the-ordinances-of-the-legislative-counci-1890v2 — Page 84

674 [ 6 of 1883.] TRAMWAYS .


of one month from the time of giving either of such notices,
together with his costs and expenses, if any, such mortgagée
shall assign or release his interest in the lands comprised in
such mortgage to the company, or as they shall direct.
Payment into
Court of
107. If, in either of the cases aforesaid, upon such payment
mortgage or tender, any mortgagee shall fail to assign or release his
money on
refusal to interest in such mortgage as directed by the company, or if he
accept fail to adduce a good title thereto to their satisfaction, or if he
be absent from the Colony, whether temporarily or permanently ,
or in hiding, or cannot after diligent enquiry be found, then it
shall be lawful for the company to pay into Court in the manner
provided by this ordinance in like cases, the principal and ( if
the same can be ascertained ) interest and costs, if any, due on
such mortgage, and also , if such payment be made before the
expiration of the notices aforesaid, such further interest (if the
same can be ascertained ) as would at such expiration become
due ; and it shall be lawful for them , if they think fit, to prepare
a deed of conveyance , assignment or assurance and release of
such mortgaged lands to themselves , and to tender such deed ,
after the same shall have been duly stamped as required by law,
to the Registrar for execution on behalf of the mortgagee and
other (if any) the assuring and releasing parties, and thereupon
the Registrar shall, upon an order of the Court to be obtained
upon petition in a summary way, execute the same ; and
thereupon, as well as upon such assignment by the mortgagee,
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 .
Sum to be
paid when 108. If any such mortgaged lands shall be of less value than
mortgage
exceeds the
the principal interest and costs secured thereon, the value of
value of the suchi lands , or the compensation to be inade by the company in
lands. respect thereof, shall be settled by agreement between the mort
gagee 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 aforesaid fail to agree respecting
the amount of such value or compensation, 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 or tendered by the company to the
mortgagee in satisfaction of his mortgage debt so far as the
same will extent, and upon payment or tender thereof the
mortgagee shall assign or release all his interest in such mort
gaged lands to the company, or as they shall direct.