541206-1905-Tramway-Bill — Page 23

THE HONGKONG GOVERNMENT GAZETTE, 22ND SEPTEMBER, 1905.

[99.]

[100.]

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 lands on the one part, and the Promoter on the other, and if the parties aforesaid fail to agree respecting the amount of such value or compensa- tion, the same shall be determined, as in other cases of disputed compensation; and the amount of such valne or compensation, being so agreed upon or determined, shall be paid by the Promoter 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 him, or as he shall direct, all his interest in such mortgaged lands the value whereof shall have becu so paid; and a memorandum of what shall have been so paid shall be endorsed on the deed creating such mortgage, and shall be sigued by the mortgagee; and a copy of such memorandum shall at the same time (if required) be furnished by the Promoter at his expense to the party entitled to the equity of redemption of the lands comprised in such mortgage deed.

[103.] If, upon payment or ténder to any such mortgagee Payment of the amount of the value or compensation so agreed upon into Court of or determined, such mortgagee shall fail to assign or release money, when

refused on to the Promoter, or as he shall direct, his interest in the tender. lands in respect of which such compensation shall so have heen paid or tendered, or if he shall fail to adduce a good title thereto to the satisfaction of the Promoter, or if he be absent from the Colony, whether temporarily or per- manently, or in hiding, or cannot after diligent enquiry be found it shall be lawful for the Promoter to pay the amount of such value or compensation into Court, and such pay- ment 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 Promoter, if he thinks fit, to prepare a deed of conveyance, assignment or assurance and release of such last mentioned mortgaged lands to himself, and to tender such deed, after the same 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, excente the same, and sneh lands shall become absolutely vested in the Promoter, 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 mortgages 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 thereon respectively, upon and out of the residue of fuch mortgage lands, or the portion thereof not required sor 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.

made in certain cases

[104] Provided always that in any of the case: herein Compensa- before provided with respect to lands subject to mortgage tion to be if in the mortgage deed a time shall have been limited for payment of the principal money thereby secured, and under it mortgage the provisions hereinbefore contained the mortgagee shall paid off have been required to accept payment of his mortgage before the stipulated money, or of part thereof, at a time earlier than the time so time. limited, the Promoter 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 assign- ments; and if the rate of interest secured by such mortgage be higher than at the time of the saune 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 Promoter, in addition to the principal and interest hereinbefore provided for, compen- sation in respect of the loss to be sustained by him by reason

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