the-ordinances-of-the-legislative-counci-1890v3 — Page 437

1720 ORDINANCE No. 6 or 1883.


Tramways.


charges, if any, and also one month's additional interest, and thereupon
such mortgagee shall immediately assign his interest in the lands
comprised in such mortgage to the company, or as they shall direct, or
the company may give notice in writing to such mortgagee that they
will pay off the principal and interest due on such mortgage at the end

of one month , computed from the day of giving such notice ; and if they
shall have given any such
such notice,
notice, or if the party entitled to the equity of
redemption of any such lands shall have given notice of his intention to
redeem the same, then at the expiration of either of such notices, or at
any intermediate period , upon payment or tender by the company to the
mortgagee of the principal money due on such mortgage, and the interest
which would become 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 .
Payment into 107. If, in either of the cases aforesaid , upon such payment or
Court of
mortgage tender, any mortgagee shall fail to assign or release his interest in such
money on
refusal to mortgage as directed by the company, or if he fail to adduce a good title
accept.
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.