680176-1882-Bill-read-a-first-time--Tramways-Ordinance- — Page 26

THE HONGKONG GOVERNMENT GAZETTE, 16TH DECEMBER, 1882.

111. If, upon such payment or tender as aforesaid being made, any such mortgagee fail so to assign his interest in such mortgage, or to adduce a good title thereto to the satisfaction 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 to deposit the amount, or value, or compensation in the Bank, in the manner provided by this Ordinance in like cases, and every such payment or deposit shall be accepted by the mortgagee in satisfaction of his mortgage debt, so far as the same will extend, and shall be a full discharge of such mortgaged lands from all money due thereon; and it shall be lawful for the Company, if they think fit, to execute a deed poll, duly stamped, in the manner hereinbe- fore provided in the case of the purchase of lands by them; and thereupon such lands, as to all such estate and interest as were then vested in the mortgagee, or any person in trust for him, shall become absolutely vested in the Com- pany and they shall be entitled to immediate possession thereof in case such mortgagee were himself entitled to such possession; nevertheless, all rights and remedies possessed by the mortgagee against the mortgagor, by virtue of any bond, or covenant, or other obligation, other than the right to such lands, shall remain in force in respect of so much of the mortgage debt as shall not have been satisfied by such payment or deposit.

112. If a part only of any such mortgaged lands be required for the purposes of this Ordinance, and if the part so required be of less value than the principal money, in- terest, and costs secured on such lands, and the mortgagee shall not consider the remaining part of such lands a suffi- cient security for the money charged thereon, or be not willing 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 land on the one part, and the Company on the other, and if the parties aforesaid fail to agree respecting the amount of such value or com- pensation, the same shall be determined, as in other cases of disputed compensation; and the amount of such value or compensation, being so agreed upon or determined, shall be paid by the Company 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 them, or as they shall direct, all his interest in such mortgaged Jands the value whereof shall have been so paid; and a memorandum of what shall have been so paid shall be en- dorsed on the deed creating such mortgage, and shall be signed by the mortgagee; and a copy of such memorandum shall at the same time (if required) be furnished by the Company at their expense to the party entitled to the equity of redemption of the lands comprised in such mortgage deed. 113. If, upon payment or tender to any such mortgagee of the amount of the value or compensation so agreed upon or determined, such mortgagee shall fail to assign or release to the Company, or as they shall direct, his interest in the lands in respect of which such compensation shall so haye been paid or tendered, or if he shall fail to adduce a good title thereto to the satisfaction 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 the Company to pay the amount of such value or compensation into the Bank, in the manner pro- vided by this Ordinance in the case of monies required to be deposited in such Bank, and such payment or deposit 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 Company, 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 such lands shall become absolutely vested in the Company, 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 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, upon and out of the residue of such mortgaged lands, or the portion

Deposit of money when

refused on

tender.

Sum to be paid where part only of mortgaged lands taken.

Deposit of money whe refused on tender.

971