CO129-627-6 Grants of land 1-1-1951 - 30-11-1951 — Page 29

Draft.

I, SIR ALEXANDER WILLIAM GEORGE HERDER GRANTHAM, Knight

Commander of the Most Distinguished Order of Saint Michael and Saint

George, Governor and Commander-in-Chief of the Colony of Hong Kong

and its Dependencies, hereby grant to the Hongkong Model Housing

Society the lessees of the land at Kings Road North Point Hongkong

comprised in an Agreement for Lease dated the

1951 known as Conditions of Grant No.

day of

pursuant to the terms of

flats or other

Special Conditions 1(a) and (c) of the said Agreement full licence

and consent to mortgage the said land and all buildings erected or

which may be erected thereon to the Hongkong and Shanghai Banking

Corporation (hereinafter called 'the Bank') to secure all monies

advanced or which may be advanced to the Society by the Bank for the

purposes of the development of the said land and the erection and

maintenance thereon by the Society of blocks of

dwellings as are or may be authorised by the terms of the said Agree-

ment or any licence granted thereunder in accordance with the objects

for which the grantee company has been incorporated as specified in

its Memorandum and Articles of Association to the intent that such

mortgage shall notwithstanding any thing to the contrary contained

in the provisions of the said Agreement give to the Bank and the

Society is hereby expressly empowered to confer on the Bank as

mortgagee the full Common Law and Statutory powers of a mortgagee as

usually conferred in a mortgage of land free from restrictions

including the right of entering into possession, sale, purchase and

all other (if any) the rights remedies and powers usually vested in

and exerciseable by a mortgagee on default in payment of the princi-

pal monies and interest due and so that the Bank upon the putting

into force of such powers shall and may deal with the land and every

part thereof free from the restrictions imposed by the terms of

Special Condition 1 of the said Agreement provided nevertheless and

it is hereby expressly agreed and declared that the Bank shall he

accountable to the Government of Hongkong for all surplus money

arising in or upon the exercise or execution by the Bank as mortgagee

of any or all of such rights remedies and powers after repayment to