ORDINANCE No. 6 or 1883. 1723
Tramways.
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 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, as
he would otherwise have had or been entitled to, for recovering or
compelling payment thereof upon or out of the whole of the lands
originally comprised in such mortgage.
112. Provided always that in any of the cases hereinbefore provided Compensa
tion to be
with respect to lands subject to mortgage, if in the mortgage deed a made in
certain cases ,
time shall have been limited for payment of the principal money thereby if mortgage
paid off before
secured , and under the provisions hereinbefore contained the mortgagee the stipulated
time.
shall have been required to accept payment of his mortgage money , or
of part thereof, at a time earlier than the time so limited , the company
shall pay to such mortgagee, in addition to the sum which shall have
been so paid off, all such costs and expenses as shall be incurred by such
mortgagee in respect of or which shall be incidental to the re-investment
of the sum so paid off, such costs in case of difference to be taxed , and
payment thereof enforced in the manner herein provided with respect to
the costs of assignments ; and if the rate of interest secured by such
mortgage be higher than at the time of the same being so paid off can
reasonably be expected to be obtained on re-investing the same, regard
being had to the then current rate of interest allowed by the Court, such
mortgagee shall be entitled to receive from the company, in addition to
the principal and interest hereinbefore provided for, compensation in
respect of the loss to be sustained by him by reason of his mortgage
money being so prematurely paid off, the amount of such compensation
to be ascertained , in case of difference, as in other cases of disputed
compensation ; and until payment or tender of such compensation as
aforesaid the company shall not be entitled , as against such mortgagee ,