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THE HONGKONG GOVERNMENT GAZETTE, 18TM FEBRUARY,
Parties not to be required to sell part of a house.
Power to redeem mortgages.
Deposit of mortgage money on refusal to accept.
Sum to be paid when mort- Fage exceeds the value of the lands.
or taking possession of the same, it shall be lawful for the Company to issue their warrant to the Sheriff of the Colony of Hongkong to deliver possession of the same to the person appointed in such warrant to receive the same, and upon the receipt of such warrant the Sheriff shall deliver possession of any such lands accordingly, and the costs accruing by reason of the issuing and execution of such warrant, to be settled by the Sheriff, shall be paid by the person refusing to give possession, and the amount of such costs shall be deducted and retained by the Company from the compensation, if any,then payable by them to such party, or if no such compensation be payable to such party, or if the same be less than the amount of such costs, then such costs, or the excess thereof beyond such compensation, if not paid on demand, shall be levied by distress, and upon application to a Judge in Summary Jurisdiction for that purpose he shall issue his warrant accordingly.
CIX. No party shall at any time be required to sell or assign to the Company a part only of any house or other building or manufactory, if such party be willing and able to sell and assign the whole thereof.
Lands in mortgage.
CX. It shall be lawful for the Company to pur- chase or redeem the interest of the mortgagee of
any of the said lands mentioned in the said Schedule D., which may be required for the purposes of this Ordinance, and that whether they shall have previously purchased the equity of redemption of such lands or not, and whether the mortga- gee thereof be entitled thereto in his own right, or in trust for any other party, and whether he be in possession of such lands by virtue of such mortgage or not, and whether such mortgage affect such lands solely, or jointly, with any other lands not required for the purposes of this Ordinance, and in order thereto the Company may pay or tender to such mortgagee the principal and interest due on such mort- gage, together with his costs and charges, if any, and also one month's additional interest, and thereupon such mort- gagee shall immediately assign his interest in the lands comprised in such mortgage to the Company, or as they shall direct, or the Company may give notice in writing to such mortgagee that they will pay off the principal and in- terest due on such mortgage at the end of one month, com- puted from the day of giving such notice; and if they shall have given any such notice, or if the party entitled to the equity of redemption of any such lands shall have given notice of his intention to redeem the same, then at the ex- piration of either of such notices, or at any intermediate period, upon payment or tender by the Company to the mortgagee of the principal money due on such mortgage, and the interest which would become due at the end of one month from the time of giving either of such notices, to- gether with his costs and expenses, if any, such mortgagee shall assign or release his interest in the lands comprised in such mortgage to the Company, or as they shall direct.
CXI. If, in either of the cases aforesaid, upon such payment or tender, any mortgagee shall fail to assign or re- lease his interest in such mortgage as directed by the Com- pany, or if he fail to adduce a good title thereto to their satisfaction, then it shall be lawful for the Company to de- posit in the Bank, in the manner provided by this Ordinance in like cases, the principal and interest, together with the costs, if any, due on such mortgage, and also, if such pay- ment be made before the expiration of the notices aforesaid, such further interest as would at such expiration become due ; and it shall be lawful for them, if they think fit, to execute a deed poll, duly stamped, in the manner hereinbefore pro- vided in the case of the purchase of lands by them; and thereupon, as well as upon such assignment by the mort- gagee, if any, being made, all the estate and interest of such mortgagee, and of all persons in trust for him, or for whom he may be a trustee, in such lands, shall vest in the Company, and they shall be entitled to immediate possession. thereof in case such mortgagee were himself entitled to such possession.
CXII. If any such mortgaged lands shall be of less value than the principal, interest, and costs secured thereon, the value of such lands, or the compensation to be made by the Company in respect thereof, shall be settled by agree- ment between the mortgagee of such lands and the party entitled to the equity of redemption thereof on the one part, and the Company on the other part, and if the parties afore-
1882.
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