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The Pamphlet Collection of Sir Robert Stout: Volume 7

Security for Advances

Security for Advances.

33. Each member shall, at his or her own expense, execute a legal mortgage of the property proposed as security for the money to be advanced to him or her. The mortgage deed shall contain full powers of sale, and such other powers and authorities as the Solicitor for the time being shall think advisable for securing the money therein expressed to be advanced or secured. In case the mortgagor shall neglect or refuse, for the space of three monthly meetings, to observe or perform all or any of his or her covenants for the payments of the contributions, according to the terms and conditions of these rules, as well as any fines incurred for neglect or omission of payment, or in case the mortgaged premises be leasehold, or liable to rent charges, to pay the rents, or to perform the covenants, clauses, conditions, and agreements, received, contained, and implied in the deeds or writings under which the page 18 same may be held, and on his or her part to be paid, observed, or performed, or to keep the mortgage premises in good and tenantable repair and condition, or to produce the receipts for the premiums from time to time payable to keep the premises insured from loss or damage by fire, the Trustees for the time being shall have power either to appoint a person to collect the rents and profits of the trust premises, or without any such appointment of the collector of the rents and profits, absolutely to dispose or sell off all or any part of the said promises, either by public auction, or by private contract, with or without the concurrence of the mortgagor : provided always that the money to be produced from such rents and profits, or such sale or sales as aforesaid, shall, in the first place, be applied in the payment of all costs, and charges, and expenses which may have been incurred on account of such collection of rents, or sale, or sales, as aforesaid; and in the next place, to pay the rent and any expenses which the Board and Trustees may have incurred in performing and fulfilling the covenants and provisions contained in such deeds and writings as aforesaid, or in repairing and maintaining the said premises; then to reimburse themselves on account of the Society all such principal, interest, premiums for insurance, fines, and other payments as shall then be due, owing, and payable, or which, during the continuance of the Society, might become due, owing, or payable by such member under and by virtue of these Rules, and the aforesaid mortgagee; and in case the rents and profits of the aforesaid mortgaged property, and the produce of the sale thereof, after deducting all expenses, be not sufficient to discharge the amount of such debt, the mortgagor so in default shall forthwith, upon demand, pay the balance due thereon to the Society; but the Board shall pay the surplus (if any) arising from the receipt of rents and profits, and from the sale of the premises aforesaid, to the mortgagor, or as he, she, or they may legally director unto the person or persons legally entitled to receive the same. In case any of the premises mortgaged to the Society be left incomplete during the erection thereof for one calendar month, the Board shall have the power to complete the same forthwith, and the money expended and laid out in so doing shall be considered and taken as part of the original mortgage, and the Board shall have the option of selling and disposing of the premises mortgaged either in their incomplete state, or upon the same being completed as aforesaid.