1628 ORDINANCE No. 1 of 1882.
Tramways .
against the mortgagor, by virtue of any bond, or covenant, or other obligation , 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.
Sum to be paid 114. If a part only of any such mortgaged lands be required for the purposes of this
where part only
of mortgaged
lands taken. 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 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 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 by the company to such
mortgagee in satisfaction of his mortgage debt so far as the same will extend ; and there
upon 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 endorsed on the deed 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 .
Deposit ofmoney 115. If, upon payment or tender to any such mortgagee of the amount of the value
when refused on
tender.
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, it shall be lawful for the company
to pay the amount of such value or compensation into the bank, in the manner provided
by this Ordinance in the case of moneys required to be deposited in such bank, and such
payment or deposit 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 execute a deed roll, duly stamped, in the manner herein
before provided in the case of the purchase of lands by them ; and thereupon 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 such possession they shall be entitled to immediate possession
thereof ; nevertheless, every such mortgagee shall have the same powers and remedies
for recovering or compelling payment of the mortgage money or the residue thereof (as
the case may be) , and the interest thereof, respectively, upon and out of the residue of
such mortgaged lands, or the portion thereof not required for the purposes of this Ordinance,