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THE HONGKONG GOVERNMENT GAZETTE, 16TH JUNE, 1883.
Power to redeem mortgages.
Payment into Court of
mortgage
money on refusal to Recept.
Sum to be paid when mort- gage exceeds The value of the lands.
Payment into Court of
oney when
trutier
refused on
Lands in mortgage.
106. It shall be lawful for the Company to purchase or redeem the interest of the mortgagee of any of the said lands mentioned in the said Schedule D., which may be required for the purposes of this Ordinance, and that whether they shall have previously purchased the equity of redemption of such lands or not, and whether the mortga- gee thereof be entitled thereto in his own right, or in trust for any other party, and whether he be in possession of such lands by virtue of such mortgage or not, and whether such mortgage affect such lands solely, or jointly with any other lands not required for the purposes of this Ordinance, and in order thereto the Company may pay or tender to such mortgagee the principal and interest due on such mort- gage, together with his costs and charges, if any, and also one month's additional interest, and thereupon such mort- gagee shall immediately assign his interest in the lands comprised in such mortgage to the Company, or as they shall direct, or the Company may give notice in writing to such mortgagee that they will pay off the principal and in- terest due on such mortgage at the end of one month, com- puted from the day of giving such notice; and if they shall have given any such notice, or if the party entitled to the equity of redemption of any such lands shall have given notice of his intention to redeem the same, then at the ex- piration of either of such notices, or at any intermediate period, upon payment or tender by the Company to the mortgagee of the principal money due on such mortgage, and the interest which would "become due at the end of one month from the time of giving either of such notices, to- gether with his costs and expenses, if any, such mortgagee "shall assign or release his interest in the lands comprised in
such mortgage to the Company, or as they shall direct.
107. If, in either of the cases aforesaid, upon such payment or tender, any mortgagee shall fail to assign or re- lease his interest in such mortgage as directed by the Com- pany, or if he fail to adduce a good title thereto to their satisfaction, or if he be absent from the Colony, whether temporarily or permanently, or in hiding, or cannot after diligent enquiry be found, then it shall be lawful for the Company to pay into Court in the manner provided by this Ordinance in like cases, the principal aud (if the same can be ascertained) interest and costs, if
due on any, such mortgage, and also, if such payment be made before the expiration of the notices aforesaid, such further interest (if the same can be ascertained) as would at such expira- tion become due; and it shall be lawful for them, if they think fit, to prepare a deed of conveyance, assignment or assurance and release of such mortgaged lands to them- selves, 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 bé obtained upon petition in a summary way, execute the same; and thereupon, as well 28 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 vost in the Company, and they shall be entitled to immediate possession thereof in case such mortgagee were himself entitled to such possession.
108. If any such mortgaged lands shall be of less value than the principal interest and costs secured thereon, the value of such lands, or the compensation to be made by the Company in respect thereof, shall be settled by agreement between the mortgagee of such lands and the party entitled to the equity of redemption thereof on the one part, and the Company on the other part, and if the parties afore- said fail to agree respecting the amount of such value or compensation, 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 Company to the mortgagee in satis- faction 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 Company, or as they shall direct.
109. If, upon such payment or tender as aforesaid being made, any such mortgagee fail so to assign his interest in such mortgage, or to adduce a good title thereto to the