the-ordinances-of-the-legislative-counci-1890v3 — Page 344

ORDINANCE No. 1 OF 1882 . 1627


Tramways.


due at the end of one month from the time of giving either of such notices, together
with his costs and expenses, if any, such mortgagee shall assign or release his interest
in the lands comprised in such mortgage to the company, or as they shall direct .

111. If, in either of the cases aforesaid, upon such payment or tender, any mort Deposit of mort
gage money on
refusal to accept,
gagee shall fail to assign or release his interest in such mortgage as directed by the
company, or if he fail to adduce a good title thereto to their satisfaction, then it shall
be lawful for the company to deposit in the bank, in the manner provided by this
Ordinance in like cases, the principal and interest, together with the costs, if any, due
on such mortgage, and also, if such payment be made before the expiration of the
notices aforesaid, such further interest as would at such expiration become due ; and
it shall be lawful for them, 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, 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.

112. If any such mortgaged lands shall be of less value than the principal, interest , Sum to be paid
when mortgage
exceeds the
and costs secured thereon , the value of such lands, or the compensation to be made by value of the
lands.
the company in respect thereof, shall be settled by agreement between the mortgagee
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 compensa
tion, being so agreed upon or determined, shall be paid by the company to the
mortgagee in satisfaction of his mortgage debt so far as the same will extend , and
upon payment or tender thereof the mortgagee shall assign or release all his interest in
such mortgaged lands to the company, or as they shall direct.

113. If, upon such payment or tender as aforesaid being made, any such mortgagee Deposit of
money wher
fail so to assign his interest in such mortgage, or to adduce a good title thereto to the refused on
tender .
satisfaction of the company, 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 satisfac
tion 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 herein
before 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 company 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