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The Pamphlet Collection of Sir Robert Stout: Volume 7

X.—Security for Money Advanced

page 12

X.—Security for Money Advanced.

1. When any member is entitled to receive his or her share or shares, pursuant to Rule IX, he or she shall give notice in writing of the nature and situation of the premises intended to be offered for the security thereof, to the Actuary and Secretary.

Payment where Security approved.

2. When the Committee shall be satisfied that the premises so to be offered as aforesaid, whether in building or land, are a sufficient security to the Society, they shall direct the Trustees to pay to such member the sum or sums of money which he or she shall be entitled to receive, or such part thereof as the Committee may direct, on such member executing a deed of trust, or other valid conveyance, mortgage, or assurance of such premises as the Solicitor of this Society shall require, and depositing the same and all other necessary title-deeds relating thereto with the Trustees, as a security to the Society, for so much money as shall therein be expressed to be secured; and the Trustees shall make such payment accordingly.

Form of Mortgage.

3. A deed according to the form in the schedule marked "A," at the end of these rules, or to the like effect either in print or writing, shall be valid and effectual to vest absolutely any land or property in the Trustees of this Society, who, after sale made upon default in payment of the subscriptions or other payments, or upon the failure to observe, perform, and keep these rules, or any of the covenants and conditions expressed or implied in such deed of trust, conveyance, mortgage, or other assurance, shall have full power to convey such land or property to the purchaser by any deed signed by them, or the Trustees for the time being of the Society or their assigns, and which deed shall be as valid and effectual to all intents and purposes as if the mortgagor, his heirs, executors, administrators, or assigns, had made, done, or executed the same.

4. If, previously to any member being so entitled to his or her share or shares, he or she shall be desirous of ascertaining the amount which the Committee shall be willing to advance on certain premises, notice thereof shall be given, and an examination, and a report thereon shall be made, as before mentioned.

Previous Mortgage.

5. In no ease shall any property be deemed a sufficient security for any money to be advanced by this Society which shall be subject to any previous mortgage, unless to the Society.

Instalments.

6. Any member entitled to receive his or her share or shares, as aforesaid, and being desirous to build, he or she shall receive his or her share in such instalments as the Committee may determine, on executing a mortgage in manner aforesaid, and depositing the title-deeds at the time of receiving the first instalment.
7. In the said deed of trust, mortgage, or other assurance, absolute covenants for title and further assurance shall be implied on the part of the member or mortgagor executing the same, and there shall also be implied therein on the part of such member page 13 or mortgagor as fully and effectually as if the same were set

Power to Collect Rents, &c.

forth fully and in words at length, the following powers and authorities, that is to say :—That in case the member or mortgagor shall at any time thereafter fail, neglect, or refuse, for three monthly meetings, to pay all, or any of his subscriptions, payments, redemption-money on his part to be paid, or to observe, perform, and keep these rules, or any of them; or all, or any of the covenants contained, expressed, or implied in such deed of trust, mortgage, or other assurance, then the Committee shall have power to appoint a person or persons to collect the rents and profits of the premises therein mentioned; but should the same be insufficient to satisfy the purpose aforesaid, then the said Trustees shall have the power, without the concurrence or consent of the

Power to Sell.

said member, absolutely to sell, and dispose of all, or any part of the said premises, either by public auction or private contract, as to them shall seem advisable, for such money as can be reasonably had or gotten for the same, and receive the purchase-money arising therefrom; and at such public sale the Trustees, or one of them, or some other person to be appointed by them, or him, in writing, shall be allowed to buy in the premises on behalf of the Society, and to re-sell the same without being answerable for any loss to be occasioned by such re-sale; and out of the money to arise from such collections, rents, and profits, or such sale, as aforesaid, the Trustees shall, in the first place, discharge all costs, charges, and expenses which may be incurred on account of such collection of rents, or sale or sales, or in anywise relating to the trusts; and in the next place, shall retain and reimburse themselves, and the said Society, all such principal sums, subscriptions, and other payments, as shall then be due, or thereafter shall become due, owing, and payable by such member, under and by virtue of these rules, and the deed of mortgage, or other assurance; and the money so retained for the said Society shall immediately be placed in the Society's bank, to the account of the Trustees, for the use and benefit of the Society; and they shall and will pay the surplus (if any) arising from such sale or collection of rents, to the said member, or to such person or persons as he or she shall, by writing, under his or her hand, direct or appoint to receive the same. The receipt or receipts of the said Trustees of the Society for the time being, acting under that deed, shall be a sufficient discharge or discharges to all tenants and purchasers paying any money to such Trustees, and shall effectually discharge the person paying the same from seeing to the application thereof, or being answerable for the mis-application or non-application thereof, and from enquiring into the necessity or propriety of any transaction, in consequence whereof such money may have become payable.
8. Such of the covenants and provisions hereinafter set forth as

Covenants to Insure, &c.

shall be expressed in any deed of trust, mortgage, or other assurance given by any member to the Trustees of this Society as to be implied therein, shall if expressed in the form of words page 14 hereinafter appointed and prescribed for the case of each covenant respectively be so implied as fully and effectually as if such covenants were set forth fully and in words at length in such deed of trust, mortgage, or other assurance, that is to say:— The words "will insure" shall imply as follows:—"That the member, or mortgagor, his heirs, executors, administrators, and assigns will insure, and so long as any moneys shall remain unpaid upon the security of such deed of trust, mortgage, or other assurance will keep insured in the names of the Trustees of the said Society, in some public insurance office, to be approved of by the Committee of the Society, to the full amount specified in such deed of trust, mortgage, or other assurance; or if no amount is specified therein then to then-full insurable value, all buildings, tenements, or premises erected on such land which shall be of a nature or kind capable of being insured against loss or damage by fire, and will forthwith deliver the policy or policies of such insurance unto the Actuary and Secretary for the time being of this Society. And also shall, and will from time to time on the usual monthly night appointed for payment of subscriptions, previous to the day or days appointed for the renewal of any such insurance, deposit with the Actuary and Secretary of the Society, all premiums and sums of money necessary for renewing and keeping on foot such insurance as aforesaid. And also that all moneys to be received or recovered under or by virtue of any such insurance shall, at the option of the Committee of the Society, either be forthwith applied in or towards substantially re-building, re-instating, and repairing the same, or in or towards payment and satisfaction of the sum and sums of money expressed to be secured by such deed of trust, mortgage, or other assurance, whether or not the same shall then be due, or thereafter to accrue due, and the Committee of this Society shall be the sole judges of the amount to be retained where they determine upon applying such insurance moneys in repayment of the moneys thereafter to accrue due in respect of such deed of trust, mortgage, or other assurance: Provided also that if default shall be made in the observance or performance of the covenant last before mentioned, it shall be lawful (but not obligatory) for the Committee of the Society without prejudice nevertheless to and concurrently with the powers given by such deed of trust, mortgage, or other assurance, or by these rules to insure and keep insured such buildings, tenements, or premises to the amount aforesaid, or any less amount, and to advance and pay the sum and sums of money necessary for such purpose, but the money so expended shall be repaid to the Society by the member or mortgagor on the next monthly meeting for payment of subscriptions; and in case of non-payment thereof, he shall be liable to the same fines as may be payable upon subscriptions in arrear for a similar amount; and in the meantime, and until such payment, such moneys and fines shall be a charge upon the mortgaged property and be recoverable in the like manner as page 15 the moneys expressed to be secured by such deed of trust, mortgage, or other assurance.
9. In every such deed of trust, mortgage, or other assurance,

Covenants to Repair, &c.

as aforesaid, there shall be implied as against the member or mortgagor named therein, a covenant that such member or mortgagor will, during the continuance of any money remaining outstanding upon the security of such deed of trust, mortgage, or other assurance, repair and keep in repair all buildings and other improvements erected and made upon such land, and that the Committee of the Society, or the Actuary and Secretary thereof, or any person or persons appointed in writing by such Committee, or Actuary and Secretary, may at all times until the moneys secured shall be repaid, be at liberty with or without surveyors or other's to enter into and upon such mortgaged land and premises to view and inspect the state of repair of such buildings or improvements; and if such member or mortgagor shall not within a reasonable time after delivery to such member or mortgagor, or the affixing upon the mortgaged premises of a notice requiring him to make the repairs in such notice specified proceed to and make such repairs, it shall be lawful for the Committee of this Society to cause such repairs to be made, and for that purpose to employ workmen and others who shall be at liberty at all reasonable times to enter upon the mortgaged premises for the purpose of making such repairs. The moneys expended for such purpose with interest thereon after the rate of £10 per centum per annum to be computed from the time or respective times of paying the same until repayment shall be made by such member or mortgagor, and in the meantime such moneys and interest shall be a charge upon the mortgaged premises and be recoverable in like manner as the subscriptions and other sums of money expressed to be secured by such deed of trust, mortgage, or other assurance as aforesaid.
10. Should any member, after receiving any portion of his or

unfinished Buildings.

her share, or shares, leave the buildings upon which the same shall have been advanced, unfinished, to the prejudice of the Society, the Committee (having first given seven days' notice to the member, either by letter or by public advertisement, in the local newspapers, of such their intention) shall be at liberty, either to sell such premises, or to employ any person or persons to finish and complete the same, at the cost and charges of the member, and to direct the Trustees to advance and pay the sum or sums of money required for such purposes accordingly, and the money so expended shall be a charge upon the said premises.
11. These rules, or any of them, or any of the covenants,

Rules may Modified by Deed.

J powers, and authorities declared to be implied in the said deed of trust, mortgage, or other assurance, as aforesaid, may be negatived or modified by express declaration in the said deed of trust, mortgage, or other assurance, or endorsed thereon. And it shall and may be lawful for the Committee of the Society to cause to be inserted in such deed of trust, mortgage, or other page 16 assurance, such covenants, powers, and authorities as they, in their discretion, may from time to time consider advisable.