680176-1882-Bill-read-a-first-time--Tramways-Ordinance- — Page 27

972

THE HONGKONG GOVERNMENT GAZETTE, 16TH DECEMBER, 1882.

Compensation to be made in certain cases, if

mortgage paid off before the stipulated time.

Release of lands from rent-charges.

Release of part of lands from charge.

Deposit in case of refusal to release.

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 the lands originally comprised in such mortgage.

114. Provided always, that, in any of the cases herein- before 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 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 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, 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 a Judge in Sum- mary Jurisdiction, or (as the case may be) the said Chief Justice may order such payment, or tender to be dispensed with if he shall think fit so to do, and such mortgage money and compensation to be deposited in the bank in manner provided by this Ordinance in the case of monies required to be deposited in such Bank, and, on such deposit being made, the Company shall be entitled, as against such mortgagee, to possession of the mortgaged lands under the powers hereinbefore contained.

Rent-Charges.

115. 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 hereinbefore 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.

116. 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 de- termined by agreement, the same shall be determined by a Surveyor appointed by a Judge in Summary Jurisdiction, or (as the case may be) the said Chief Justice in the manner hereinbefore provided in the case of parties who cannot be found, and the declaration to be made by such Surveyor, before entering upon the duty of making such valuation, shall be that he will faithfully, impartially and honestly, according to the best of his skill and ability execute the duty of making such apportionment, and such declaration shall be annexed to the document declaring such apportion- ment, but if the remaining part of the lands so jointly sub- ject 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 considera- tion of such other lands remaining exclusively subject to the whole thereof.

117. 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,