Power of Sale

(Concise Form.)

MORTGAGES made, and conveyances executed thereof, the Freeholds with purchaser or purchasers thereof, his or their heirs and assigns, shall peaceably enter into and hold and enjoy the same, with their appurtenances, for his and their own use and benefit, according to the true intent and meaning of the conveyance which shall be made to him or them thereof, without any manner of hinderance, interruption, or claim whatsoever, by or through the said (mortgagor), or any person or persons for the time being, possessing any estate, right, title, or interest, from, under, or in trust for him or them, or any of the ancestors (1) of the said (mortgagor), [save, &c. (if any exception)]. AND that clear of, or at the expense of the said (mortgagor) his heirs, executors, or administrators, protected from all former and other grants, releases, mortgages, conveyances, assurances, estates, rights, titles, and interests whatsoever, made, occasioned, or suffered, by the said (mortgagor) or any of his ancestors, or any other person or persons possessing any estate, right, title, or interest, through, under, or in trust for him or them, or his or their acts or defaults (2). AND moreover (3), that he the said

Free from incumbrances.

Further as

surance.

Ancestors.

Wife.

Prior mortgage.

Life insurance.

(1) As to covenanting against the ancestors of the grantor, see ante, Vol. I. No. XV. p. 141, n. (39).

(2) If the grantor's wife be entitled to dower, see ante, p. 445, n. (1).

If the premises be in mortgage, see ib.

(3) If by reason of the mortgagor having a life estate only in the premises, the scantiness of the security, or for any other reason, it is intended to insure his life, see ante, p. 447, notes.

Freeholds with Power of Sale. (Concise Form.)

(mortgagor), and all and every person or persons, MORTGAGES now or at any time hereafter rightfully claiming or possessing any estate, right, title, or interest in or to the said hereditaments and premises, or any part thereof, through, under, or in trust for him, them, or any or either of them, or any of the ancestors of the said (mortgagor), [other than, &c. (if any exception)] shall and will, at any time or times hereafter before default shall be made in payment of the monies hereby intended to be secured, upon every reasonable request of the said (mortgagee) his heirs or assigns, make, do, and concur in, all such further or other conveyances, acts, matters, and things, for the more perfectly or satisfactorily conveying and assuring the same with their appurtenances, unto, and to the use of the said (mortgagee) his heirs or assigns, for the intents and purposes of these presents, and from and after any such default, then unto and to the use of any purchaser or purchasers thereof, his or their heirs and assigns, in such manner and form as he the said (mortgagor) his heirs or assigns, or such purchaser or purchasers, shall be reasonably required concerning the same; which said Costs of further further assurances, if required to be made before the sale or conveyance of the said hereditaments, shall be at the costs and charges of the said (mortgagor) his heirs, executors, or administrators, but if required to be made at any time thereafter, then at the costs and charges of the person or persons requiring the same. [PROVIDED ALWAYS nevertheless, and it is hereby declared and agreed be- p. 57, n. (1).

assurance.

Mortgagor to enjoy till de

fault. (See ante,

tween the said (mortgagor) and (mortgagee) that Frecholds with until some default shall be made in payment of (Concise Form.) the principal or interest money intended to be

Power of Sale.

Mortgagee will tice. (See ante, p. 252, n. (2)).

not sell till no

hereby secured, he the said (mortgagor) his heirs and assigns, shall and may peaceably hold, possess and enjoy all and singular the said hereditaments, and the rents and profits thereof, (save only as to the felling or sale of timber or timber-like trees), without any hinderance or disturbance from, or by the said (mortgagee), or any person or persons lawfully possessing any estate, right, title, or interest from, under, or in trust for him or them.] PROVIDED ALSO, and it is hereby further agreed by and between the said (mortgagor) and (mortgagee) (but as between them only, and without prejudice to any sale which may be made under these presents,) and the said (mortgagee) for himself and his heirs, executors, and administrators, doth hereby covenant and declare to and with the said (mortgagor) his heirs and assigns, that notwithstanding any such default as aforesaid, he the said (mortgagee) his heirs or assigns, shall not nor will make any sale or contract for sale of the said hereditaments, or any part thereof, nor enter into the possession or receipt of the rents or profits thereof, until he or they shall have given three calendar months' previous notice in writing thereof to the said (mortgagor) his heirs or assigns. Mortgagee will AND further, that upon payment or tender to the said (mortgagor) his executors, administrators, or assigns, at the expiration of such notice, of all principal and interest money due upon the security of

accept the money after notice.

Freeholds with

Power of Sale. (Concise Form.)

And will re

convey to

the said hereditaments, and all costs and expenses MORTGAGES which shall have been incurred by reason of any such default as aforesaid (and before any sale or contract for sale of the said hereditaments shall have been made or entered into) he and they shall and will at the costs and charges of the said (mortgagor) his heirs or assigns, accept the same, and convey and assure all and singular the said hereditaments unto and to the use of him the said (mortgagor) his heirs and assigns, or as he or they may direct (1). IN WITNESS, &c.

mortgagor.

(1) See various provisos, &c. to be inserted when circum- Additional stances may require it, ante, p. 452, notes.

clauses, &c.

MORTGAGES

Freeholds, with Trust to sell. (Full Form.)

No. XXII.

Conveyance in Trust (1) to sell on Default of Payment of Money lent in the Nature of a Mortgage Security.

Trust and power.

Two trustees recommended in deeds of trust.

(1) As to the difference between a trust and a power to sell, and where either is preferable, see INTRODUCTION, also ante, pp. 213, n. (1), 233, n. (1), 253, n. (2).

(2) Although one trustee alone will be sufficient for the purpose of executing the trusts of the deed, yet it may be considered advisable that two persons should be named, in order to guard against the inconveniences which would follow from the decease of a single trustee leaving an infant heir, which would render an application to the court of Chancery requisite to procure his conveyance under the statute of 7 Ann. c. 19. In the event also of a sale being made in execution of the trusts, the purchase money (particularly if the premises be one entire estate, and of a value considerably beyond the amount of the money proposed to be advanced) may reasonably be considered as more secure under the care of two trustees than of one only. The