the-ordinances-of-the-legislative-counci-1890v3 — Page 439

1722 ORDINANCE No. 6 or 1883.


Tramways.


Sum to be
paid where 110. If a part only of any such mortgaged lands be required for
part only of the purposes of this Ordinance, and if the part so required be of less
mortgaged
lands taken. value than the principal money interest and costs secured on such lands ,
and the mortgagee shall not consider the remaining part of such lands a
sufficient security for the money charged thereon , or be not willing to

release the part so required, then the value of such part, and also the
compensation (if any ) to be paid in respect of the severance thereof or
otherwise, shall be settled by agreement between the mortgagee and the

party entitled to the equity of redemption of such land on the one part,
and the company on the other, 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 by the company to such mortgagee in satisfaction of his
mortgage debt so far as the same will extend ; and thereupon such
mortgagee shall assign or release to them, or as they shall direct, all his
interest in such mortgaged lands the value whereof shall have been so
paid ; and a memorandum of what shall have been so paid shall be
endorsed on the deed creating such mortgage, and shall be signed by the
mortgagee ; and a copy of such memorandum shall at the same time

(if required ) be furnished by the company at their expense to the party
entitled to the equity of redemption of the lands comprised in such
mortgage deed .
Payment into 111. If, upon payment or tender to any such mortgagee of the
Court of
money when amount of the value or compensation so agreed upon or determined , such
refused on
tender. mortgagee shall fail to assign or release to the company, or as they shall
direct, his interest in the lands in respect of which such compensation
shall so have been paid or tendered , or if he shall fail to adduce a good
title thereto to the satisfaction of the company , or if he be absent from

the Colony, whether temporarily or permanently, or in hiding, or cannot
after diligent enquiry be found, it shall be lawful for the company to pay

the amount of such value or compensation into Court, and such payment
shall be accepted by such mortgagee in satisfaction of his mortgage debt ,
so far as the same will extend , and shall be a full discharge of the portion.
of the mortgaged lands so required 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 last mentioned

mortgaged lands to themselves, and to tender such deed , after the same