676075-1883-Ordinance-passed-6-of-1883- — Page 26

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THE HONGKONG GOVERNMENT GAZETTE, 16TH JUNE, 1883.

Compensation to be made in certain cases, it

mortgage paid

off before the stipulated

time.

Belease of Lands from rent-charges

Release of part of lands from charge.

Payment into Court in case of refusal to release.

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 pay- ment 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 tl lands originally comprised in such mortgage.

112. Provided always that in any of the cases herein- before provided with respect to lauds subject to mortgage, if in the mortgage deed a time shall have been limited for payment of the principal money thereby secured, and under the provisions hereinbefore contained the mortgagee 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 addi- tion 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-invest- ment 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 ou 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, to possession of the mortgaged lands under the provisions hereinbefore contained. Provided that the Court or a Judge may order such payment or tender to be dispensed with if it or he shall think fit so to do, and such mortgage money and compensation to be paid into Court, and, on such payment being made, the Company shall be entitled, as against such mortgagee, to possession of the mortgaged lands under the powers hereinbefore contained.

Rent, Charges.

113. If any difference shall arise between the Company and the party entitled to any rent-charge, or chief or other rent, or other payment or incumbrance not herein before provided for, upon any of the said lands mentioned in the said Schedule D., and required to be taken for the purposes of this Ordinance, respecting the consideration to be paid for the release of such lands therefrom, or from the portion thereof affecting the lands required for the purposes of this Ordinance, the same shall be determined as in other cases of disputed compensation.

114. If part only of the lands charged with any such rent-charge, chief or other rent, payment or incumbrance, be required to be taken for the purposes of this Ordinance, the apportionment of any such charge may be determined by agreement between the party entitled to such charge and the owner of the lands on the one part, and the Company on the other part, and if such apportionment be not so determined by agreement, the same shall be determined by the Court or it Judge upon petition in a summary way, but if the remaining part of the lands so jointly subject be a sufficient security for such charge, then, with consent of the owner of the lauds so jointly subject, it shall be lawful for the party entitled to such charge to release therefrom the lands required, on condition or in considera- tion of such other lauds remaining exclusively subject to the whole thereof.

115. Upon payment or tender of the compensation so agreed upon or determined to the party entitled to any such charge as aforesaid, such party shall execute to the Com- pany a release of such charge; and if he fail so to do, or if he fail to adduce good title to such charge to the satisfac- tion of the Company, or if he be absent from the Colony, whether temporarily or permanently, or in hiding, or cannot after diligent enquiry be found, it shall be lawful for them