the-ordinances-of-the-legislative-counci-1890v3 — Page 438

ORDINANCE No. 6 OF 1838. 1721


Tramways.


108. If any such mortgaged lands shall be of less value than the Sum to be
paid when
principal interest and costs secured thereon, the value of such lands , or mortgage
exceeds the
the compensation to be made by the company in respect thereof, shall be value of the
lands.
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 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 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.
109. If, upon such payment or tender as aforesaid being made , any Payment into
Court of
such mortgagee fail so to assign his interest in such mortgage , or to adduce money when
refused on
a good title thereto to the satisfaction of the company , or if he be absent tender.
from the Colony , whether temporarily or permanently, or in hiding, or

cannot after diligent enquiry be found , it shall be lawful for them to pay
the amount or value or compensation into Court, in the manner provided by
this Ordinance in like cases, and every such payment shall be accepted

by the mortgagee in satisfaction 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 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 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 against the mortgagor, by virtue of
any bond, or covenant, or other obligation , other than the right to such
lands , shall remain in force in respect of so much of the mortgage debt as
shall not have been satisfied by such payment or deposit.