1901_TRAMWAYS_ORDINANCE__1883

A.D. 1883.]

TRAMWAYS.

[No. 2.

421

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(2.) It shall be lawful for the Company, if it thinks fit, to prepare a deed of conveyance, assignment, or assurance and release of such mort-gaged lands to itself, and to tender such deed, after the same has been duly stamped as required by law, to the Registrar for execution on be-half of the mortgagee and other, if any, the assuring and releasing par-ties, and thereupon the Registrar shall, on 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 mort-gagee or any person in trust for him, shall become absolutely vested in the Company, and, in case such mortgagee was himself entitled to such possession, the Company shall be entitled to immediate possession thereof; nevertheless, all rights and remedies possessed by the mortgagee against the mortgagor, by virtue of any bond, covenant, or other obliga-tion, other than the right to such lands, shall remain in force in respect of so much of the mortgage debt as may not have been satisfied by such payment or deposit.

Sum to be paid where part only of lands taken.

110.--(1.) If a part only of any such mortgaged lands is required for the purposes of this Ordinance, and if the part so required is of less value than the principal money, interest, and costs secured on such mortgaged lands, and the mortgagee does not consider the remaining part of such lands a sufficient security for the money charged thereon or is 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 mort-gagee and the party entitled to the equity of redemption of such land on the one part and the Company on the other part.

(2.) If the parties aforesaid fail to agree respecting the amount of such value or compensation, the same shall be determined as in other cases of disputed compensation.

(3.) 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 the Company, or as it may direct, all his interest in such mortgaged lands the value whereof has been so paid.

(4.) A memorandum of what has been so paid shall be indorsed on the deed creating such mortgage, and shall be signed by the mort-gagee; and a copy of such memorandum shall at the same time, if required, be furnished by the Company, at its expense, to the party entitled to the equity of redemption of the lands comprised in such mortgage deed.

111.-(1.) If, on payment or tender to any such mortgagee of the Payment into

becomes

421

no change, as it is not clear if it is a page number or part of the text. However, the original text is preserved as per the instructions. Revised response with minor correction:

A.D. 1883.