1923_NEW_TERRITORIES_REGULATION_ORDINANCE__1910 — Page 14

1842

(2) Purchaser

etc.

No. 34 of 1910. NEW TERRITORIES REGULATION,

(2) by the purchaser with the vendor, that the purchaser to pay rents, will during the residue of the term of years created by the Crown lease, licence, or grant under which the property conveyed is held pay all rents payable in respect of the property conveyed, and will perform and observe all covenants and conditions so far as they relate to the property conveyed, contained in the said Crown lease, licence, or grant, and will indemnify the vendor against the non-payment of the said rents and the non-performance and non-observance of the said covenants and conditions so far as aforesaid.

Mortgages.

*

Schedule. Form B.

Implied covenants:

37.--(1) A conveyance by way of mortgage (when it is the intention of the parties that the mortgagee shall not enter into possession until default is made in payment of the mortgage money) shall be made in Form B in the Schedule, and the following covenants by the mortgagor with the mortgagee shall be deemed to be included in every such mortgage

(a) that the mortgagor will on the stated day pay to the mortgagee the stated mortgage money, and will, so long as the mortgage money or any part thereof remains due, pay to and interest the mortgagee interest thereon by equal monthly payments at the stated rate on the stated day of each month;

To pay principal

Validity of lease and right to convey.

Quiet enjoyment after default.

Further assurance.

(6) that the Crown lease, licence, or grant under which the property conveyed is held is at the date of the conveyance good, valid and subsisting, and that the rent thereby reserved and the lessee's covenants therein contained have been paid and performed up to the date of the conveyance; and the mortgagor has at the said date power to assign the property conveyed in manner therein expressed free from incumbrances except as therein mentioned;

(c) that the property conveyed may after default in payment of the moneys intended to be secured by the mortgage be quietly entered into, held and enjoyed by the mortgagee without any interruption by any person;

(d) that the mortgagor and every person claiming any estate or interest in the property conveyed will at all times at the cost of the mortgagor execute and do all such assurances and things for further or better assuring all or any of the property conveyed unto the mortgagee as by him shall be reasonably required;

* As amended by Law Rev. Ord., 1924.