17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 137

Leases.

586

benefit of all securities for the same, and the benefit of and the right to sue on all covenants with the Mortgagee and the right to exercise all powers of the Mortgagee.

(b.) All the estate and interest of the Mortgagee in the mortgaged property shall vest in the transferee subject to redemption.

40. In any Lease made in the Form E in the Third Implied cov Schedule to this Ordinance the following covenants by the

Lessor and Lessee shall be implied, namely:

enants:

(a) To pay- rent and

yield up ar

end of term.

(b) Quiet en- joyment.

(e) Fessor's right to in- pect.

(d) Proviso for re-entry.

Implied cov-

enant on

Conveyance by Mort. gagee.

Trustee, &c.

Powers of

Mortgages

(1) Power to sell

(a.) A covenant by the Lessee at all times during the continuance of the Lease to pay the rent at the time, or times, and in the manner in which such rent is stated to be paid in the Lease, and all rates, taxes and assessments payable in respect thereof, except as otherwise expressly stated, and to keep and deliver up the said premises to the Lessor or persons deriving title under him at the expiration or sooner deter- mination of the term or tenancy in good order and condition according to the custom of the country.

(b.) A covenant by the Lessor to permait the Lessee, and those deriving title from or under him, to enter into and upon, or receive, and thenceforth quietly hold and enjoy, or take the subject matter expressed to be leased during the cou- tinuance of the term or tenancy, so long as the Lessee shall perform all the covenants, agree. ments and conditions contained in such lease and on his part to be observed and performed. (e.) A reservation for the Lessor at all times in the daytime, by himself or his agents, of the right to enter into and upon the said premises for the purpose of inspecting the same.

(d.) A proviso that the Lessor, or person deriving title nuder him, may, in the event of the rent or any part thereof being in arrear for the space of 21 days after any of the days when it ought to be paid, or on the breach by the Lessee of any covenants, conditions, or agreements by him (either expressed or implied), re-enter upon the said premises the subject matter of the lease, or any part thereof in the name of the whole, and thereupon the sail lease shall absolutely determine and become void.

41. In any Conveyance under this Ordinance where any person is expressed to convey as Mortgagee or Trustee or as personal representative of a deceased person, or under an order made under this Ordinance or by any Court of Law, then the following covenant only, which covenant shall be deemed to extend to such person's own acts ouly, shall be implied (uamely) :-

That the person so conveying has not executed or done or knowingly suffered or been party or privy to any act. deed or thing, whereby or by means whereof the subject matter of the Conveyance or any part thereof i-, or may be impeached, charged, affected or incumbered in title, estate or otherwise, or by means whereof the person who so conveys is in any wise hindered or prevented from convey- ing the subject matter of the Conveyance, or any part thereof, in the manner in which it is expressed to be conveyed.

42. A Mortgagee and any person for the time being entitled to give a receipt for the mortgage money, where the mortgage is made in accordance with Form B in the Third Schedule to this Ordinance, shall have the following powers to the like extent as if they had been conferred by the mortgage deed but not further (namely):-

(1.) A power where the mortgage money has become due to sell and convey the mortgaged property, subject to prior charges, estates and interests (if any) to which the mortgaged property is subject, but free from all other estates, interests