LANDS CLAUSES CONSOLIDATION ACT 1845 - SECT 112 Sum to be paid where part only of mortgaged lands taken.

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LANDS CLAUSES CONSOLIDATION ACT 1845 - SECT 112

Sum to be paid where part only of mortgaged lands taken.

112. If a part only of any such mortgaged land be required for the purposes of
the special Act, and if the part so required be of less 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 promoters of the undertaking 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 promoters of the undertaking to such
mortgagee in satisfaction of his mortgage debt, so far as the same will
extend; and thereupon such mortgagee shall convey 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 promoters of the undertaking, at their expence,
to the party entitled to the equity of redemption of the lands comprised in
such mortgage deed.

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Northern Irish Legislation

LANDS CLAUSES CONSOLIDATION ACT 1845 - SECT 112