THE HONGKONG GOVERNMENT GAZETTE, 16TH JUNE, 1883.
satisfaction of the Company, or if he be absent from the Colony, whether temporarily or permanently, or in hiding, or cannot after diligent enquiry be found, it shall be lawful for them to pay the amount or value or compensation into Court, in the manner provided by this Ordinance in like cases, 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 Company, if they think fit, to prepare a deed of conveyance, assignment, or assurance and release of such mortgaged lands to themselves, 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 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 Com- pany, and they 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, by virtue of any bond, or covenant, or other obligation, other than the right to such lauds, shall remain in force in respect of so much of the mortgage debt as shall not have been satisfied by such payment or deposit..
110. If a part only of any such mortgaged lands be required for the purposes of this Ordinance, and if the part so required be of less value than the principal money in- terest and costs secured on such lands, and the mortgagee shall not consider the remaining part of such lands a suffi- cient security for the money charged thereon, or be not. willing to release the part so required, then the value of such part, and also the compensation (if any) to be paid in respect of the severance thereof or otherwise, shall be settled by agreement between the mortgagee and the party entitled to the equity of redemption of such land on the one part, and the Company on the other, and if the parties aforesaid fail to agree respecting the amount of such value or com- pensation, 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 by the Company to such mortgagee in satisfaction of his mortgage debt so far as the same will extend; and thereupon such mortgagee shall assign or release to them, or as they shall direct, all his interest in such mortgaged lands the value whereof shall have been so paid; and a memorandum of what shall have been so paid shall be en- dorsed on tho doed creating such mortgage, and shall be signed by the mortgagee; and a copy of such memorandum shall at the same time (if required) be furnished by the Company at their expense to the party entitled to the equity of redemption of the lands comprised in such mortgage deed. '
111. If, upon payment or tender to any such mortgagee of the amount of the value or compensation so agreed upon or determined, such mortgagee shall fail to assign or release to the Company, or as they shall direct, his interest in the lands in respect of which such compensation shall so have been paid or tendered, or if he shall fail to adduce a good title thereto to the satisfaction of the Company, or if he 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 Company to pay the amount of such value or compensation into Court, and such payment shall be accepted by such mortgagee in satisfaction of his mortgage debt, so far as the same will extend, and shall be a full discharge of the portion of the mortgaged lands so required from all money due thereon; and it shall be lawful for the Company, if they think fit, to prepare a deed of conveyance, assignment or assurance and release of such last mentioned mortgaged lands to themselves, 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 mortgageo 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 shall become absolutely vested in the Company, as to all such estate and interest as were then vested in the mortgagee, or any person in trust for him, and in case such mortgagee were himself entitled to
Sum to be paid where part only of inortgaged lands taken.
Payment into Court of money when refused on tender.
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