cases, the principal and (if the same can be ascertained) interest and costs, if any, due on such mortgage, and also, if such payment be made before the expiration of the notices aforesaid, such further interest (if the same can be ascer- tuined) as would at such expiation become due; and it shall be lawful for him, if he thinks fit, to prepare a deed of conveyance, assignment or assurance and release of such mortgaged lands to himself, and to tender such deed, after the same shall have been duly stamped as required by law, to the Registrar for execution on behalf of the mort- gagee and other (if any) the assuring and releasing parties, and thereupon the Registrar shall, upon an order of the Court to be obtained upon petition in a summary way, execute the same; and thereupon, as well as upon such assignment by the mortgagee, if any, being made, all the estate and interest of such mortgagee, and of all persons in trust for him, or for whom he may be a trustee in such lands shall vest in the Promoter, and he shall be entitled to immediate possession thereof in case such mortgagee were himself entitled to such possession.
[100] If any such mortgaged lands shall be of less value [96.] thau the principal interest and costs secured thereon, the value of such lands, or the compensation to be made by the Promoter in respect thereof, shall be settled by agreement between the mortgagee of such 1 nds and the party entitled to the equity of re lemption thereof on the one part, and the Promoter on the other part, and if the parties aforesaid fail to agree respecting the amount of such value or compen- sation, the same shall be determined as in other cases of disputed compensation; and the amount of such value or compensation, being so agreed upon or determined, shall be paid or tendered by the Promoter to the mortgagee in satis- facton of his mortgage debt so far as the same will extend, and upon payment or tender thereof the mortgagee shall assign or release all his interest in such mortgaged lands to the Promoter, or as he shall direct.
H
[101.] If, upon such payment or tender as aforesaid being [97] made, any such mortgagee fail so to assign his interest in such mortgage, or to adduce a good title thereto to the satisfaction of the Promoter, or if such mortgagee be absent from the Colony, whether temporarily or permanently, or in hiding, or cannot after diligent enquiry be found, it shall be lawful for the Promoter to pay the amount or value or compensation into Court, in the manner provided by this Ordinance in like casus, and every such payment shall be accepted by the mortgagee in satisfaction of his mortgage debt, so far as the same will extend, and shall be a full discharge of such mortgaged lands from all money due thereon and it shall be lawful for the Promoter, if he thinks fit, to prepare a deed of conveyance, assignment, or assurance and release of such mortgaged lands to himself, and to tender such deed, after the same shall have been duly stamped as required by law, to the Registrar for execution on behalf of the mortgagee and other (if any) the assuring and releasing parties, and thereupon the Registrar shall, upon an order of the Court to be obtained upon petition in a summary way, execute the same, and such lands, as to all such estate and interest as were then vested in the mortgagee or any person in trust for him, shall become absolutely vested in the Promoter, and he shall be entitled to immediate possession thereof in case such mortgagee were himself entitled to such possession ; nevertheless all rights and remedies possessed by the mortgagee against the mortgagor, other than the right to such lands, shall remain in force in respect of so much of the mortgage debt as shall not have been satisfied by such payment or deposit.
[102] If a part only of any such mortgaged lands be [98.] required for the purposes of this Ordinance, and if the part so required be of less value than the principal money interest and costs secured on such lands, and the mortgagee shall not consider the remaining part of such lands a sufficient security for the money charged thereon, or be not willing