677980-1882-Ordinance-1-of-1882-passed- — Page 24

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THE HONGKONG GOVERNMENT GAZETTE, 18TH FEBRUARY, 1882.

Compensation to be made in certain cases, it mortgage paid off before tha stipulated time.

Release of lands from rent-charges.

Release of part of lands fronrcharge.

Deposit in case of refusal to release.

vested in the mortgagee, or any person in trust for him, and in case such mortgagee 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 thereof, respectively, upou 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 apon or out of the whole of the lands originally comprised in such mortgage.

CXVI. Provided always, that, in any of the cases hereinbefore provided with respect to lands 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 coutained, the mortgagee shall have been required to accept payment of his mortgage money, or of part thereof, at a time carlier than the time so limited, the Company shall pay to such mortgagee, in addition to the sun 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, sneh costs in case of difference to be taxed, and payment thereof enforced, in the manner herein provided with respect to the costs of assiguments; and if the rate of interest secured by such mortgage be higher thau at the time of the same 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 Company, in addition to the principal and interest hereinbefore provided for, compensa- tion 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 mort- gagee, to possession of the mortgaged lands under the provisions hereiubefore contained,

Rent-Charges.

CXVII. If any difference shall arise between the Com- pany and the party entitled to any such charge upon any of the said lauds 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.

CXVIII. If part only of the lands charged with any such rent-charge, chief or other rent, payment or incum- brance, be required to be taken for the purposes of this Ordinance, the apportionment of any such charge may be settled 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 settled by agreement, the same shall be settled by a Judge in Summary Jurisdiction; 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 lands so jointly subject, it shall be lawful for the party entitled to such charge to release therefrom the lands required, on condition or in consideration of such other lands remaining exclusively subject to the whole thereof.

CXIX. Upon payment or tender of the compensa- tion so agreed upon or determined to the party entitled to any such charge as aforesaid, such party shall execute to the Company 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 satisfaction of the Company, it shall be lawful for them to deposit the amount of such compensation in the Bank in the manner hereinbefore provided in like cases, and also, if they think fit, to execute a deed poll, duly stamped in the manner hereinbefore provided in the case of the purchase of lands by them, and thereupon the rent-charge, chief or other rent, payment, or incumbrance, or the portion thereof in respect whereof such compensation shall so have been paid, shall cease and be extinguished.